Question
On January 1, 2022, Madison contributed $100,000 cash in exchange for a 25% interest in AABC LLC. During 2022, the LLC generated $140,000 ordinary taxable
On January 1, 2022, Madison contributed $100,000 cash in exchange for a 25% interest in AABC LLC. During 2022, the LLC generated $140,000 ordinary taxable income and no separately stated income or expenses. On December 31, 2022, the LLC distributed to Madison $15,000 cash.
What is Madison's basis in the LLC interest on January 1, 2023?
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Alpine Cupcakes Audit Case With Data Analytics
Authors: Carol Callaway Dee, Mary P.Mindak
2nd Edition
1618533231, 978-1618533234
