Question
Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $64,000. At the beginning of year 1,
Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $64,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $21,000. In year 1, Beau Geste incurs a loss of $201,000 and does not make any distributions to the partners. |
In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $62,500. This includes $13,500 of passive income from other passive activities. | |
In year 2, Beau Geste earns income of $37,400. In addition, Molly contributes an additional $34,180 to Beau Geste during year 2. Molly's AGI in year 2 is $68,200 (excluding any income or loss from Beau Geste). This amount includes $9,540 in income from her other passive investments. |
Based on the above information, complete the following tables. At risk amount Intial year 1 amount .....? allowed loss...........? end of the year 1 at risk amount ....? contriburtion for year 2 .....? BG income .................? Allowed loss ..............? plz explain how to calculte end of year 2 at risk year total loss at risk allowed At risk disallowed 1 ? ? ? 2 ? ? ? year passive activity allowed passive activity disallowed 1 ? ? 2 ? ?
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