Drop down answers on part C are does/does not, does/does not, is/is not, capital gain/ net investment uncome/ ordinary income

Problem 10:37 (Algorithmic) (LO. 6, 7, 8, 9, 10, 11) Amy and Mitchell share equally (50%) in the profits, losse, and capital of the accrual basis AM Products u.c. Thell does not need to report financial information to any third parties, so capital accounts are determined using tax rules (rather than GAAP), Amy is a managing member of the LLC (treated as a general partner) and is a U.S. person At the beginning of the current tax year, Amy's capital account has a balance of $568,000, and the LLC has debts of $309,200 payable to unrelated parties. All debts are recourse to the wc, but neither of the LLC members has personally guaranteed them. The following information about AM's operations for the current year is obtained from the LLC's records. Operating income" $852,000 200.000 W-2 wages Depreciation expense Interest income 300,000 8,520 Long-term capital loss 5,680 17.000 Long-term capital gain Charitable contribution (cash) 8,570 Gash distribution to Amy 42.600 Unadjusted basis of partnership property immediately after acquisition 1.500.000 Operating income equals revenue le operating expenses (other than expenses luted separately above) Year-end LLC debe payable to unrelated parties is $258140. Assume that all transactions are reflected in Amy's beginning capital and bans in the same manner. Also asume that I AM Products activities are eligible for the quand business income deduction Operating income equals revenue less operating expenses (other than expenses listed separately above). Year end LLC debt payable to unrelated parties is $258,440. Assume that all transactions are reflected in Amy's beginning capital and basis in the same manner. Also assume that all AM Products activities are eligible for the qualidied business income deduction a. Calculate Amy's basis in her LLCanterest at the beginning and end of the tax year. Use her capital account as a starting point. LLC interest at the beginning of the year LLC interest at the end of the years b. What income gains, losses, and deductions doet Amy report on her income tax return? If an amount is zero, enter"0" Ordinary income Net long-term capital gain Interest income Charitable contribution deduction L H TH. C. Based on the information provided, what other calculations is Amy required to make? Amy may be eligible to deduct up to % of the ordinary income as qualified business income under 5 199A and will make that calculation on her return. This deduction require a cash outflow by Amy or the LLC, and it affect her basis or capital account. As someone treated as a general partner, Amy's distributive share of the LLC's ordinary business income subject to self-employment tax and possibly the additional Medicare tax. Her from the LLC may be subject to the additional tax under 5 1411. d. Prepare Amy's tax basis capital account rollforward from the beginning to the end of the tax year. How does her ending capital account differ from her ending tax basis in the LLC interest as calculated in part(a)? Capital account balance, beginning year Ordinary income Interest income Net long-term capital gain Less d. Prepare Amy's tax basis capital account rollforward from the beginning to the end of the tax year. How does her ending capital account differ from her ending tax basis in the LLC interest as calculated in part (a)? Capital account balance, beginning year Ordinary income Interest income DOO Net long-term capital gain Less: Charitable contribution Cash distribution to Amy Capital account balance, end of year Amy's capital account differ fram her basis only by the amount of her share of LLC