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Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $49,000. At the beginning of year 1
Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $49,000. At the beginning of year 1 , Molly has tax basis and an at-risk amount of $30,500. In year 1 , Beau Geste incurs a loss of $228,000 and does not make any distributions to the partners. - In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $79,400. This includes $12,000 of passive income from other passive activities. - In year 2, Beau Geste earns income of $30,500. In addition, Molly contributes an additional $33,850 to Beau Geste during yea 2. Molly's AGI in year 2 is $85,100 (excluding any income or loss from Beau Geste). This amount includes $8,760 in income fror her other passive investments. a. Based on the above information, complete the requirements A1 to A3. Complete this question by entering your answers in the tabs below. Based on the above information, complete the following table: Note: Leave no answers blank. Enter zero if applicable. Based on the above information, complete the following table: Note: Leave no answers blank. Enter zero if applicable. b. Based on the above information, complete the requirements B1 to B2. Complete this question by entering your answers in the tabs below. What are the cumulative total passive suspended losses at the end of year 2 ? Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $49,000. At the beginning of year 1 , Molly has tax basis and an at-risk amount of $30,500. In year 1 , Beau Geste incurs a loss of $228,000 and does not make any distributions to the partners. - In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $79,400. This includes $12,000 of passive income from other passive activities. - In year 2, Beau Geste earns income of $30,500. In addition, Molly contributes an additional $33,850 to Beau Geste during yea 2. Molly's AGI in year 2 is $85,100 (excluding any income or loss from Beau Geste). This amount includes $8,760 in income fror her other passive investments. a. Based on the above information, complete the requirements A1 to A3. Complete this question by entering your answers in the tabs below. Based on the above information, complete the following table: Note: Leave no answers blank. Enter zero if applicable. Based on the above information, complete the following table: Note: Leave no answers blank. Enter zero if applicable. b. Based on the above information, complete the requirements B1 to B2. Complete this question by entering your answers in the tabs below. What are the cumulative total passive suspended losses at the end of year 2
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