Michael Fox, Rachel Allen, and Hannah Rowland are owners in "FAR, LLC" a limited liability company engaged in commercial office design services. Pertinent information regarding LLC. summarized belo s Social security numbers are as foll Michael 623-98-0123 Rachel 410-63-4297; and Michael is the Tax Matters Partner of the company. The address of the company is 2835 Lake View Drive, Charlotte, NC 28130 The company was formed and began operations on January 1,2012 The business code is 541400 The federal identification number is 67-1234598 The company uses the cash method of accounting and the calendar year for reporting The company purchased a new office computer system on December 12 2016. They desire to expense this asset under $179 for tax purposes. The company uses straight-line depreciation for financial reporting and recorded a total of $9,002 depreciation for book purposes (which includes depreciation on the new computer system). The company uses MACRS for its machinery and equipment and recorded $14,602 in depreciation for its other fixed assets (using MACRS). Assume none of the depreciation creates a tax preference or adjustment for AMT purposes All loan borrowings were used exclusively for acquisition of equipment, consequently, all interest expense is considered business interest. In 2016, guaranteed payments of s80,000 were paid to Fox. Allen and Rowland each received guaranteed payments of $40,000. Distributions were paid to owners as Allen Rowland There was no distribution of any non-cash property shareholders The equipment loan is nonrecourse debt to the All initial capital contributions were contributed by owners according to their ownership share which is as follows: Fox 50%; Allen -30 Rowland 20%. None of the owners sold any portion of their ownership interests during the year is not subject to AMT. The The company has no available tax credits and company's operations are entirely limited to the geographic areas of North Carolina, Georgia, and South Carolina. All owners are U.S. citizens. The company had no foreign operations, no foreign bank accounts, and no interest in any foreign trusts or foreign corporations procedures. The The corporation is not subject to the consolidated audit ompany files its federal tax return in Cincinnati, Ohio Michael Fox, Rachel Allen, and Hannah Rowland are owners in "FAR, LLC" a limited liability company engaged in commercial office design services. Pertinent information regarding LLC. summarized belo s Social security numbers are as foll Michael 623-98-0123 Rachel 410-63-4297; and Michael is the Tax Matters Partner of the company. The address of the company is 2835 Lake View Drive, Charlotte, NC 28130 The company was formed and began operations on January 1,2012 The business code is 541400 The federal identification number is 67-1234598 The company uses the cash method of accounting and the calendar year for reporting The company purchased a new office computer system on December 12 2016. They desire to expense this asset under $179 for tax purposes. The company uses straight-line depreciation for financial reporting and recorded a total of $9,002 depreciation for book purposes (which includes depreciation on the new computer system). The company uses MACRS for its machinery and equipment and recorded $14,602 in depreciation for its other fixed assets (using MACRS). Assume none of the depreciation creates a tax preference or adjustment for AMT purposes All loan borrowings were used exclusively for acquisition of equipment, consequently, all interest expense is considered business interest. In 2016, guaranteed payments of s80,000 were paid to Fox. Allen and Rowland each received guaranteed payments of $40,000. Distributions were paid to owners as Allen Rowland There was no distribution of any non-cash property shareholders The equipment loan is nonrecourse debt to the All initial capital contributions were contributed by owners according to their ownership share which is as follows: Fox 50%; Allen -30 Rowland 20%. None of the owners sold any portion of their ownership interests during the year is not subject to AMT. The The company has no available tax credits and company's operations are entirely limited to the geographic areas of North Carolina, Georgia, and South Carolina. All owners are U.S. citizens. The company had no foreign operations, no foreign bank accounts, and no interest in any foreign trusts or foreign corporations procedures. The The corporation is not subject to the consolidated audit ompany files its federal tax return in Cincinnati, Ohio