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 $84,000 tax basis in his LLC interest that includes his $72,000 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 $84,000. 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 $115,000. As a partner in the Riverwoods Partnership, he also has year 1, Schedule K-1 passive income of $9,000. Farell is single and has no other sources of business income or loss. Note: Leave no answer blank. Enter zero if applicable.

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 $84,000 tax basis in his LLC interest that includes his $72,000 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 $84,000. 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 $115,000. As a partner in the Riverwoods Partnership, he also has year 1, Schedule K-1 passive income of $9,000. Farell is single and has no other sources of business income or loss. Note: Leave no answer blank. Enter zero if applicable.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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