. Assume the following facts about a Nevada property and calculate the total taxable income (after computing depreciation) and tax in each of the following circumstances, including, as applicable, federal entity level and dividend tax, net investment income and passthrough deduction:

(use separate excel or worksheets if necessary)

Apartment complex has the following attributes:

Rental income $ 20,000

Property expenses $ 10,000

Interest expense $ 5,000

Land Basis $ 40,000

Building Basis $ 160,000

Debt $ 100,000

Equity $ 100,000

23d) What is the taxable income and tax expense for a public pension (e.g. Calstrs), that considers itself to be an integral part of the state government, who receives 50% of the taxable income from an LLC which is taxed as a partnership (provide the answer assuming the LLC is fractions rule compliant and if it violates the fractions rule)?

Fractions rule compliant -

Fractions rule non-compliant -

23e) What is the taxable income and tax expense for a non-US corporation who receives 50% of the taxable income from an LLC which is taxed as a partnership? Also explain a common structure used for non-US investors to minimize the taxes on this investment.

23f) What is the taxable income and tax expense for a non-US governmental entity (e.g. a sovereign wealth fund) who receives 50% of the taxable income from an LLC which is taxed as a partnership? Also the negative consequences of making this investment, if any. Also describe a better structure that can be used by the SWF to protect their exemption and minimize the taxes on this investment.