Enerico contributes $100,000 cash in exchange for a 40% interest in the calendar year ABC LLC. This

Question:

Enerico contributes $100,000 cash in exchange for a 40% interest in the calendar year ABC LLC. This year, ABC generates $80,000 of ordinary taxable income. Enerico withdraws $10,000 cash from the at the end of the tax year.
a. Compute Enerico's gross income from ABC's ordinary income for the tax year.
b. Compute Enerico's gross income from the LLC's cash distribution.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...