Cengant Problem 14-16 (Algorithmic) (CO. 4, 5) Amy and Mitchell share equally in the pronta, losses, and capital of the accrual basis AM Products LLC Arny is the managing member of the treated as a general partner and is a US citizen At the beginning of the current tax year, Amy's capital account has a balance of $706,000, and the LLC has recourse debts of $517.400 payable to unrelated parties. All partnership recourse debt is shared equally between the parties. The following information about AM's operations for the current year is obtained from the entity's records, Ordinary income $1,034,600 W-2 wages to employees 55,000 Depreciation expense 154,000 Interest Income from P&G bond 10,348 Long-term capital loss 2,600 Short-term capital gain 7,800 Charitable contribution 33,000 Cash distribution to Amy 51,740 Unadjusted basis of partnership depreciable property 1,310,000 ear-end LLC debt payable to unrelated parties is $162,500. Also assume that all AM Products' activities re eligible for the qualified business income deduction and that the unadjusted basis of assets mediately after acquisition was $800,000. If all transactions are reflected in her beginning capital and asis in the same manner: Amy's basis in the LLC Interest at the beginning of the year is $ X Feedback Check My Work A partner's basis in the LLC interest is important for determining the treatment of distributions from establishing the deductibility of LLC losses, and calculating gain or loss on the partner's disposition o partner is admitted to the LLC, the partner's basis is adjusted for numerous items. my's basis in the LLC interest at the end of the year is ! edback sock My Work correct Cengant Problem 14-16 (Algorithmic) (CO. 4, 5) Amy and Mitchell share equally in the pronta, losses, and capital of the accrual basis AM Products LLC Arny is the managing member of the treated as a general partner and is a US citizen At the beginning of the current tax year, Amy's capital account has a balance of $706,000, and the LLC has recourse debts of $517.400 payable to unrelated parties. All partnership recourse debt is shared equally between the parties. The following information about AM's operations for the current year is obtained from the entity's records, Ordinary income $1,034,600 W-2 wages to employees 55,000 Depreciation expense 154,000 Interest Income from P&G bond 10,348 Long-term capital loss 2,600 Short-term capital gain 7,800 Charitable contribution 33,000 Cash distribution to Amy 51,740 Unadjusted basis of partnership depreciable property 1,310,000 ear-end LLC debt payable to unrelated parties is $162,500. Also assume that all AM Products' activities re eligible for the qualified business income deduction and that the unadjusted basis of assets mediately after acquisition was $800,000. If all transactions are reflected in her beginning capital and asis in the same manner: Amy's basis in the LLC Interest at the beginning of the year is $ X Feedback Check My Work A partner's basis in the LLC interest is important for determining the treatment of distributions from establishing the deductibility of LLC losses, and calculating gain or loss on the partner's disposition o partner is admitted to the LLC, the partner's basis is adjusted for numerous items. my's basis in the LLC interest at the end of the year is ! edback sock My Work correct