Business, 20.06.2020 21:57 RickandMorty420710

Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $57,000. At the beginning of year 1, Molly has tax basis and an at-risk amount of $19,000. In year 1, Beau Geste incurs a loss of $225,000 and does not make any distributions to the partners. • In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $66,200. This includes $16,700 of passive income from other passive activities.
• In year 2, Beau Geste earns income of $31,800. In addition, Molly contributes an additional $44,260 to Beau Geste during year 2. Molly's AGI in year 2 is $71,900 (excluding any income or loss from Beau Geste). This amount includes $14,480 in income from her other passive investments.
Based on the above information, complete the following tables:
A. 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
Year 1 Total Loss At Risk Allowed At Risk Disallowed
Year 2 Total Loss At Risk Allowed At risk Disallowed
Year 1 Passive Activity Loss Allowed, Passive Activity Loss Disallowed
B. What are the cumulative total passive suspended losses at the end of year 2?
Cumulative total passive suspended losses
Year 2 AGI: AGI before Beau Geste, Year 2 passive income from Beau Geste, Year 2 allowed passive losses, Year 2 AGI.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 02:50

Wren pork company uses the value basis of allocating joint costs in its production of pork products. relevant information for the current period follows: product pounds price/lb. loin chops 3,000 $ 5.00 ground 10,000 2.00 ribs 4,000 4.75 bacon 6,000 3.50 the total joint cost for the current period was $43,000. how much of this cost should wren pork allocate to loin chops?

Answers: 1

Answer

Business, 22.06.2019 20:40

Asmall town wants to build some new recreational facilities. the proposed facilities include a swimming pool, recreation center, basketball court and baseball field. the town council wants to provide the facilities which will be used by the most people, but they face budget and land limitations. the town has $400,000 and 14 acres of land. the pool requires locker facilities which would be in the recreation center, so if the swimming pool is built the recreation center must also be built. also, the council has only enough flat land to build the basketball court or the baseball field. the daily usage and cost of the facilities (in $1,000) are shown below. which facilities should they build? facilityusagecost ($1,000)landswimming pool4001002recreation center5002003basketball court3001504baseball field2001005

Answers: 1

Answer

Business, 22.06.2019 21:00

China's new 5 percent tax on disposable wooden chopsticks, reflecting concerns about deforestation, has been praised by environmentalists. the move is hitting hard at the japanese, who consume 25 billion set of wooden chopsticks annually. almost all of the chopsticks used in japan come from china. the reuirements for chinese manufacturers of wooden chopsticks to pay the 5 percent tax is a factor in their external environment.

Answers: 3

Answer

Business, 22.06.2019 21:40

Heather has been an active participant in a defined benefit plan for 19 years. during her last 6 years of employment, heather earned $42,000, $48,000, $56,000, $80,000, $89,000, and $108,000, respectively (representing her highest-income years). calculate heather’s maximum allowable benefits from her qualified plan (assume that there are fewer than 100 participants). assume that heather’s average compensation for her three highest years is $199,700. calculate her maximum allowable benefits.

Answers: 3

Answer

You know the right answer?

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

Questions