Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a farell is a member of sierra vista llc. although

a Farell is a member of Sierra Vista LLC. Although Sierra Vista is involved in...

60.1K

Verified Solution

Question

Accounting

image

a 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 $259,000 tax basis in his LLC interest that includes his $244,000 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 $259,000. 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 1 is $294,000. As a partner in the Riverwoods Partnership, he also has year 1, Schedule K-1 passive income of $13,000. 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 (Algo) d. Assuming Farell is deemed to be an active participant in Sierra Vista and he has a $264,500 loss from a sole proprietorship, determine how much total trade or business loss Farell will deduct on his return if year 1 is 2020. Total Loss

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students

Q

In the study, the authors state the following: “Because ventilator-free days and days free of multiple...

Statistics
Q

Suppose you have the following reaction at equilibrium:                   C(s) + 2H2(g) = CH4(g),  ΔH = −74.8 kJ        What changes are expected...

Chemistry
Q

Trace the generation of the former elements (RCB, WBC, platelets) of blood from bone marrow stem...

Medical Sciences
Q

1) For the following data on Year-end Audit times (in days), 17, 20, 25, 27, 19,...

Basic Math
Q

Month Machine Hours (hrs.) Maintenance Costs ($) 1 1,330 102,694 2 1,400 103,694 3 1,500 108,694 4 1,470 108,694 5 1,620 116,694 6 1,690 115,694 7 1,490 107,694 8 1,310 102,694 9 1,450 106,694 10 1,580 113,694 11 1,300 100,694 12 1,600 113,694 13 1,650 114,694 14 1,440 109,694 15 1,340 102,694 16 1,670 114,694 17 1,480 106,694 18 1,360 103,694 19 1,340 103,694 20 1,540 112,694 Assume that the following relationship holds: Maintenance Costs = (v * Machine...

General Management
Q

A sports reporter for a local newspaper is working on a story about small college basketball...

Basic Math
Q

02 A tuning fork A produces 4 beats second with another tuning fork of frequency...

Physics
Q

12 22 sure your grapn snows all intercepts and exnidits proper end behavior Then enter...

Basic Math
Q

b) same as a ...

Accounting
Q

Tarrant Inc. owns 80% of Rockwall Corporation, and Rockwall owns 80% of Kaufman Company. During...

Accounting
Q

The Alberta Ballet Centre (ABC), a not-for-profit organization reporting under ASNPO has a September 30,...

Accounting
Q

Exercises 1. The actual cash received from cash sales was $295,455, and the amount indicated...

Accounting