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Required information [The following information applies to the questions displayed below.) Farell is a member of Sierra Vista LLC. Although Sierra Vista is involved in

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Required information [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 $166,000 tax basis in his LLC interest that includes his $153,000 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 $166,000. 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 $199,000. As a partner in the Riverwoods Partnership, he also has year 1, Schedule K-1 passive income of $11.000. Farell is single and has no other sources of business incomd or loss. (Leave no answer blank. Enter zero if applicable.) a-1. Determine how much of the Sierra Vista loss Farell Will currently be able to deduct on his tax return for year 1. a-2. List the losses suspended due to tax-basis, at-risk, and passive activity loss limitations. 2-1. Deductible loss a-2. Losses suspended by tax basis limitation a-2. Losses suspended by at-risk limitation a-2. Losses suspended by passive activity loss limitation

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