Business, 09.08.2021 23:20 henryzx900

On January 1, 2015, Leo paid $15,000 for 5 percent of the stock in BLS, an S corporation. In November, he loaned $8,000 to BLS in return for a promissory note. BLS generated a $600,000 operating loss in 2015. genereted ordinary business icnome in year 2. a. How much of Leo’s share of this income is included in his 2016 taxable income?
b. Compute Leo’s basis in his BLS stock and his BLS note at the end of 2016.
BLS Stock BLS Note
Adjusted Basis ?

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On January 1, 2015, Leo paid $15,000 for 5 percent of the stock in BLS, an S corporation. In Novembe...