Morris a single taxpayer earns wages of $350,000. In tax year 2021 he also owns a sole proprietorship with $210,000 of i
Posted: Sun Jul 03, 2022 6:57 am
Morris a single taxpayer earns wages of $350,000. In tax year2021 he also owns a sole proprietorship with $210,000 of income and$480,000 of allowed deductions ( 270,000 dollar loss). Boris hasenough tax basis to cover the loss as and is considered at risk forthe loss amount and he materially participates in the activity.What is the amount of excess business loss he will carryforward
$10,000
$80,000
$260,000
$270,000
$10,000
$80,000
$260,000
$270,000