question archive 3) a Michael Moore owns stock in an S corporation
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3) a Michael Moore owns stock in an S corporation. The corporation sustained a net operating loss during the year. Michael's share of the loss is $6,000. His adjusted basis JOHNmanono in the stock is $1,000. In addition, he has a loan outstanding to the corporation in the amount of $4,000. What amount, if any, is Michael entitled to deduct with respect to the loss?
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