Business, 12.10.2021 01:00 adrianayepez8

Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $64,500. At the beginning of year 1, Molly has tax basis and an at-risk amount of $28,000. In year 1, Beau Geste incurs a loss of $200,000 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $79,600. This includes $11,500 of passive income from other passive activities. In year 2, Beau Geste earns income of $30,800. In addition, Molly contributes an additional $28,260 to Beau Geste during year 2. Molly's AGI in year 2 is $84,700 (excluding any income or loss from Beau Geste). This amount includes $8,080 in income from her other passive investments. Required:
What are the cumulative total passive suspended losses?

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 03:10

On the first day of the fiscal year, a company issues an $7,500,000, 8%, five-year bond that pays semiannual interest of $300,000 ($7,500,000 × 8% × ½), receiving cash of $7,740,000. journalize the first interest payment and the amortization of the related bond premium. round to the nearest dollar. if an amount box does not require an entry, leave it blank.

Answers: 3

Answer

Business, 22.06.2019 15:30

For a firm that uses the weighted average method of process costing, which of the following must be true? (a) physical units can be greater than or less than equivalent units. (b) physical units must be equal to equivalent units. (c) equivalent units must be greater than or equal to physical units. (d) physical units must be greater than or equal to equivalent units.

Answers: 1

Answer

Business, 22.06.2019 21:20

Which of the following best describes the advantage of living in a suburban area? a. suburbs give people access to city jobs along with more living space. b. suburbs give people easy access to cultural attractions and high-paying jobs. c. suburbs have the widest availability of low-cost housing of any living area. d. suburbs have the lowest population density of any living area.

Answers: 1

Answer

Business, 22.06.2019 22:50

For 2016, gourmet kitchen products reported $22 million of sales and $19 million of operating costs (including depreciation). the company has $15 million of total invested capital. its after-tax cost of capital is 10%, and its federal-plus-state income tax rate was 36%. what was the firm’s economic value added (eva), that is, how much value did management add to stockholders’ wealth during 2016?

Answers: 1

Answer

You know the right answer?

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

Questions