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Enerico contributes $156,200 cash in exchange for a 40% interest in the calendar year ABC LLC. This year ABC generates $124,960 of ordinary taxable income
Enerico contributes $156,200 cash in exchange for a 40% interest in the calendar year ABC LLC. This year ABC generates $124,960 of ordinary taxable income and has no separately stated items. Enerico withdraws $15,620 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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