Question
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. |
? | In year 2, Beau Geste earns income of $31,500. In addition, Molly contributes an additional $37,600 to Beau Geste during year 2. Molly's AGI in year 2 is $71,500 (excluding any income or loss from Beau Geste). This amount includes $17,800 in income from her other passive investments. |
Based on the above information, complete the following tables: (Leave no answers blank. Enter zero if applicable.) |
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