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Kim received a one-third profits and capital interest in Bright Line, LLC, in exchange for legal services she provided. In addition to her share
Kim received a one-third profits and capital interest in Bright Line, LLC, in exchange for legal services she provided. In addition to her share of partnership profits or losses, she receives a $20.000 guaranteed payment each year for ongoing services she provides to the LLC. For X4. Bright Line reported the following revenues and expenses: sales-$140,000, cost of goods sold-$80,000, depreciation expense-$46,000, long-term capital gains-$5,000, qualified dividends-$5.000, and municipal Bond interest-$3.000. How much ordinary business income (loss) will Bright Line allocate to Kim on her Schedule K-1 for X4? Multiple Choice $15.000 $7,000 $9.000 $15,000 Next
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