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Question - 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 $201,000 tax basis in his LLC interest that includes his $188,000 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 $201,000. 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 $226,000. As a partner in the Riverwoods Partnership, he also has year 1, Schedule K-1 passive income of $10,000. Farrell is single and has no other sources of business income or loss. Assume CARES Act applies.
Required - Assuming Farell is deemed to be an active participant in Sierra Vista and he has a $260,500 loss from a sole proprietorship, determine how much total trade or business loss Farell will deduct on his return if year 1 is 2020.
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