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Check my work 16 Required information Part 3 of 3 [The following information applies to the questions displayed below. Connie recently provided legal services to
Check my work 16 Required information Part 3 of 3 [The following information applies to the questions displayed below. Connie recently provided legal services to the Winterhaven LLC and received a 5 percent interest in the LLC as compensation. Winterhaven currently has $43,000 of accounts payable and no other debt. The current fair market value of Winterhaven's capital is $150,000. (Leave no answer blank. Enter zero if applicable.) 0.86 points Skipped c. If Connie receives a 5 percent capital and profits interest, how much income must she report and what is her tax basis in the LLC interest? eBook Print References Income Tax basis
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