Farell is a member of Sierra Vista LLC. Although Sierra Vista is involved in a...
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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 year Farell has a $ tax basis in his LLC interest that includes his $ share of Sierra Vista's general liabilities. By the end of the year, Farell's share of Sierra Vista's general liabilities have increased to $ 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 is $ As a partner in the Riverwoods Partnership, he also has year Schedule K passive income of $ Farell is single and has no other sources of business income or loss. Note: Leave no answer blank. Enter zero if applicable. Problem Part a Algo Required: a Determine how much of the Sierra Vista loss Farell will currently be able to deduct on his tax return for year a List the losses suspended due to taxbasis, atrisk, and passive activity loss limitations
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 year Farell has a $ tax basis in his LLC interest that includes his $ share of Sierra Vista's general liabilities. By the end of the year, Farell's share of Sierra Vista's general liabilities have increased to $ 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 is $ As a partner in the Riverwoods Partnership, he also has year Schedule K passive income of $ Farell is single and has no other sources of business income or loss.
Note: Leave no answer blank. Enter zero if applicable.
Problem Part a Algo
Required:
a Determine how much of the Sierra Vista loss Farell will currently be able to deduct on his tax return for year
a List the losses suspended due to taxbasis, atrisk, and passive activity loss limitations
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