Enerico contributes $100,000 cash in exchange for a 40% interest in the calendar year ABC LLC. This year, ABC generates $80,000

Question

3 years ago

10

Enerico contributes $100,000 cash in exchange for a 40% interest in the calendar year ABC LLC. This year, ABC generates $80,000

of ordinary taxable income. Enerico withdraws $10,000 cash from the partnership at the end of the tax year. a. Compute Enerico’s gross income from ABC’s ordinary income for the tax year. b. Compute Enerico’s gross income from the LLC’s cash distribution.

Business

1 answer:

Natasha_Volkova [10] · Answer 1 · 2022-04-24T11:55:09+03:00

Natasha_Volkova [10]3 years ago

3 0

Answer:

A)$32000.00

B)$4000

Explanation: