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The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance 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, Lance and Francesca had bases of $12,100 and $4.900, respectively, and the partnership did not have any liabilities. During the current year, the partnership reported the following results from operations: Net sales $ 708,000 Cost of goods sold 531,000 Operating expenses 192,000 Short-tern capital loss 3,200 Tax-exempt interest 3,900 51231 gain 7.900 On the last day of the year, the partnership distributed $4,900 each to Lance and Francesca Comprehensive Problem 15-81 Part 1 (Algo) es a. What outside basis do Lance and Francesco have in their partnership interests at the end of the year? b. How much of their losses are currently not deductible by Lance 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? (For all the requirements, negative amounts should be entered with a minus sign. Leave no answer blank. Enter zero if applicable.) Lance Francesca Year end basis b. Loss limited by tax basis c. Loss imited by passive activity