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What must tony report

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Question - Tony owns 50% of an S corporation's stock with a basis in his stock of $50,000 on January 1. In addition, the S corporation owes Tony $40,000 on January 1. Tony's share of the S corporation's ordinary loss is $80,000 for the current year.

Tony's share of the S corporation's ordinary income next year is $20,000. On December 31 of this second year, the note is repaid.

Due to the repayment of the note, what must Tony report?

Reference no: EM133190067

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