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Problem 22-46 (LO. 5, 6,8, 9) A calendar year S corporation reports an ordinary loss...

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Problem 22-46 (LO. 5, 6,8, 9) A calendar year S corporation reports an ordinary loss of $80,000 and a capital loss of $20,000. Mei Freiberg owns 30% of the corporate stock and has a $24,000 basis in her stock. She has asked that you determine the amounts of the ordinary loss and capital loss, if any, that flow through to Freiberg Complete the tax memo below for the files, outlining your computations TAX FILE MEMORANDUM Date: December 3, 2018 RE: Flow-Through of Losses If a shareholder's basis is one type ot loss, the amount of each deductible now-through loss is determined Frelberg's share of the operating loss is to allow the full use of the flow-through losses and there is more than , and her share of the capital loss is is deductible. Thus of the operating loss Since her basis in the stock is $24,000, and The unused losses are carried of the capital loss is deducted currently by Freiberg years

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