Manny Kant is invested two passive activities: Categorical, LLC and Imperative, Inc. As of 1/1/2021...
70.2K
Verified Solution
Link Copied!
Question
Accounting
| Manny Kant is invested two passive activities: Categorical, LLC and Imperative, Inc. As of 1/1/2021 he had the following At-Risk Basis and Suspended Losses in each Investment: | ||
| Categorical, LLC | Imperative, Inc. | |
| At-Risk Basis | $300,000 | $0 |
| Suspended Losses under At-Risk Rules | 0 | ($20,000) |
| Suspended Passive Activity Losses | ($50,000) | $0 |
| In addition, Manny was allocated the following passive income/(loss) from the investments in 2021 and 2022: | ||
| Categorical, LLC | Imperative, Inc. | |
| 2021 Income/(loss) | ($50,000) | $50,000 |
| 2022 Income/(loss) | $200,000 | ($200,000) |
| Required: What is the ended at-risk basis in Imperative, Inc as of 12/31/2022? | ||
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.