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Required information [The following information applies to the questions displayed below.] Dave LaCroix recently received a 10 percent capital and profits interest in Cirque Capital

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Required information [The following information applies to the questions displayed below.] Dave LaCroix recently received a 10 percent capital and profits interest in Cirque Capital LLC in exchange for consulting services he provided. If Cirque Capital had paid an outsider to provide the advice, it would have deducted the payment compensation expense. Cirque Capital's balance sheet on the day Dave received his capital interest appears below: 'Assume that Tatsuki's basis and Robert's basis in their LLC interests equal their tax basis capital accounts plus their respective shares of nonrecourse liabilities. Note: Leave no answer blank. Enter zero if applicable. . Compute each member's tax basis in his LLC interest immediately after Dave's recelpt of his interest. Answer is complete but not entirely correct. c. Prepare a balance sheet for Cirque Capital immediately after Dave's admission showing the members' tax capital accounts and their capital accounts stated at fair market value: d. Compute and characterite any gain of loss Dave may have to tecognue asa result of his admintion to Grque Capdal d be receives only a profis indereit. e. Compute each member's 1ax basis in his LlC interest iminediately ares Dave's receipt of his interest it Dave receives only a profits interest

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