in the current year, harold and faye form entity company by each contribution $50,000 to the company in exchange fpr a 50% ownership interest.

in the current year, harold and faye form entity company by each contribution $50,000 to the company in exchange fpr a 50% ownership interest. in addition, the company borrrows $40,000 from first bank. in the current year, the company incurs a $110,000 loss from operations.how much of the loss can each shareholder deduct in the current year if entity is an s corporation, and what is each shareholder's basis in his or her stock at the end of the year?