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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 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. n year 2, eau Geste earns income of 500. In addition, Molly contributes a additional $37,600 to Beau Geste during year 2. Molly's AGI in year 2 is $71,500 (excluding 0 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 tables: (Leave no answers blank. Enter zero if applicable.) At-Risk Amount: Initial year 1 amount: 22,000 Allowed loss: 22,000 End of year 1 at-risk amount Contribution for year 2 37,600 BG Income 31,500 Allowed loss 13,510 End of year 2 at-risk amount 24,100 At-Risk At-Risk Year Total Loss Allowed Disallowed 1 208 500 Passive Passive Year Activity Loss Activity Loss Allowed Disallowed
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