Problem 7-41(LO.6) Timothy Gates and Prada Singh decide to form a new company,...
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Accounting
Problem LO
Timothy Gates and Prada Singh decide to form a new company, TGPS LLC a multimember LLC that will report its operations as a partnership Timothy is married, and Prada is single. Each contributes $ of capital to begin the business, and both materially participate in the business. In TGPS reports a net loss of $ What are the implications of this loss for Timothy and Prada?
If an amount is zero, enter
Timothy has an excess business loss of $ He may use $ X of his share of the $ LLC business loss to offset nonbusiness income
Prada has an excess business loss of $ X She may use $ X of her share of the $ LLC business loss to offset nonbusiness income
Any excess business loss is treated as part of the taxpayer's NOL carryforward
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