Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years...
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Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $62,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $26,000. In year 1, Beau Geste incurs a loss of $211,000 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $75,600. This includes $14,300 of passive income from other passive activities. In year 2, Beau Geste earns income of $38,000. In addition, Molly contributes an additional $32,250 to Beau Geste during year 2. Molly's AGI in year 2 is $81,000 (excluding any income or loss from Beau Geste). This amount includes $10,320 in income from her other passive investments. a. Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Reg A1 Req A3 Based on the above information, complete the following table: Passive Activity Loss Disallowed Year 1 2 Reg A2 At-Risk Allowed Passive Activity Loss Allowed . Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Req A2 Req A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) At-Risk Disallowed Req A1 Year Total Loss 1 2 At-Risk Allowed a. Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Reg A2 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) At-Risk Amount: Initial year 1 amount Allowed loss: Req A1 End of year 1 at-risk amount Contribution for year 2 BG Income Allowed loss: Req A3 b. Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Req B1 Req B2 What are the cumulative total passive suspended losses at the end of year 2? Cumulative total passive suspended losses b. Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Req B1 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 Req B2 < Req B1 Ren 82 > Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $62,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $26,000. In year 1, Beau Geste incurs a loss of $211,000 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $75,600. This includes $14,300 of passive income from other passive activities. In year 2, Beau Geste earns income of $38,000. In addition, Molly contributes an additional $32,250 to Beau Geste during year 2. Molly's AGI in year 2 is $81,000 (excluding any income or loss from Beau Geste). This amount includes $10,320 in income from her other passive investments. a. Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Reg A1 Req A3 Based on the above information, complete the following table: Passive Activity Loss Disallowed Year 1 2 Reg A2 At-Risk Allowed Passive Activity Loss Allowed . Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Req A2 Req A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) At-Risk Disallowed Req A1 Year Total Loss 1 2 At-Risk Allowed a. Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Reg A2 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) At-Risk Amount: Initial year 1 amount Allowed loss: Req A1 End of year 1 at-risk amount Contribution for year 2 BG Income Allowed loss: Req A3 b. Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Req B1 Req B2 What are the cumulative total passive suspended losses at the end of year 2? Cumulative total passive suspended losses b. Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Req B1 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 Req B2 < Req B1 Ren 82 >
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AtRisk and Passive Activity Loss Calculations Year 1 AtRisk Allowed Mollys atrisk amount at the beginning of the year is 26000 Beau Geste incurs a los... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
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