Problem $7$a: Investor Losses

Manny Kant is invested one passive activity $-$ Categorical, LLC$.$ As of $1/1/2022$ he had the following At$-$Risk Basis and Suspended Losses in Categorical:

Categorical, LLC

At$-$Risk Basis

$$0$

Suspended Losses under At$-$Risk Rules $($$$100,000)$

Suspended Passive Activity Losses $,($$$20,000)$

In addition, Manny was allocated the following passive income$/($loss$)$ from Categorical in $2022$ and $2023$:

Categorical, LLC

$2022$ Income$/($loss$)$

$($$$60,000)$

$2023$ Income$/($loss$)$

$$150,000$

Finally, during $2023$ Manny's share of recourse debt in the activity increased by $$50,000.$

Required: What is Manny's ending at$-$risk basis in Categorial, LLC as of $\frac{12}{31}\frac{?}{2023}?$

Problem $7$b: Investor losses continued

Assume that in $2023$ Manny invested $$20,000$ in an additional passive activity, Imperative, Inc. Imperative generated Profits of $$40,000$ in $2023.$ Everything else is as before.

Required: Using the information from the previous part, and information above, what amount taxable income$/($loss$)$ will Manny recognize from his investment in these activities for $2023?$