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On January 1,2021, Leo paid $15,000 for 5% of the stock in BLS, an S...

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Accounting

On January 1,2021, Leo paid $15,000 for 5% of the stock in BLS, an S Corporation. In November, he loaned
$8,000 to BLS in return for a promissory note. BLS generated a $600,000 operating loss in 2021

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