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Problem 14-18 (LO. 4, 5) Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products LLC. 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 $300,000, and the LLC has debts of $200,000 payable to unrelated parties. The debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. Assume that all LLC debt is shared equally between the partners. The following information about AM's operations for the current year is obtained from the LLC's records. Ordinary income W-2 wages to employees $900,000 200,000 300,000 Depreciation expense Interest income from P&G bond 4,000 Long-term capital loss 6,000 12,000 Short-term capital gain Charitable contribution 4,000 Cash distribution to Amy 20,000 Unadjusted basis of partnership depreciable property 1,600,000 Year-end LLC debt payable to unrelated parties is $140,000. If all transactions are reflected in her beginning capital and basis in the same manner. a. and b. Prepare Amy's capital account rollforward from the beginning to the end of the tax year in order to determine her beginning and ending capital account balances. Capital account balance, beginning year 300,000 Ordinary income 450,000 X Interest income 2,000 Net short-term capital gain 3,000 455,000 $ 755,000 x Less: $ Charitable contribution 2,000 Cash distribution to Amy 20,000 733,000 Capital account balance, end of year 803,000 c. How do the capital account balances differ from her basis? . This Amy's capital account differs from her basis only by the amount of her share of LLC debts to unrelated parities amount is, however, included in Amy's basis in her LLC interest