Connie recently provided legal services to the Winter haven LLC and received 5 percent interest in the
Question:
a. If Connie receives 5 percent capital interest only, how much income must she report, and what is her tax basis in the LLC interest?
b. If Connie receives 5 percent profits interest only, how much income must she report, and what is her tax basis in the LLC interest?
c. If Connie receives 5 percent capital and profits interest, how much income must she report, and what is her tax basis in the LLC interest?
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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