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FACTS BLG is a limited liability Company taxed as a partnership and has four shareholders each owning 25% of the outstanding Interests (Shares). The shareholders' outside basis in their respective Interests is S1.00 On February 20, 2015. POM LLC, a single member limited liability company, sold its 25% in BLG Interests to ODY LLC, a limited liability company taxed as a Partnership, for $700,000 payable $100,000 cash at closing and a Promissory Note in the amount of $600,000 bearing interest at 5% with monthly principal payments of S10,000 plus monthly interest payments for sixty months. ODYLLC's Managing Member personally guaranteed the Promissory Note On February 20, 2016 by mutual agreement between the parties, the Promissory Note was renegotiated and the payment of principal on the Promissory Note, which had been reduced by principal payments of $120,000, was extended two years, principal payments were modified to $8,000 per month and the interest rate was raised to 7% annually on the outstanding balance of $480,000 In December of 2016, ODY LLC received a notice of default from POM LLC. Subsequently, ODY LLC, to avoid filing for bankruptcy, negotiated a restructuring of the Promissory Note. On February 20, 2017 with the remaining principal balance of the Promissory Note reduced to $440,000 plus accrued and unpaid interest of $18,000, the parties further agreed to restructure the Promissory Note reducing the principal without interest. and accrued interest due to $270,00 0 with payment terms of $5,000 per month Assume that the Managing Member of ODY LLC had a net worth of $100.000 at all times prior to any cancellation of indebtedness in 2017 exclusive of his interest in ODY LLC which had had a zero net worth. First identify all the tax issues associated with these facts faced by POM LLC and ODY LLC and their respective Members in each of the following tax years: 2015, 2016 and 2017. taxable gains and losses, investment interest deductions and any imputed deductions to the parties stemming from imputed interest. 1. Consider interest income or FACTS BLG is a limited liability Company taxed as a partnership and has four shareholders each owning 25% of the outstanding Interests (Shares). The shareholders' outside basis in their respective Interests is S1.00 On February 20, 2015. POM LLC, a single member limited liability company, sold its 25% in BLG Interests to ODY LLC, a limited liability company taxed as a Partnership, for $700,000 payable $100,000 cash at closing and a Promissory Note in the amount of $600,000 bearing interest at 5% with monthly principal payments of S10,000 plus monthly interest payments for sixty months. ODYLLC's Managing Member personally guaranteed the Promissory Note On February 20, 2016 by mutual agreement between the parties, the Promissory Note was renegotiated and the payment of principal on the Promissory Note, which had been reduced by principal payments of $120,000, was extended two years, principal payments were modified to $8,000 per month and the interest rate was raised to 7% annually on the outstanding balance of $480,000 In December of 2016, ODY LLC received a notice of default from POM LLC. Subsequently, ODY LLC, to avoid filing for bankruptcy, negotiated a restructuring of the Promissory Note. On February 20, 2017 with the remaining principal balance of the Promissory Note reduced to $440,000 plus accrued and unpaid interest of $18,000, the parties further agreed to restructure the Promissory Note reducing the principal without interest. and accrued interest due to $270,00 0 with payment terms of $5,000 per month Assume that the Managing Member of ODY LLC had a net worth of $100.000 at all times prior to any cancellation of indebtedness in 2017 exclusive of his interest in ODY LLC which had had a zero net worth. First identify all the tax issues associated with these facts faced by POM LLC and ODY LLC and their respective Members in each of the following tax years: 2015, 2016 and 2017. taxable gains and losses, investment interest deductions and any imputed deductions to the parties stemming from imputed interest. 1. Consider interest income or