Manny Kant is invested two passive activities: Categorical, LLC and Imperative, Inc. As of 1/1/2019 he had the following At-Risk Basis and Suspended Losses in each Investment: Categorical, LLC Imperative, Inc. At-Risk Basis Suspended Losses under At-Risk Rules Suspended Passive Activity Losses $200,000 $0 ($20,000) ($60,000) ($40,000) In addition Manny was allocated the following passive income(loss) from the investments in 2019 and 2020 Categorical, LLC Imperative, Inc. 2019 Income/(loss) 2020 Income/(loss) $40,000 $160,000 $60,000 ($100,000)

Manny Kant is invested two passive activities: Categorical, LLC and Imperative, Inc. As of 1/1/2019 he had the following At-Risk Basis and Suspended Losses in each Investment: Categorical, LLC Imperative, Inc. At-Risk Basis Suspended Losses under At-Risk Rules Suspended Passive Activity Losses $200,000 $0 ($20,000) ($60,000) ($40,000) In addition Manny was allocated the following passive income(loss) from the investments in 2019 and 2020 Categorical, LLC Imperative, Inc. 2019 Income/(loss) 2020 Income/(loss) $40,000 $160,000 $60,000 ($100,000)

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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