Dawn Adams owns 60% of a calendar year S corporation during 2002. Her
stock basis on December 31, 2001 is $17,000, and her debt basis is
$2,000. If the S corporation incurs a $48,000 loss for 2002, what
amount may Ms. Adams deduct on her individual tax return?

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Clarification of Question by alpa_sanjay-ga on 09 May 2003 16:19 PDT

We are talking about USA