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Please just show how to get what's wrong (A3) and missing (B1+B2). Thank you! Molly Grey (single) acquired a 30 percent limited partnership interest in
Please just show how to get what's wrong (A3) and missing (B1+B2). Thank you!
Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $56,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $20,000. In year 1, Beau Geste incurs a loss of $187,500 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $67,800. This includes $13,800 of passive income from other passive activities. In year 2, Beau Geste earns income of $38,400. In addition, Molly contributes an additional $31,380 to Beau Geste during year 2. Molly's AGI in year 2 is $71,700 (excluding any income or loss from Beau Geste). This amount includes $10,160 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. a. Based on the above information, complete the following table: Answer is not complete. 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. $ 20,000 (20,000) At-Risk Amount: Initial 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 $ 31,380 11,520 (36,250) 6,650 $ a. Based on the above information, complete the following table: Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A1 Reg A1 Req A2 Reg A2 Req A3 Reg A3 Based on the above information, complete the following table: (Leave no answers blank. E Year 1 2 Total Loss $ 56,250 36,250 At Risk Allowed $ 20,000 36,250 At-Risk Disallowed $ 36,250 $ 0 Req A1 Req A2 Req A3 Based on the above information, complete the following table Year At-Risk Allowed Passive Activity Loss Allowed $ 13,800 21,680 Passive Activity Loss Disallowed $ 6,200 20,770 % 1 $ 20,000 42,450 $ 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 Req B2 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 AGIStep by Step Solution
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