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Business, 17.04.2020 02:17 chels8547

Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S corporation. Guilda's basis in her stock is $21,000. On May 26, 2018, Bill sells his stock, with a basis of $40,000, to Loraine for $50,000. For the 2018 tax year, Radiata Corporation has a loss of $104,000.

Round your final answers to the nearest dollar. Use a 365-day year in your computations.

a. Calculate the amount of the corporation's loss that may be deducted by Bill on his 2018 tax return.
$

b. Calculate the amount of the corporation's loss that may be deducted by Guilda on her 2018 tax return.
$

c. Calculate the amount of the corporation's loss that may be deducted by Loraine on her 2018 tax return.
$

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Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S corporation. Guilda's...

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