Required information [The following information applles 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 $12,300 and $4,700, respectively, and the partnership did not have any liabilitios. During the current year, the partnership reported the following results from operations: On the last day of the year, the parthership distributed $4,700 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 amounts should be entered with a minus sign. Leave no answers blank. Enter zero applicable