Required information [The following information applies to the questions displayed below] The TimpRiders LP has operated a motorcycle dealership for a number of years. Amir is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Amir and Francesca had basis of $11,100 and $3,900, respectively, and the partnership did not have any liabilities. During the current year, the partnership reported the following results from operations: On the last day of the year, the partnership distributed $3,900 each to Amir and Francesca. Required: 0. What outside basis do Amir and Francesca have in their partnership interests at the end of the year? b. How much of their losses are currently not deductible by Amir and Francesca because of the tax-basis limitation? On the last day of the year, the partnership distributed $3,900 each to Amir and Francesca Required: a. What outside basis do Amir and Francesca have in their partnership interests at the end of the year? b. How much of their losses are currently not deductible by Amir and Francesca because of the tax-basis limitation? c. To what extent does the passive activity loss limitation apply in restricting their deductible losses for the year? Note: For all the requirements, negative omounts should be entered with a minus sign. Leave no answers blank. Enter zero If applicable. d. Using the information provided, prepare Timptiders' page 1 and Schedule K to be included with its Form 1065 for the cuarent year Also. prepare a Schedule K-1 for Amir and Francesca Note: Use 2022 tax rules regardless of yeor on tox form. Losses should be entered as negative numbers and input all other values as positive numbers. 18 fiequired intomation Caution: tuclude only trade or business incorne and expenses on lines 1a through 72 betow. See instructions for more information. 2 of 2 Iti Next