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Required information [The following information applies to the questions displayed below] Dave LaCroix recently recelved a 10 percent capital and profits interest in Cirque Capital
Required information [The following information applies to the questions displayed below] Dave LaCroix recently recelved a 10 percent capital and profits interest in Cirque Capital LLC in exchange for consuiting services he provided. If Cirque Capital had paid an outsider to provide the advice, it would have deducted the payment as compensation expense. Cirque Capital's balance sheet on the day Dave recelved 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. Prepare a balance sheet for Cirque Capital immediately after Dave's admission showing the members' tax capital accounts and thei apital accounts stated at fair market value. 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
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