Mr. Tuck and Ms. Under organized a new business as an LLC in which they own equal interests. The new business generated a $4,800 operating loss for the year. Required: a. If Mr. Tuck's marginal tax rate before consideration of the LLC loss is 35 percent, compute his tax savings from the first-year LLC loss. Assume the basis and excess business loss limitations do not apply. Ms. Singh, who is in the 37 percent tax bracket, owns a residential apartment building that generates $80,000 annual taxable income. She plans to create a family partnership by giving each of her two children a 20 percent equity interest in the building. (She will retain a 60 percent interest.) Ms. Singh will manage the building, and value of her services is $15,000 per year. Required: If Ms. Singh's children are in the 12 percent tax bracket, compute the tax savings from this income-shifting arrangement. (Ignore any payroll tax consequences.)