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Unformatted text preview: Michael? (c) Assuming Antoine sold his shares to Michael, compute Karl, John, and Michaels bases in the shares as of December 31, 2010. (d) In January 2011, John loaned $30,000 to KJA. The entire amount was still outstanding as of December 31, 2011. Additionally, KJA recognized a $400,000 ordinary loss for 2011. Compute the amount of loss that each shareholder may deduct in 2011, and their ending bases for their S corporation shares (assume that all three shareholders materially participate in the activities of the corporation)....
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- Spring '08