Required Information Problem 09-76 (LO 09-6) (Algo) [The following Information applies to the questions displayed below.]...

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Required Information Problem 09-76 (LO 09-6) (Algo) [The following Information applies to the questions displayed below.] Farell is a member of Sierra Vista LLC. Although Sierra Vista is involved in a number of different business ventures, it is not currently Involved in real estate either as an investor or as a developer. On January 1, year 1, Farell has a $288,000 tax basis in his LLC Interest that includes his $270,000 share of Sierra Vista's general liabilities. By the end of the year, Farell's share of Sierra Vista's general liabilities have increased to $288,000. Because of the time he spends in other endeavors, Farell does not materially participate in Sierra Vista. His share of the Sierra Vista losses for year 1 is $326,000. As a partner In the Riverwoods Partnership, he also has year 1, Schedule K-1 passive Income of $15,000. Farell is single and has no other sources of business income or loss. Note: Leave no answer blank. Enter zero If applicable. Problem 09-76 Part d (Algo) d. Assuming the original facts and that Farell is deemed to be an active participant in Sierra Vista, and he also has a $269,000 loss from a sole proprietorship, determine how much total trade or business loss Farell will deduct on his return in year 1. Loss deductible Required Information Problem 09-76 (LO 09-6) (Algo) [The following Information applies to the questions displayed below.] Farell is a member of Sierra Vista LLC. Although Sierra Vista is involved in a number of different business ventures, it is not currently Involved in real estate either as an investor or as a developer. On January 1, year 1, Farell has a $288,000 tax basis in his LLC Interest that includes his $270,000 share of Sierra Vista's general liabilities. By the end of the year, Farell's share of Sierra Vista's general liabilities have increased to $288,000. Because of the time he spends in other endeavors, Farell does not materially participate in Sierra Vista. His share of the Sierra Vista losses for year 1 is $326,000. As a partner In the Riverwoods Partnership, he also has year 1, Schedule K-1 passive Income of $15,000. Farell is single and has no other sources of business income or loss. Note: Leave no answer blank. Enter zero If applicable. Problem 09-76 Part d (Algo) d. Assuming the original facts and that Farell is deemed to be an active participant in Sierra Vista, and he also has a $269,000 loss from a sole proprietorship, determine how much total trade or business loss Farell will deduct on his return in year 1. Loss deductible