Business
Business, 16.10.2020 14:01, helpmeplease95

Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $61,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $32,500. In year 1, Beau Geste incurs a loss of $194,500 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $67,000. This includes $17,600 of passive income from other passive activities. In year 2, Beau Geste earns income of $31,400. In addition, Molly contributes an additional $21,830 to Beau Geste during year 2. Molly's AGI in year 2 is $72,100 (excluding any income or loss from Beau Geste). This amount includes $13,720 in income from her other passive investments. Required:
Based on the above information, complete the following table:

At risk amount ?
Initial year 1 amount ?
Allowed loss ?
End of Year 1 at risk amount 0
Contribution for Year 2 ?
BG Income ?
Allowed loss ?
End of year 2 risk amount ?

answer
Answers: 2

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