Business, 23.12.2019 20:31 alyxkellar06

Timo is the sole owner of jazz inc., an s corporation. on october 31, 2018, timo executed an unsecured demand promissory note of $20,775 and transferred the note to jazz (jazz could require timo to pay it $20,775 on demand). when timo transferred the note to jazz, his tax basis in his jazz stock was $0. on january 31, 2019, timo paid the $20,775 to jazz as required by the promissory note. for the taxable year ending december 31, 2018, jazz incurred a business loss of $17,250.
how much of the loss clears the stock and debt basis hurdles for deductibility?

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Timo is the sole owner of jazz inc., an s corporation. on october 31, 2018, timo executed an unsecur...

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