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I need help with this question, please. Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for

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I need help with this question, please.

Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $64,500. At the beginning of year 1, Molly has tax basis and an at-risk amount of $28,000. In year 1, Beau Geste incurs a loss of $200,000 and does not make any distributions to the partners.

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In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $79,600. This includes $11,500 of passive income from other passive activities.

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In year 2, Beau Geste earns income of $30,800. In addition, Molly contributes an additional $28,260 to Beau Geste during year 2. Molly's AGI in year 2 is $84,700 (excluding any income or loss from Beau Geste). This amount includes $8,080 in income from her other passive investments.

image text in transcribed Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $64,500. At the beginning of year 1, Molly has tax basis and an at-risk amount of $28,000. In year 1, Beau Geste incurs a loss of $200,000 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $79,600. This includes $11,500 of passive income from other passive activities. In year 2, Beau Geste earns income of $30,800. In addition, Molly contributes an additional $28,260 to Beau Geste during year 2. Molly's AGI in year 2 is $84,700 (excluding any income or loss from Beau Geste). This amount includes $8,080 in income from her other passive investments. Based on the above information, complete the following tables: (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 Year 1 2 Year 1 2 $28,000 (28,000) $0 $28,260 9,240 Total Loss At-Risk At-Risk Allowed Disallowed $28,000 $0 Passive Activity Passive Activity Loss Loss Allowed Disallowed $11,500 $16,500 17,320 What are the cumulative total passive suspended losses at the end of year 2? Year 2 AGI: AGI before Beau Geste: $84,700 Year 2 passive income from Beau Geste 9,240 Year 2 allowed passive losses (17,320) Year 2 AGI $76,620

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