There are two levels of tests for an S corporation shareholder. The first test is the At Risk Limitations, Form 6198. With the information provided, your loss for At Risk Limitation purposes is $1,527. The second test is whether your investment is passive or active. If you were a passive investor, your loss may be limited to $ - 0 -. Because you are an active investor, you are allowed to claim $1,527 of losses. I have provided links to IRS Publication 925 that explains passive loss rules, and at risk limitation rules. I have also provided links to Form 6198 and instructions.