Molly Grey (single) acquired a 30 percent limited partnership interest in Beau G

Question

Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $49,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $30,500. In year 1, Beau Geste incurs a loss of $228,000 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $79,400. This includes $12,000 of passive income from In year 2, Beau Geste earns income of $30,500. In addition, Molly contributes an additional $33,850 to Beau Geste during year other passive activities 2. Molly's AGI in year 2 is $85100 (excluding any income or loss from Beau Geste). This amount includes $8,760 in income from her other passive investments. a. Based on the above information, complete the following table Complete this question by entering your answers in the tabs below. Req A1 Req A2Req A3 Based on the above information, complete the following table Passive Allowed Passive Year Allowed Activity Loss Activity Loss Disallowed 18,500 12,000$ 17,910 S 30,500 S 2

Explanation / Answer

**$ 56400 = 37900 + 18500

** $ 17910 = 9150+8760

At Risk Amount Initial year 1 amount $   30,500.00 Allowed Loss: $ (30,500.00) End of year 1 at a risk amount $                   -   Contribution for Year 2 $   33,850.00 BG Income $      9,150.00 Allowed Loss: $ (37,900.00) End of year 2 at a risk amount $      5,100.00

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