Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $80,000 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $10,000 from the partnership during the year. Enercio is taxed on what amount of ABC's income? On how much of the $10,000 distribution will Enercio be taxed?
+5
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Home » Business » Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $80,000 of ordinary taxable income and has no separately stated income or expenses.