Problem: During the current?year, Kenneth, who is ?married, reports the following? income/loss from his business? activities: What is the amount of Kenneth?'s excess business? loss? How is the excess business loss? treated?
Gross income from sole proprietorship $7,850,000
Gross expenses from sole proprietorship (7,775,000)
Income from ABC Partnership (Kenneth is a general partner) 120,000
Loss from XYZ Partnership (Kenneth is a general partner) 1,300,000