On January 1, 2017, Leo paid $15,000 for 5 percent of the stock in BLS, an S corporation. In November, he loaned $8,000 to BLS in return for a promissory note. BLS generated a $600,000 operating loss in 2017. BLS generated $408,000 ordinary business income in 2018. How much of Leo's share of this income is included in his 2018 taxable income?
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