Mark and Lucy owned two stocks, Tinker Inc., and Chance Inc., that became worthless during year 8. The adjusted basis in Tinker was $300,000. Tinker was incorporated in year 2, and Mark and Lucy purchased their stock in year 4. Their adjusted basis in Chance was $200,000. Chance was incorporated in year 2, and Mark and Lucy were original stockholders. Both stocks were purchased for cash, and each corporation had total capital of $500,000. How much ordinary loss can Mark and Lucy deduct on their joint year 8 tax return as a result of these transactions

$20,000

Explanation:

Adjusted basis in Tinker = $300,000

Tinker was incorporated in year 2 and Mark and Lucy purchased their stock in Year 4

adjusted basis in chance was $200,000, each corporation had total capital of $500,000

Determine how much ordinary loss can mark and Lucy deduct on their joint year 8 tax return

If your value of share falls and you suffer loss, due to section 1244 stock the taxpayer is allowed to deduct loss as an ordinary loss up to maximum of $50,000 for single and $100,000 if MFJ

Hence the loss to be calculated

sales consideration $---

less adjusted tax basis/ loss  = ($20,000 )

based on section 1244 mark and Lucy loss of complete $20,000 will be allowed since it is below $100,000

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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