Question: A, B and C form Services LLC to perform computer consulting services. Each own one-third of the interests in the LLC and all allocations of

A, B and C form Services LLC to perform computer consulting services. Each own one-third of the interests in the LLC and all allocations of income, gain, loss, deduction and credit are equal. It is a manager managed LLC with A and B as the only managers. Services LLC does not carry inventory. Services LLC's gross receipts for the past three year has been $20 million per year. Which of the following statements are true? Question 8 Select one: a. All partnerships must adopt the accrual method of accounting b. Services LLC must adopt the accrual method of accounting under the gross receipts test c. Services LLC must adopt the accrual method of accounting because it is a syndicate d. None of the above

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1.) Individuals A, B, and C form ABC Partnership. A contributes $180,000 in cash in return for a one-half interest in the partnerships capital and a 1/3 interest in the partnerships profits. B...

Questions: 1.A is a partner in the ABC Partnership. The partnership leases a building from A at an annual rent of $20,000 (its fair rental value). A continues to depreciate the building. a.How should...

Part 1 - Excel Sheet Prepare Ratios Ratios for National Beverage Corp. concerning liquidity, solvency, profitability, DuPont, and stock performance as of April 30, 2016 and prior statement...

I am unsure how to start this and how to fill out excel. Please help, question below. Question: Part 1 - Excel Sheet Prepare Ratios Ratios for National Beverage Corp. concerning liquidity, solvency,...

Please type the answer ******Dscus the non-price considerations of the offers. Which, if any, bid would you vote to accept for the purchase of Hershey Foods Corporation? Is your decision primarily...

I would like assistance to see if I filled out the attached Form 1040 Schedule C correctly. I am attaching Schedule C, Schedule C Instructions, and the instructions with the information to work the...

Exercise 6.1 Read the AAA Pool Services, LLC (APS) Limited Liability Company Agreement located at the end of this chapter and answer the following questions. Make sure you note any applicable LLC...

Please help me with the following partnership income tax return project. Data and applicable forms are attached. Christy Albright and Dan Ralls formed the Charter Company on 11/30/2006, and chose a...

Show for the body-centered cubic crystal structure that the unit cell edge length a and the atomic radius R are related through a =4R/3.

Find the magnification and length of a telescope whose objective has a focal length of 50 cm and whose eyepiece has a focal length of 2.0 cm.

2. If the distance between the points A(p, 0) and B(0, p) is 10 units, find the possible values of p.

Student Premier Painters (SPP) has six house painting jobs in a particular neighborhood. The houses vary in size, condition, and painting requirements, but each house must be prepped (cleaned,...

5. The next time a negative event occurs, or a negative memory occurs, think about how you need to perform to make this a success story.

1. To understand the impression you want the other or the others to have of yourself.

4. Imagine an everyday task that you find difficult or troublesome to perform. Think through the entire sequence of activities with this everyday task. How do you go about making this a success? How...