Business, 04.11.2019 23:31 samgirl2000

Farell is a member of sierra vista llc. although sierra vista is involved in a number of different business ventures, it is not currently involved in real estate either as an investor or as a developer. on january 1, year 1, farell has a $100,000 tax basis in his llc interest that includes his $90,000 share of sierra vista’s general debt obligations. by the end of the year, farell’s share of sierra vista’s general debt obligations has increased to $100,000. because of the time he spends in other endeavors, farell does not materially participate in sierra vista. his share of the sierra vista losses for year 1 is $120,000. as a partner in the riverwoods partnership, he also has year 1, schedule k-1 passive income of $5,000. farell is single and has no other sources of business income or loss. (leave no answer blank. enter zero if applicable.) a-1. determine how much of the sierra vista loss farell will currently be able to deduct on his tax return for year 1. a-2. list the losses suspended due to tax-basis, at-risk, and passive activity loss limitations.

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Farell is a member of sierra vista llc. although sierra vista is involved in a number of different b...

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