Required information [The following information applies to the questions displayed below.] Ray and Chuck own 50 percent capital and profits interests in Alpine Properties LLC. Alpine builds and manages rental real estate, and Ray and Chuck each works full time (over 1,000 hours per year) managing Alpine. Alpine's liabilities (at both the beginning and end of the year) consists of $1,580,000 in nonrecourse mortgages obtained from an unrelated bank and secured by various rental properties. At the beginning of the current year, Ray and Chuck each had a tax basis of $250,000 in his respective LLC interest, including his share of the nonrecourse mortgage liability. Alpine's ordinary business losses for the current year totaled $534,000, and neither member is involved in other activities that generate passive income. (Leave no answer blank. Enter zero if applicable.) d. If both Ray and Chuck are single and Ray has a current-year loss of $17,000 from a sole proprietorship, how much trade or business loss can each deduct on his tax return if the current year is 2020? Answer is complete but not entirely correct. Total business loss $ 250,000 e. If both Ray and Chuck are single and Ray has a current-year loss of $17,000 from a sole proprietorship, how much trade or business loss can each deduct on his tax return if the current year is 2021? Answer is complete but not entirely correct. Ray Chuck $ Loss deductible $ 259,000 250,000