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Problem 7-41(LO.6) Timothy Gates and Prada Singh decide to form a new company,...

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Accounting

Problem 7-41(LO.6)
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 $400,000 of capital to begin the business, and both materially participate in the business. In 2023, TGPS reports a net loss of $610,000. What are the implications of this loss for Timothy and Prada?
If an amount is zero, enter "0".
Timothy has an excess business loss of $ . He may use $ X of his share of the $610,000 LLC business loss to offset nonbusiness income .
Prada has an excess business loss of $ X. She may use $ X of her share of the $610,000 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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