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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 $ of ordinary income and $ of longterm capital gain each year for the next several years. Jaylin will be a fulltime manag 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 $ each year.
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