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Finger [1]
3 years ago
14

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 .

Business
1 answer:
Allushta [10]3 years ago
6 0

Answer

The answer and procedures of the exercise are attached in athe following image.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

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