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Business & farm
The other issue that was not discussed, was whether or not you even had sufficient basis to take the loss.
Hopefully you are maintaining a basis schedule of your investment in the S corporation. This is key since it determines allowable loss and will also be needed when you sell or liquidate the S corporation.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎January 16, 2020
10:24 AM