It's not 8,000 or 3,000 or 5,000 or 2,000

The TimpRiders LP has operated a motorcycle dealership for a number of years. Amir is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Amir and Francesca had basis of $12,000 and $5,000, respectively, and the pertnership did not have any liabalities. During the current year, the partnership reported the following results from operations: On the last day of the year, the partnership distributed $5,000 each to Amir and Francesca. Comprehensive Problem 20-81 Part 1 (Algo) Required: a. What outside basis do Amir and Francesca have in their partnership interests of the end of the year? b. How much of their losses are currently not deductible by Amir and Francesca because of the tax-basis limitation? c. To what extent does the passive activity loss limitation apply in festricting their deductible losses for the year? Note: For all the requirements, negative amounts should be entered with a minus sign. Leave no answers blank, Enter zero if applicable