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PLEASE ANSWER STEP BY STEP AND ALL THE PARTS Carlisle is a 50% partner in Brandi LLC, which does not invest in real estate. On

PLEASE ANSWER STEP BY STEP AND ALL THE PARTS

Carlisle is a 50% partner in Brandi LLC, which does not invest in real estate. On January 11, 2016, Carlisles adjusted basis for her LLC interest is $451,000, and her at-risk amount is $402,000. Her share of losses from Brandi for 2016 is $788,000, all of which is passive. She has another investment that produced $362,000 of passive income during 2016. (Assume there were no distributions or changes in liabilities during the year.)

How much of Brandis losses may Carlisle deduct in 2016 on her Form 1040? How much of the loss is suspended and what Code provisions cause the suspensions? Applicable Provision Deductible Loss Suspended Loss 704(d) Overall limitation $ $ 465 At-risk limitation $ $ 469 Passive loss limitation $ $

Therefore, Carlisle can deduct $ on her return in 2016?

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