Tim, a single taxpayer, operates a business as a single-member LLC. In 2018, his LLC reports business income of $394,000 and bus
iness deductions of $689,500, resulting in a loss of $295,500. What are the implications of this business loss?
Tim has an excess business loss of $_________.
Can this business loss be used to offset other income that Tim reports? If so, how much? If not, what happens to the loss?
Tim may use $____________ of the $295,500 LLC business loss, to offset nonbusiness income . The excess business loss is treated as part of Tim's NOL carryforward .
Tim has an excess business loss of $_________.
Can this business loss be used to offset other income that Tim reports? If so, how much? If not, what happens to the loss?
Tim may use $____________ of the $295,500 LLC business loss, to offset nonbusiness income . The excess business loss is treated as part of Tim's NOL carryforward .
1 answer:
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Answer:
D. the price level is likely to rise as GDP rises.
Explanation:
The aggregate demand measures all the goods produced in an economy at a given price in a particular period.
When the aggregate demand increases, the aggregate demand curve shifts to the right. When aggregate demand increases, aggregate demand exceeds aggregate supply and aggregate price and output would increase.
