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gizmo_the_mogwai [7]
3 years ago
7

Kim received a one-third profits and capital interest in Bright Line, LLC, in exchange for legal services she provided. In addit

ion to her share of partnership profits or losses, she receives a $30,000 guaranteed payment each year for ongoing services she provides to the LLC. For X4, Bright Line reported the following revenues and expenses: sales-$150,000, cost of goods sold-$90,000, depreciation expense-$45,000, long-term capital gains -$15,000, qualified dividends-$6,000, and municipal bond interest-$3,000. How much ordinary business income (loss) will Bright Line allocate to Kim on her Schedule K-1 for X4?
a. ($15,000).
b. $6,000.
c. $9,000.
d. $9,000.
e. $15,000.
f. None of the choices will be reported as ordinary business income (loss) on Schedule K-1.
Business
1 answer:
timurjin [86]3 years ago
8 0

Answer:

f. None of the choices will be reported as ordinary business income (loss) on Schedule K-1.

Explanation:

Note: Guaranteed payments have no effect on Kim's outside basis.

Bright Line LLC will be reporting on page 1 of Form 1065, an ordinary loss of $15,000 ($150000 - $90000 - $45000 - $30000)

1/3rd of $15,000 = $5,000. That is, $5,000 loss must be allocated to Kim on Schedule K-1. So, option f is the correct answer.

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Pls, the meaning of warranty ​
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A warranty is a written promise by a company that, if you find a fault in something they have sold you within a certain time, they will repair it or replace it free of charge.

6 0
2 years ago
Which of the following account records would have the most current
Alik [6]

Answer:All

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4 0
3 years ago
The agent of a broker-dealer registered in State A, sells unregistered non-exempt securities to customers in State A. These cust
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Answer:

The clients may initiate a civil lawsuit to recover their losses

Explanation:

It is assumed that the agent sold the securities with an intention to defraud. Under the Uniform Securities Act, the client may initiate a civil lawsuit so as to recover losses. Clients would sue based on the fact that the securities were unregistered and non-exempt while attempting to get back what they have lost in finance, attorney fees, and interest inclusive. These 3 damages are only applicable to insider trading.

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3 years ago
When government gives money to a college student this is an example of a consumer
Scilla [17]

Answer:

When government gives money to a college student this is an example of a consumer subsidy.

Explanation:

A government performs different roles in the economy of a company to ensure that income and resources are equally distributed to various people in the country. For example, the government utilizes economic policies to ensure that economically vulnerable groups in the society are given a chance towards economic growth by providing them with subsidies and low-cost loans, housing and healthcare to ensure that they have a chance at growing economically. Another way the government distributes income and resources is by providing tax cuts to the poor or those with low income while at the same time increasing taxes to the rich and wealthy. Examples of vulnerable groups in the society are; the poor, people with low income, the unemployed, people of old age, and the youth and children.

In our case,we will consider consumer subsidy. Consumer subsidy is the act of providing benefits to a certain group in the society. The benefits can be in the form of; tax cuts and cash payments to that particular group or individual. An example is the government giving money to a college student  in the form of consumer subsidy. College fees is usually very high and cannot be afforded by most students, government subsidies assist these students to go to college.

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This statement is False.

What is Lifecycle of business ?

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  • In business, a product's life cycle tracks its development, maturation, and decline.
  • The business, economic, and inventory cycles are other business cycle categories that have a life cycle-like trajectory.
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To know more lifecycle of business

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