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Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $55,000. At the beginning of year 1,
Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $55,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $23,000. In year 1, Beau Geste incurs a loss of $188,000 and does not make any distributions to the partners. In year 1, Molly's AG (excluding any income or loss from Beau Geste) is $69,000. This includes $16,500 of passive income from $ other passive activities. . In year 2, Beau Geste earns income of $36.000. In addition, Molly contributes an additional $28,350 to Beau Geste during year 2 Molly's AGI in year 2 is $74,400 (excluding any income or loss from Beau Geste). This amount includes $12,580 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. Req Al Req AZ Reg A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) Al-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 Reg A1 Req A2 Req A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) Total Loss At-Risk Allowed At Risk Disallowed Year 1 Year 2 Reg Al Reg AZ Req A3 Based on the above information, complete the following table: At-Risk Allowed Passive Activity Loss Allowed Passive Activity Loss Disallowed Year 1 Year 2 Reg B1 Reg B2 What are the cumulative total passive suspended losses at the end of year 2? Cumulative total passive suspended losses Reg B1 Reg 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
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