Sara owns a sole proprietorship, and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the two owners?© BrainMass Inc. brainmass.com June 4, 2020, 2:50 am ad1c9bdddf
Because Sara is a sole proprietor, she will NOT be taxed separtately from the business from the losses (or income) filed on the Schedule C. Because Phil is a shareholder of a ...
The following posting helps with problems involving losses and taxable income.