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 bases of $10,000 and $3,000, 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 $3,000 each to Amir and Francesca. 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? d) Using the information provided, prepare TimpRiders's page 1 and Schedule K to be included with its Form 1065 for the current year. Also, prepare a Schedule K-1 for Amir and Francesca. 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 bases of $10,000 and $3,000, 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 $3,000 each to Amir and Francesca. 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? d) Using the information provided, prepare TimpRiders's page 1 and Schedule K to be included with its Form 1065 for the current year. Also, prepare a Schedule K-1 for Amir and Francesca