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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.

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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.

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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.)

image text in transcribed \f19,9011 's What are the eumuleve total passive Suspended lessee at ihe end efvear 2? AGI before Beau Geste: [s use: Year 2 passive income from Beau Geste I 9,453 Year 2 ellewed passive lessee Year 2 N31

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