Sara owns a sole proprietorship, and Phil is the sole shareholder of a C (regular) corporation

| January 30, 2017

Question
1. Sara owns a sole proprietorship, and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the two owners?

2. Briefly (1) define and (2) discuss the purpose and impact of each of the following:
a. passive activity loss rules
b. net operating loss
c. at-risk rules

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