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joe owns 10% of an LLC that is treated as a partnersihp for tax purposes. His basis in the LLC is $50,000. The LLC has

joe owns 10% of an LLC that is treated as a partnersihp for tax purposes. His basis in the LLC is $50,000. The LLC has sigificant undistributed earnings. The LLC distributes $10,000 to Joe.

How much taxable income does Joe report as a result of this distribution?

What is Joes tax basis in the LLC after the distribution?

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