Business, 10.03.2020 03:04 morgaaaan3835

Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will report its operations as a partnership). Timothy is married, and Prada is single. Each contributes $400,000 of capital to begin the business, and both materially participate in the business. In 2018, TGPS reports a net loss of $580,000. What are the implications of this loss for Timothy and Prada? If an amount is zero, enter "0".

Timothy has an excess business loss of $ 0 . He may use $ 290,000 of his share of the $580,000 LLC business loss to offset nonbusiness income . Prada has an excess business loss of $ . She may use $ of her share of the $580,000 LLC business loss to offset nonbusiness income .

Any excess business loss is treated as part of the taxpayer's NOL carryforward .

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Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will re...