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:
Initial year1 amount_____?
End of year 1 at-risk amount_____-?
Contribution for year 2________?
End of year 2 at-risk amount____?
year Total Loss