Question
1-Connie recently provided legal services to the Winterhaven LLC and received a 10 percent interest in the LLC as compensation. Winterhaven currently has $50,000 of
1-Connie recently provided legal services to the Winterhaven LLC and received a 10 percent interest in the LLC as compensation. Winterhaven currently has $50,000 of accounts payable and no other debt. The current fair market value of Winterhavens capital is $300,000. If Connie receives a 10 percent capital interest only, how much income must she report?
2- Connie recently provided legal services to the Winterhaven LLC and received a 10 percent interest in the LLC as compensation. Winterhaven currently has $50,000 of accounts payable and no other debt. The current fair market value of Winterhavens capital is $300,000. If Connie receives a 10 percent profits interest only, how much income must she report?
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International Financial Reporting
Authors: Alan Melville
7th Edition
1292293128, 9781292293127
