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Business, 27.05.2020 16:57 chippicharleschinnu

Tim, a single taxpayer, operates a business as a single-member LLC. In 2019, his LLC reports business income of $225,000 and business deductions of $580,000, resulting in a loss of $355,000. a. What are the implications of this business loss? Tim has an excess business loss of $ . b. Can this business loss be used to offset other income that Tim reports? If so, how much? If not, what happens to the loss? Tim may use $ of the $355,000 LLC business loss, to offset nonbusiness income . The excess business loss is treated as part of Tim's NOL carryforward .

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Tim, a single taxpayer, operates a business as a single-member LLC. In 2019, his LLC reports busines...
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