No, i believe an s-corporation can take a loss up to the stock basis of the officer(s). The stock basis includes monies contributed by the officer(s), historical net income, certain loans to the company (if they meet special requiremetns), but reduced by your historical distributions.
In other words, what is your fair share of amounts at risk within the company.
I'm going to do a little research into this and get back to you if i find any additional information.
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