Question
Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $48,500. At the beginning of year 1,
Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $48,500. At the beginning of year 1, Molly has tax basis and an at-risk amount of $29,500. In year 1, Beau Geste incurs a loss of $227,000 and does not make any distributions to the partners. |
In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $63,000. This includes $16,600 of passive income from other passive activities. | |
In year 2, Beau Geste earns income of $35,500. In addition, Molly contributes an additional $33,800 to Beau Geste during year 2. Molly's AGI in year 2 is $66,300 (excluding any income or loss from Beau Geste). This amount includes $13,750 in income from her other passive investments. |
Based on the above information, complete the following tables: At-Risk Amt 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: |
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