InchantingCrazy2168
05.03.2021 •
Business
Timo is the sole owner of Jazz Inc., an S corporation. On October 31, 2020, Timo executed an unsecured demand promissory note of $21,325 and transferred the note to Jazz (Jazz could require Timo to pay it $21,325 on demand). When Timo transferred the note to Jazz, his tax basis in his Jazz stock was $0. On January 31, 2021, Timo paid the $21,325 to Jazz as required by the promissory note. For the taxable year ending December 31, 2020, Jazz incurred a business loss of $17,750. How much of the loss clears the stock and debt basis hurdles for deductibility
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