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Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $45,000. At the beginning of year
Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $45,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $24,000. In year 1, Beau Geste incurs a loss of $220,500 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $73,000. This includes $15,800 of passive income from other passive activities. In year 2, Beau Geste earns income of $32,500. In addition, Molly contributes an additional $38,650 to Beau Geste during year 2. Molly's AGI in year 2 is $76,300 (excluding any income or loss from Beau Geste). This amount includes $13,220 in income from 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. Required A1 Required A2 Required A3 Based on the above information, complete the following table: Note: 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 < Required A1 Required A2 > Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Based on the above information, complete the following table: Note: Leave no answers blank. Enter zero if applicable. Total Loss At-Risk Allowed Year 1 Year 2 At-Risk Disallowed < Required A1 Required A3 > Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Based on the above information, complete the following table: Passive Passive At-Risk Allowed Activity Loss Activity Loss Allowed Disallowed Year 1 Year 2 < Required A2 Required A3 > . Based on the above information, complete the requirements B1 to B2. Complete this question by entering your answers in the tabs below. Required B1 Required B2 What are the cumulative total passive suspended losses at the end of year 2? Cumulative total passive suspended losses < Required B1 Required B2 > b. Based on the above information, complete the requirements B1 to B2. Complete this question by entering your answers in the tabs below. Required B1 Required B2 Based on the above information, complete the following table: Year 2 AGI: AGI before Beau Geste: Year 2 passive income from Beau Geste Year 2 allowed passive losses Year 2 AGI < Required B1 Required B2 >
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