Question
Herman and Henry are equal partners in Badger Enterprises, a calendar year limited liability company (LLC). During the year, Badger Enterprises had $305,000 gross income
Herman and Henry are equal partners in Badger Enterprises, a calendar year limited liability company (LLC). During the year, Badger Enterprises had $305,000 gross income and $230,000 operating expenses. Badger made no distributions to the partners. Badger must pay tax on $75,000 of income.
True or false ?
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FALSE A limited liability company LLC is not a separate tax entity like a corporation instead it ...
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Concepts In Federal Taxation
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
19th Edition
978-0324379556, 324379552, 978-1111579876
