Question: In 2 0 2 3 , Theo, a single taxpayer, operates a sole proprietorship in which he materially participates. His proprietorship generates gross income of

In 2023, Theo, a single taxpayer, operates a sole proprietorship in which he materially participates. His proprietorship generates gross income of $320,000 and deductions of $630,000, resulting in a loss of $310,000. The large deductions are due to the acquisition of equipment and the use of immediate expense and additional first-year depreciation to deduct all of the acquisitions. What is Theo's excess business loss for the year?
$21,000.
$310,000
$289,000.
$-0-
In 2 0 2 3 , Theo, a single taxpayer, operates a

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