Can I have the right answer please with explanation and all steps

CoursHeroTranscribedText: Saved 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 of 2 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: Net sales $ 660, 000 Cost of goods sold 503, 000 Operating expenses 167, 000 Short-term capital loss 1, 400 Tax-exempt interest 2, 300 51231 gain 6, 300 Book On the last day of the year, the partnership distributed $3,300 each to Lance and Francesca. Print a. What outside basis 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 Francesca because of the tax-basis limitation? In c. To what extent does the passive activity loss limitation apply in restricting their deductible losses for the year? erences (For all the requirements, negative amounts should be entered with a minus sign. Leave no answer blank. Enter zero if applicable.) Lance Francesca a Year end basis b Loss limited by tax basis c. Loss limited by passive activity