50.1K
Verified Solution
Link Copied!
On March 15, 2015, York Technology Inc. filed for bankruptcy resulting in a total loss for its only two shareholders.
Bruce and a friend founded the company on April 10, 2013, with each owning 50% of the outstanding shares.
Both Bruce and his friend initially contributed $135,000 in exchange for their 50% interest in the company.
Required:
For tax purposes, how much should be reported on form 1040 for Bruce?
Answer & Explanation
Solved by verified expert
