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Enerico contributes $110,000 cash in exchange for a 40% interest in the calendar year ABC LLC. This year ABC generates $88,000 of ordinary taxable income
Enerico contributes $110,000 cash in exchange for a 40% interest in the calendar year ABC LLC. This year ABC generates $88,000 of ordinary taxable income and has no separately stated items. Enerico withdraws $11,000 cash from the partnership at the end of the tax year. If an amount is zero, enter "0". a. Compute Enerico's gross income from ABC s ordinary income for the tax year. $ b. Compute Enerico's gross income from the LLC's cash distribution. $
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