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Question - Hoop is organized as an LLC taxed as a partnership. Fifty percent of Hoop's loss is allocated to Damarcus. Damarcus works full time for Hoop (he is not considered to be a passive investor in Hoop). Damarcus has a $70,000 basis in his Hoop ownership interest, and he also has a $70,000 at-risk amount in his investment in Hoop. Damarcus does not report income or loss from any other business activity investments. How much of the $50,000 loss allocated to him by Hoop is Damarcus allowed to deduct this year?
a. 50,000
b. 0
c. 70,000
d. 20,000
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During the month of March purchased an additional 13,000 units at $19 each. Calculate the cost of ending inventory using periodic FIFO
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