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please help 7 Kim received a 1/3 profits and capital interest in Bright Line, LLC in exchange for legal services she provided. In addition to
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7 Kim received a 1/3 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 $37000 guaranteed payment each year for ongoing services she provides to the LLC. For X4, Bright Line reported the following revenues and expenses Sales - $157,000. Cost of Goods Sold - $97,000. Depreciation Expense - $53,000. Long-Term Capital Gains - $22,000, Qualified Dividends - 56,700, and Municipal Bond Interest - $3.700 How much ordinary business Income (loss) will Bright Line allocate to Kim on her Schedule K-1 for X4 Step by Step Solution
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