Question: Could someone help me with this please? Including work please. act or incorrect for the work you have complete Required information Problem 20-76 (LO 20-6)
act or incorrect for the work you have complete Required information Problem 20-76 (LO 20-6) (Static) [The following information applies to the questions displayed below.) 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 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.) Problem 20-76 Part d (Static) d. Assuming Farell is deemed to be an active participant in Sierra Vista and he has a $280,000 loss from a sole proprietorship. determine how much total trade or business loss Farell will deduct on his return in year 1 Answer is complete but not entirely correct. Los deductible 56,000 S
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