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Margaret works for and owns interest in Piano Outlet, a limited liability company. Piano Outlet has two classes of ownership, general and limited, which are
Margaret works for and owns interest in Piano Outlet, a limited liability company. Piano Outlet has two classes of ownership, general and limited, which are equally valued. Shares of the same class have identical rights. Margaret owns 50% of the shares of each class of LLC interest. Margaret receives a guaranteed payment. Margaret must pay self-employment taxes on which classes of income from Piano Outlet? A Guaranteed payment only. B Income from limited shares only. C Guaranteed payment and income from general shares. D General partnership income only
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