6. Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP...

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6. Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $64,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $21,000. In year 1, Beau Geste incurs a loss of $201,000 and does not make any distributions to the partners.

In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $62,500. This includes $13,500 of passive income from other passive activities.

In year 2, Beau Geste earns income of $37,400. In addition, Molly contributes an additional $34,180 to Beau Geste during year 2. Molly's AGI in year 2 is $68,200 (excluding any income or loss from Beau Geste). This amount includes $9,540 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.

Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.)

At-Risk Amount:
Initial year 1 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 ?

Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.)

Year Total Loss At-Risk Allowed At-Risk Disallowed
1 ? ? ?
2 ? ? ?

Based on the above information, complete the following table:

Year At-Risk Allowed Passive Activity Loss Allowed Passive Activity Loss Disallowed
1 ? ? ?
2 ? ? ?

b. Based on the above information, complete the following table:

Complete this question by entering your answers in the tabs below.

What are the cumulative total passive suspended losses at the end of year 2?

Cumulative total passive suspended losses ?

Based on the above information, complete the following table:

Year 2 AGI:
AGI before Beau Geste: ?
Year 2 passive income from Beau Geste ?
Year 2 allowed passive losses ?
Year 2 AGI ?

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