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Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $63,000. At the beginning of year 1,
Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $63,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $22.500. In year 1, Beau Geste incurs a loss of $188.500 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $64400. This includes $14,400 of passive income from other passive activities . In year 2, Beau Geste earns income of $39,500. In addition. Molly contributes an additional $29,050 to Beau Geste during year 2. Molly's AGI in year 2 is $68,600 (excluding any income or loss from Beau Geste). This amount includes $10,880 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 Req A1 Req A2 Req A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) -Risk Amount: nitial 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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