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Many LLCs are taxable as S corporations, and far more should be.  The attached post under the link below addresses a couple of fundamental and pervasive S corporation issues about basis and losses.  The post applies, of course, as much to LLCs that are S corporations as to state-law business corporations that are S corporations.

Here is the link:   http://www.taxlawforchb.com/2017/05/s-corps-basis-loss-limitations/

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