Ashlyn, Devin and Mackenzie are engineers who set up ADM, LLP. They are equal partners for the purposes of running the firm and the distribution of profits. For tax purposes, the profits of ADM, LLP were $300,000 for the year. How much will Ashlyn, Devin and Mackenzie report for tax purposes for the year? Ashlyn, Devin and Mackenzie are engineers who set up ADM, LLP. They are equal partners for the purposes of running the firm and the distribution of profits. For tax purposes, the profits of ADM, LLP were $300,000 for the year. How much will Ashlyn, Devin and Mackenzie report for tax purposes for the year? $100,000 each as LLP income, $0 in personal income. They will report all of the income as LLP income, as an LLP is a taxable entity, but they will pay taxes at their personal tax rates. $0 in LLP income, $100,000 each in personal income. $50,000 each in LLP income, $50,000 each in personal income

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