Required information Problem 20-76 (LO 20-6) (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 5101,000 tax basis in his LLC Interest that includes his $88,000 share of Sierra Vista's general liabilities. By the end of the year, Farell's share of Sierra Vista's general abilities have increased to $101,000. 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 $131.000. As a partner In the Riverwoods Partnership, he also has year 1. Schedule K-1 passive Income of $9,000. Farell is single and has no other sources of business income or loss. (Leave no answer blank. Enter zero if applicable.) Problem 20-76 Part b (Algo) Assume Farell's Riverwoods K1 indicates passive Income of $31.000, b-1. Determine how much of the Sierra Vista loss he will ultimately be able to deduct on his tax return for year 1. b-2. List the losses suspended due to tax basis, at risk and passive activity loss limitations $ 31 000 b.1 Deductible loss 0-2 Losses suspended by tax basis limitation 6.2 Losses suspended by an imitation 2 Losses suspended by passive activity loss limitation S $ 0 0