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Enerico contributes $129,800 cash in exchange for a 40% interest in the calendar year ABC LLC. This year ABC generates $103,840 of ordinary taxable income
Enerico contributes $129,800 cash in exchange for a 40% interest in the calendar year ABC LLC. This year ABC generates $103,840 of ordinary taxable income and has no separately stated items. Enerico withdraws $12,980 cash from the partnership at the end of the tax year. If an amount is zero, enter "O". 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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