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S corporation shareholders are permitted to deducted

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Reference no: EM13995102

Instructions: Find the court case that answers this question: Given that S Corporation shareholders are permitted to deduct losses and deductions flowing through to them from the S corporation only to the extent of their basis in the S corporation stock and debt.  Stock basis is reduced by losses flowing through to the shareholders.  If a shareholder does not deduct the losses is the basis still reduced or does it remain unchanged?

Reference no: EM13995102

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