Assume the same facts as in Problem 52. Assume that Burgundy, Inc.'s annual guaranteed payment is increased
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Assume the same facts as in Problem 52. Assume that Burgundy, Inc.'s annual guaranteed payment is increased to $120,000 starting on January 1, 2016, and the LLC's taxable income for 2015 and 2016 (after deducting Burgundy's guaranteed payment) is the same (i.e., $80,000 and $90,000, respectively). What is the amount of income from the LLC that Burgundy, Inc., must report for its tax year ending April 30, 2016?
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If Burgundys guaranteed payment increases to 120000 on January 1 2016 ...View the full answer
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Related Book For 
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
ISBN: 9781305399884
39th Edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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