Section 7307.10 - Limitation on pass-thru of losses to shareholders(a) The aggregate amount of losses taken into account by a shareholder of a Pennsylvania S corporation under section 307.9 shall not exceed the sum of the adjusted basis of the shareholder's stock in the Pennsylvania S corporation, determined after applyingsection 307.11(a) for the taxable year and the shareholder's adjusted basis of any indebtedness of the Pennsylvania S corporation to the shareholder, determined before applyingsection 307.11(d) for the taxable year.(b) There shall be no carryover of losses by the shareholders of the Pennsylvania S corporation.1971, March 4, P.L. 6, No. 2, art. III, § 307.10, added 1983, Dec. 23, P.L. 370, No. 90, § 4, effective 1/1/1984.