Sidney and Gertrude own 40% of Bearcave Bookstore, an S corporation. The remaining 60% is owned by their son Boris. Sidney and Gertrude do not participate in operating or managing the store, and they invested $19,000 in the business when it opened in 2017. The bookstore reported the following net income (loss) for the years 2017 through 2020: 2017 2018 2019 2020 $(24,000) $(14,000) $(12,000) $5,000 a.  Complete the table below to determine how much Sidney and Gertrude have at risk in Bearcave at the end of each year (2017–2020)? Note: Enter negative amounts beginning with a minus (-) sign. If a amount is zero, enter "0".   2017   2018   2019   2020 Investment/Beginning               Amount at-risk $fill in the blank 683706031051064_1   $fill in the blank 683706031051064_2   $fill in the blank 683706031051064_3   $fill in the blank 683706031051064_4 Share of income (loss) fill in the blank 683706031051064_5   fill in the blank 683706031051064_6   fill in the blank 683706031051064_7   fill in the blank 683706031051064_8 Utilized Suspended at-risk             $fill in the blank 683706031051064_9 Ending at risk $fill in the blank 683706031051064_10   $fill in the blank 683706031051064_11   $fill in the blank 683706031051064_12   $fill in the blank 683706031051064_13 Suspended at-risk         $fill in the blank 683706031051064_14

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 27P
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Sidney and Gertrude own 40% of Bearcave Bookstore, an S corporation. The remaining 60% is owned by their son Boris. Sidney and Gertrude do not participate in operating or managing the store, and they invested $19,000 in the business when it opened in 2017. The bookstore reported the following net income (loss) for the years 2017 through 2020:

2017 2018 2019 2020
$(24,000) $(14,000) $(12,000) $5,000

a.  Complete the table below to determine how much Sidney and Gertrude have at risk in Bearcave at the end of each year (2017–2020)?

Note: Enter negative amounts beginning with a minus (-) sign. If a amount is zero, enter "0".

  2017   2018   2019   2020
Investment/Beginning              
Amount at-risk $fill in the blank 683706031051064_1   $fill in the blank 683706031051064_2   $fill in the blank 683706031051064_3   $fill in the blank 683706031051064_4
Share of income (loss) fill in the blank 683706031051064_5   fill in the blank 683706031051064_6   fill in the blank 683706031051064_7   fill in the blank 683706031051064_8
Utilized Suspended at-risk             $fill in the blank 683706031051064_9
Ending at risk $fill in the blank 683706031051064_10   $fill in the blank 683706031051064_11   $fill in the blank 683706031051064_12   $fill in the blank 683706031051064_13
Suspended at-risk         $fill in the blank 683706031051064_14    
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