1 Part 1 of 2 Required information The following information applies to the questions displayed below) The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally, Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar year basis. At the start of the current year, Lance and Francesca had bases of $10.700 and $3,300, respectively, and the partnership did not have any liabilities. During the current year, the partnership reported the following results from operations 25 points Na sales Cost of goods sold Operating expenses Short-ter capital loss Tarent Interest 650.000 5e3eee 167,000 1.4 ebook 2.100 S. Print On the last day of the year, the partnership distributed $3,300 ench to Lance and Francesca Reference . What outside bois do Lance and Francesca have in their partnership Interests at the end of the year? b. How much of their losses are currently not deductible by Lance and Francesco because of the tax bonis limitation? c. To what extent does the passive activity loss limitation apply in restricting their deductible losses for the year (For all the requirements, negative amounts should be entered with a minus sign. Leave no answer blank, Enter zero If applicable) . Francesca Lance Year end as Lested by Los by Dave hapter 20 Homework i ! 1 Required Information (The following information applies to the questions displayed below.) 1 of 2 The TimpRiders LP has operated a motorcycle dealership for a number of the general partner, and they share capital and profits equally. Francesca the partnership and the partners report on a calendar-year basis. At the su bases of $10,700 and $3,300, respectively, and the partnership did not ha partnership reported the following results from operations: Net sales Cost of goods sold Operating expenses Short-term capital loss Tax-exempt interest $1231 gain $ 66 , 583,800 167,000 1,400 2,300 6,300 bok ht On the last day of the year, the partnership distributed $3.300 each to La nices a. What outside basis do Lance and Francesca have in their partnership Intere b. How much of their losses are currently not deductible by Lance and France c. To what extent does the passive activity loss limitation apply in restricting th (For all the requirements, negative amounts should be entered with a minus Lance Francesca a. Year end basis b. Loss limited by tax basis c. Loss limited by passive activity 1 Part 1 of 2 Required information The following information applies to the questions displayed below) The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally, Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar year basis. At the start of the current year, Lance and Francesca had bases of $10.700 and $3,300, respectively, and the partnership did not have any liabilities. During the current year, the partnership reported the following results from operations 25 points Na sales Cost of goods sold Operating expenses Short-ter capital loss Tarent Interest 650.000 5e3eee 167,000 1.4 ebook 2.100 S. Print On the last day of the year, the partnership distributed $3,300 ench to Lance and Francesca Reference . What outside bois do Lance and Francesca have in their partnership Interests at the end of the year? b. How much of their losses are currently not deductible by Lance and Francesco because of the tax bonis limitation? c. To what extent does the passive activity loss limitation apply in restricting their deductible losses for the year (For all the requirements, negative amounts should be entered with a minus sign. Leave no answer blank, Enter zero If applicable) . Francesca Lance Year end as Lested by Los by Dave hapter 20 Homework i ! 1 Required Information (The following information applies to the questions displayed below.) 1 of 2 The TimpRiders LP has operated a motorcycle dealership for a number of the general partner, and they share capital and profits equally. Francesca the partnership and the partners report on a calendar-year basis. At the su bases of $10,700 and $3,300, respectively, and the partnership did not ha partnership reported the following results from operations: Net sales Cost of goods sold Operating expenses Short-term capital loss Tax-exempt interest $1231 gain $ 66 , 583,800 167,000 1,400 2,300 6,300 bok ht On the last day of the year, the partnership distributed $3.300 each to La nices a. What outside basis do Lance and Francesca have in their partnership Intere b. How much of their losses are currently not deductible by Lance and France c. To what extent does the passive activity loss limitation apply in restricting th (For all the requirements, negative amounts should be entered with a minus Lance Francesca a. Year end basis b. Loss limited by tax basis c. Loss limited by passive activity