Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ABC Tech LLC is a partnership with two equal partners. The company has a qualified net income of $ 2 0 0 , 0 0

ABC Tech LLC is a partnership with two equal partners. The company has a qualified net income of $200,000. If both partners qualify and make the Pass-Through Entity (PTE) election, the partnership can pay a PTE elective tax of to the California Franchise Tax Board. Each partner will report $90,700 of net income (($200,000 $18,600) X 50%) on their federal K-1. When the partners file their personal returns, their California returns will report $100,000 of net income from ABC Tech LLC and a tax credit of what amount against their individual California income tax?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Patrick R. Wheeler, Ulric J. Gelinas, Richard B. Dull, Dull Gelinas Wheeler

International 10th Edition

017035539X, 9780170355391

More Books

Students also viewed these Accounting questions

Question

What percentage of your students publishes before they graduate?

Answered: 1 week ago

Question

3 > O Actual direct-labour hours Standard direct-labour hours...

Answered: 1 week ago

Question

=+5. What do you want them to think?

Answered: 1 week ago

Question

=+What the product does for the end-user.)

Answered: 1 week ago