Business, 13.03.2020 01:03 briseno2511
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 2018, TGPS reports a net loss of $580,000.
What are the implications of this loss for Timothy and Prada?
Timothy has an excess business loss of $ 0. He may use $ 290,000 of his share of the $580,000 LLC business loss to offset .
Prada has an excess business loss of $ . She may use $ of her share of the $580,000 LLC business loss to offset .
Any excess business loss is treated as part of the .
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Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will re...
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