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None of the above can elect S status. On January 1, Harry and Cheryl own equally all of the stock of an electing S corporation called Sage .
E. None of the above can elect S status. On January 1, Harry and Cheryl own equally all of the stock of an electing S corporation called Sage . The Sage company has a $100,000 loss for a non-leap year. On the 180th day of the year, Harry sells his one-half of the stock to his son, Hugh. How much of the $100,000 loss, if any, is allocated to Harry? A. $0. B. $24,658. C. $25,000. D. $100,000. E. None of the above. Emerald, Inc., a calendar year S corporation, has an operating loss of $140,000 and a long-term capital loss of $40,000. Gunther, an individual, owns 40% of the corporate stock and has a $50,000 basis in the stock. What is the amount of the NOL that flows through to Gunther? A. $11,111. B. $38,889. C. $50,000. D. $56,000. E. None of the above.
