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Required information [The following information applies to the questions displayed below.] Connie recently provided legal services to the Winterhaven LLC and received a 5
Required information [The following information applies to the questions displayed below.] Connie recently provided legal services to the Winterhaven LLC and received a 5 percent interest in the LLC as compensation. Winterhaven currently has $39,000 of accounts payable and no other liabilities. The current fair market value of Winterhaven's capital is $220,000. (Leave no answer blank. Enter zero if applicable.) a. If Connie receives a 5 percent capital interest only, how much income must she report and what is her tax basis in the LLC interest? Income Tax basis
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