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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 of
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 $33,000 guaranteed payment each year for ongoing services she provides to the LLC. For X4 Bright Line reported the following revenues and expenses: sales-$153,000, cost of goods sold-$93.000, depreciation expense-$48,000, long-term capital gains-$18,000, qualified dividends --$6,300, and municipal Bond interest-$3,300. How much ordinary business income (oss) will Bright Line allocate to Kim on her Schedule K-1 for X4
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