Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several...
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Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $50,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $22,000. In year 1, Beau Geste incurs a loss of $208,500 and does not make any distributions to the partners. . In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $65,800. This includes $19,900 of passive income from other passive activities. In year 2, Beau Geste earns income of $31,500. In addition, Molly contributes an additional $37,600 to Beau Geste during year 2. Molly's AGI in year 2 is $71,500 (excluding any income or loss from Beau Geste). This amount includes $17,800 in income from her other passive investments a. Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) At-Risk Amount Initial year 1 amount: Allowed loss: End of year 1 at-risk amount Contribution for year 2 BG Income Allowed loss End of year 2 at-risk amount
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