"Deductibility of S Corporation Losses and Deductions" Please respond to the following: • Per the text and IRC, losses and deductions of an S corporation pass through to the shareholders of the corporation and are limited to the shareholders’ basis in the S corporation. Suggest a plan for a client to increase the deductible pass through loss and deductions over the initial investment from a new wholly owned S corporation. • Analyze the major advantages and disadvantages of using the plan you created on tax planning in the first part of this discussion for future years. Week 7 E-activity Go to the Tax Almanac Website, located here, or use the Internet and Strayer databases to research S corporation distributions and taxation. Be prepared to discuss.