Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $48,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $20,000. In year 1, Beau Geste incurs a loss of $180,000 and does not make any distributions to the partners. . In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $60,000. This includes $10,000 of passive income from other passive activities. In year 2, Beau Geste earns income of $30,000. In addition, Molly contributes an additional $30,000 to Beau Geste during year 2. Molly's AGI in year 2 is $63,000 (excluding any income or loss from Beau Geste). This amount includes $8,000 in income from her other passive investments. a. Based on the above information, determine the following amounts: Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Req A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) At-Risk Amount: Initial year 1 amount: $ 20,000 Allowed loss: End of year 1 at-risk amount Contribution for year 2 BG Income Allowed loss: $ 30,000 End of year 2 at-risk amount Req A1 Req A2 Req A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) Year Total Loss At-Risk Allowed At-Risk Disallowed 2 1 Based on the above information, complete the following table: Year At-Risk Allowed Passive Activity Loss Allowed Passive Activity Loss Disallowed 1 Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $48,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $20,000. In year 1, Beau Geste incurs a loss of $180,000 and does not make any distributions to the partners. . In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $60,000. This includes $10,000 of passive income from other passive activities. In year 2, Beau Geste earns income of $30,000. In addition, Molly contributes an additional $30,000 to Beau Geste during year 2. Molly's AGI in year 2 is $63,000 (excluding any income or loss from Beau Geste). This amount includes $8,000 in income from her other passive investments. a. Based on the above information, determine the following amounts: Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Req A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) At-Risk Amount: Initial year 1 amount: $ 20,000 Allowed loss: End of year 1 at-risk amount Contribution for year 2 BG Income Allowed loss: $ 30,000 End of year 2 at-risk amount Req A1 Req A2 Req A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) Year Total Loss At-Risk Allowed At-Risk Disallowed 2 1 Based on the above information, complete the following table: Year At-Risk Allowed Passive Activity Loss Allowed Passive Activity Loss Disallowed 1
