Question
In 2021, Joanne invested $90,000 for a 20% interest in a limited liability company (LLC) in which she is a material participant. The LLC reported
In 2021, Joanne invested $90,000 for a 20% interest in a limited liability company (LLC) in which she is a material participant. The LLC reported losses of $340,000 in 2021 and $180,000 in 2022. Joanne's share of the LLC's losses was $68,000 in 2021 and $36,000 in 2022. How much of these losses can Joanne deduct?
-$68,000 in 2021; $0 in 2022 -$0 in 2021; $0 in 2022 -$68,000 in 2021; $22,000 in 2022 -$68,000 in 2021; $36,000 in 2022
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
IFRS edition volume 2
978-0470613474, 470613475, 978-0470616314
