Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Moly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $50,000. At the beginning of year 1.
Moly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $50,000. At the beginning of year 1. Molly has tax basis and an at-risk amount of $22.000. In year 1, Beau Geste incurs a loss of $208,500 and does not make any distributions to the partners In year 1, Moly's AGI (excluding any income or loss from Beau Geste) is $65,800. This includes $19,900 or passive income from other passive activities. In year 2, Beau Geste earns income of S31,500. In addition, Molly contributes an additional S37,600 to Beau Geste during year 2 Mollys AGI in year 2 is$71,500 (excluding any income or loss from Beau Geste). This amount Includes $17,800 in Income from her other passive Investments. a. Based on the above information, complete the following tables (Leave no ansviers blank. Enter zero if applicable isk Amount 22.000 initial year 1 amount. Allowed loss End of year 1 at-risk amount S Contributian for year 2 37 600 31,500 BG Income Allowed la End of year 2 at-risk amount S At Risk 208.500 Year Activity Loss Activity Loss
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started