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In 2023, Madison invested $90,000 for a 20% interest in a limited liability company (LLC) in which she is a material participant. The LLC reported
In 2023, Madison 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 2023 and $180,000 in 2024. Madison's share of the LLC's losses was $68,000 in 2023 and $36,000 in 2024. How much of these losses can Madison deduct? a. $68,000 in 2023; $22,000 in 2024. b. $68,000 in 2023; $0 in 2024. c. $0 in 2023; $0 in 2024. d. $68,000 in 2023; $36,000 in 2024
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Fraud examination
Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma
4th edition
538470844, 978-0538470841
