Spencer owns 50% of the stock of Crossbill Corporation,a calendar year taxpayer that has elected Subchapter S status.As of January 1,2012,Spencer's basis in the stock is $40,000.Crossbill has an operating loss of $100,000 for 2012 and taxable income of $60,000 for 2013.

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The Answer of Spencer owns 50% of the stock of Crossbill Corporation,a calendar year taxpayer that has elected Subchapter S status.As of January 1,2012,Spencer's basis in the stock is $40,000.Crossbill has an operating loss of $100,000 for 2012 and taxable income of $60,000 for 2013.

Spencer Owns 50% of the Stock of Crossbill Corporation,a Calendar