Required information Problem 04-58 (LO 04-3) (Static) [The following information applies to the questions displayed below] Damarcus is a 50 percent owner of Hoop (a business entity). In the current year, Hoop reported a $100,000 business loss. Answer the following questions associated with each of the following alternative scenarios (Leave no answer blank. Enter zero if applicable.) Problem 04-58 Part d (Static) d. Hoop is organized as an LLC taxed as a partnership. Fifty percent of Hoop's loss is allocated to Damarcus Damarcus works full time for Hoop (he is not considered to be a passive investor in Hoop). Damarcus has a $70,000 basis in his Hoop ownership interest, and he also has a $70,000 at-risk amount in his investment in Hoop. Damarcus does not report income or loss from any other business activity investments. How much of the $50,000 loss allocated to him by Hoop is Damarcus allowed to deduct this year? Allowable deduction of loss Pray 26 of 45 Next >