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Potato, an individual, is a 2 0 percent owner of Starch LLC . This year, Potato was allocated $ 4 5 , 0 0 0
Potato, an individual, is a percent owner of Starch LLC This year, Potato was allocated $ of ordinary income from Starch LLC $ of taxexempt interest income, and $ of nondeductible expenses. Potato also received a $ distribution from Starch LLC this year. At the beginning of the year, Starch LLC had outstanding debt of $ At the end of the year, the entity's outstanding debts increased to $ Required: a If Starch LLC is taxed as a partnership, and her basis in her partnership interest at the beginning of the year is $ determine Potato's tax basis in her partnership interest at yearend. b If Starch LLC is taxed as an S corporation, and her basis in her corporation stock at the beginning of the year is $ determine Potato's tax basis in her corporate stock at yearend. Complete this question by entering your answers in the tabs below. Required A If Starch LLC is taxed as a partnership, and her basis in her partnership interest at the beginning of the year is $ determine Potato's tax basis in her partnership interest at yearend.
Potato, an individual, is a percent owner of Starch LLC This year, Potato was allocated $ of ordinary income from Starch LLC $ of taxexempt interest income, and $ of nondeductible expenses. Potato also received a $ distribution from Starch LLC this year. At the beginning of the year, Starch LLC had outstanding debt of $ At the end of the year, the entity's outstanding debts increased to $
Required:
a If Starch LLC is taxed as a partnership, and her basis in her partnership interest at the beginning of the year is $ determine Potato's tax basis in her partnership interest at yearend.
b If Starch LLC is taxed as an S corporation, and her basis in her corporation stock at the beginning of the year is $ determine Potato's tax basis in her corporate stock at yearend.
Complete this question by entering your answers in the tabs below.
Required A
If Starch LLC is taxed as a partnership, and her basis in her partnership interest at the beginning of the year is $ determine Potato's tax basis in her partnership interest at yearend.
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