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Required information (The following information applies to the questions displayed below.] Suki and Steve own 50 percent capital and profits interests in Lorinda LLC. Lorinda

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Required information (The following information applies to the questions displayed below.] Suki and Steve own 50 percent capital and profits interests in Lorinda LLC. Lorinda operates the local minor league baseball team and owns the stadium where the team plays. Although the debt incurred to build the stadium was paid off several years ago, Lorinda owes its general creditors $300,000 (at the beginning of the year) that is not secured by firm property or guaranteed by any of the members. At the beginning of the current year, Suki and Steve had a tax basis of $170,000 in their LLC interests, including their share of debt owed to the general creditors. Shortly before the end of the year, they each received a $10,000 cash distribution, even though Lorinda's ordinary business loss for the year was $400,000. Because of the time commitment to operate a baseball team, both Suki and Steve spent more than 1,500 hours during the year operating Lorinda. Both Suki and Steve are single and neither of them has any business income or losses from other sources. (Leave no answer blank. Enter zero if applicable.) 2-1. Determine how much of the Lorinda loss Suki and Steve will each be able to deduct on their current tax returns. a-2. List their losses suspended by the tax-basis, at-risk, and passive activity loss limitations. Each partner a-1 Deductible loss a-2 Loss suspended by tax basis limitation Loss suspended by at-risk limitation Loss suspended by passive activity limitation

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