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 Winterhavens capital is $270,000. (Leave no answer blank. Enter zero if applicable.)

a. If Connie receives a 5 percent capital interest only, how much income must she report and what is her tax basis in the LLC interest?

Income ______

Tax Basis ______

b. If Connie receives a 5 percent profits interest only, how much income must she report and what is her tax basis in the LLC interest?

Income ______

Tax Basis ______

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?

Income ______

Tax Basis ______