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Assignment help 6320

Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $45,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $24,000. In year 1, Beau Geste incurs a loss of $220,500 and does not make any distributions to the partners.

•In year 1, Molly’s AGI (excluding any income or loss from Beau Geste) is $73,000. This includes $15,800 of passive income from other passive activities.

•In year 2, Beau Geste earns income of $32,500. In addition, Molly contributes an additional $38,650 to Beau Geste during year 2. Molly’s AGI in year 2 is $76,300 (excluding any income or loss from Beau Geste). This amount includes $13,220 in income from her other passive investments.

Based on the above information, complete the following tables:

At-Risk Amount:

Initial year1 amount_____?

Allowed loss:_________?

End of year 1 at-risk amount_____-?

Contribution for year 2________?

BG Income_______?

Allowed Loss:____________?

End of year 2 at-risk amount____?

year Total Loss


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