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Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $60,000. At the beginning of year 1,
Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $60,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $29,000. In year 1, Beau Geste incurs a loss of $195,500 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $74,400. This includes $11,000 of passive income from other passive activities. In year 2, Beau Geste earns income of $30,600. In addition, Molly contributes an additional $25,670 to Beau Geste during year 2. Molly's AGI in year 2 is $78,300 (excluding any income or loss from Beau Geste). This amount includes $8,460 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.) At-Risk Allowed At-Risk Disallowed Year Total Loss
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