(a) The aggregate amount of losses taken into account by a shareholder of a Pennsylvania
S corporation under section 307.9 1 shall not exceed the sum of the adjusted basis of the shareholder's stock in the
Pennsylvania S corporation, determined after applying section 307.11(a) 2 for the taxable year and the shareholder's adjusted basis of any indebtedness of
the Pennsylvania S corporation to the shareholder, determined before applying section
307.11(d) for the taxable year.
(b) There shall be no carryover of losses by the shareholders of the Pennsylvania
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