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 $152,000 tax basis in his LLC interest that includes his $135,000 share of Sierra Vista's general debt obligations. By the end of the year, Farell's share of Sierra Vista's general debt obligations has increased to $152,000. 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 $189,000. As a partner in the Riverwoods Partnership, he also has year 1, Schedule K-1 passive income of $14,000. Farell is single and has no other sources of business income or loss. (Leave no answer blank. Enter zero if applicable.) a-1. Determine how much of the Sierra Vista loss Farell will currently be able to deduct on his tax return for year 1. a-2. List the losses suspended due to tax-basis, at-risk, and passive activity loss limitations. Answer is complete but not entirely correct. Deductible loss 1 a- 2 Losses suspended by tax basis limitation Losses suspended by at-risk limitation Losses suspended by passive activity loss limitation $ 14,000 35,000 152,000 14,000 Assume Farell's Riverwoods K-1 indicates passive income of $27,000. b-1. Determine how much of the Sierra Vista loss he will ultimately be able to deduct on his tax return for year 1. b-2. List the losses suspended due to tax-basis, at-risk, and passive activity loss limitations Answer is complete but not entirely correct. b- 1. b- 2. Deductible loss Losses suspended by tax basis limitation Losses suspended by at-risk limitation Losses suspended by passive activity loss limitation $ 14,000 35,000 152,000 27,000 Assume Farell is deemed to be an active participant in Sierra Vista. c-1. Determine how much of the Sierra Vista loss he will ultimately be able to deduct on his tax return for year 1. c-2. List the losses suspended due to tax-basis, at-risk, and passive activity loss limitations. Answer is complete but not entirely correct. Deductible loss $ C- 1. c- 2. Losses suspended by tax basis limitation Losses suspended by at-risk limitation Losses suspended by passive activity loss limitation $ 14,000 $ 14,000 14,000 X Assuming Farell is deemed to be an active participant in Sierra Vista and he has a $261,500 loss from a sole proprietorship, determine how much total trade or business loss Farell will deduct on his return in year 1. Answer is complete but not entirely correct. Loss deductible $ 109,500