Tim, a single taxpayer, operates a business as a single-member LLC. In 2019, his LLC reports business

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Tim, a single taxpayer, operates a business as a single-member LLC. In 2019, his LLC reports business income of $225,000 and business deductions of $580,000, resulting in a loss of $355,000. What are the implications of this business loss? Can this business loss be used to offset other income that Tim reports? If so, how much? If not, what happens to the loss?

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South-Western Federal Taxation 2020 Comprehensive

ISBN: 9780357109144

43rd Edition

Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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