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Scenario Partnership Basis: Three individuals recently formed Krypton Company, a company that manufactures car batteries, as a limited liability company ( LLC ) . The

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Partnership Basis: Three individuals recently formed Krypton Company, a company that manufactures car batteries, as a limited liability company (LLC). The three individualsJaylin, Aarna, and Richardown equal interests in the company and substantial income from other sources. Krypton is a manufacturing firm and expects to earn approximately $130,000 of ordinary income and $30,000 of long-term capital gain each year for the next several years. Jaylin will be a full-time manag1. Discuss any tax issues the owners should consider regarding the LLCs initial year of operations. Include the following in your response:
a. Partnership and partners basis in the LLC
b. Equal interests among the three founders
c. Tax filing requirementser and will receive a salary of $60,000 each year.

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