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Business · Accounting
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Which of the following statements regarding S corporations income and losses of a taxpayer is false A losses can be limited by basis at Rick and passive loss rules B business income and loss is reported on page 2 of schedule E C. The income or loss is reported to the taxpayer on a schedule K-1 received from the corporation D an S corporation shareholder generally increases her/his basis in stock by cancellation of indebtedness income,even if excluded from income under IRC 108
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