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Grogu has a basis in Razor Crest, a flow-through entity, of $25,000. Additionally, Grogu loaned the Razor Crest money for needed repairs a couple of

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Grogu has a basis in Razor Crest, a flow-through entity, of $25,000. Additionally, Grogu loaned the Razor Crest money for needed repairs a couple of years ago. The balance of the loan is $5,000 at the start of the year. Assume no payments are made on this loan over the course of the year. Additionally, the activity is passive for Grogu. Razor Crest had a bad year, and Grogu's share of Razor Crest's loss for this year is $40,000. Grogu's has passive income of $12,000, and is at-risk for $20,000. a) Assume that Razor Crest is a partnership. Determine the amount of loss allowed and suspended. Use the table, and indicate the character of each suspended loss (list in the proper order): Character Loss Allowed Loss Suspended b) Assume that Razor Crest is an S-Corp. Determine the amount of loss allowed and suspended. Use the table, and indicate the character of each suspended loss (list in the proper order): Character Loss Allowed Loss Suspended Grogu has a basis in Razor Crest, a flow-through entity, of $25,000. Additionally, Grogu loaned the Razor Crest money for needed repairs a couple of years ago. The balance of the loan is $5,000 at the start of the year. Assume no payments are made on this loan over the course of the year. Additionally, the activity is passive for Grogu. Razor Crest had a bad year, and Grogu's share of Razor Crest's loss for this year is $40,000. Grogu's has passive income of $12,000, and is at-risk for $20,000. a) Assume that Razor Crest is a partnership. Determine the amount of loss allowed and suspended. Use the table, and indicate the character of each suspended loss (list in the proper order): Character Loss Allowed Loss Suspended b) Assume that Razor Crest is an S-Corp. Determine the amount of loss allowed and suspended. Use the table, and indicate the character of each suspended loss (list in the proper order): Character Loss Allowed Loss Suspended

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