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In the current year. Mark and Alexa form Lunar Company by each contributing $55,000 to the company in exchange for a 50% ownership interest. In addition, the company borrows $75,000 from First Bank. In the current year, the company incurs a $113,000 loss from operations. Read the requirements Requirement a. How much of the loss can each shareholder deduct in the current year if Lunar is an s Corporation, and what is each shareholder's basis in his or her stock at the end of the year? (Complete all input fields. Enter "O" for zero amounts. Use parentheses or a minus sign for a decrease in basis.) Mark Alexa Basis in stock before loss Share of S corporation loss allowed Basis in stock at year end
the current year, Mark and Alexa form Lunar Company by each contributing $55,000 to the company in exchange for a 50% ownership interest. In addition, the company borrows $75,000 from First Bank. In the current year, the company incurs a $113,000 loss from operations. Read the requirements tequirement a. How much of the loss can each shareholder deduct in the current year if Lunar is an S Corporation, and what is each shareholder's basis in his or her stock at the end of the year? (Complete all input fields. Enter "O" for zero amounts. Use parentheses or a minus sign for a decrease in basis.) Mark Alexa Basis in stock before loss Share of S corporation loss allowed Basis in stock at year end