Farell is a member of Sierra Vista LLC . Although Sierra Vista is involved in a number
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Question:
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 dSomething
d Assuming the original facts and that Farell is deemed to be an active participant in Sierra Vista, and he also has a $ loss from a sole proprietorship, determine how much total trade or business loss Farell will deduct on his return in year
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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