Solved: Your basis at the beginning of the current year is 2000, Accounting Basics

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Your basis at the beginning of the current year is 2000

Question - You own 100% of Ricochet, Inc, an S Corporation that is filling returns on a calendar year. For the current tax year, the corporation has an operating loss %11,000 and separately stated tax-exempt of income. Your basis at the beginning of the current year is $2,000. What is the basis at the end of this year?

A. $0

B.$1,000

C.$11,000

D.$2,000

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Accounting Basics: Your basis at the beginning of the current year is 2000

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