Question: Please help thank you! Based on the information provided, what other calculations is Amy required to make? Amy may be eligible to deduct up to

Please help thank you!

Please help thank you! Based on the information provided, what other calculations

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 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 1411.

Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products LLC. The LLC 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 year, Amy's capital account has a balance of $728,000, and the LLC has debts of $473,200 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. Operating income* $1,092,000 W-2 wages 200,000 Depreciation expense 300,000 Interest income 10,920 Long-term capital loss 7,280 Long-term capital gain 21,840 Charitable contribution (cash) 10,970 Cash distribution to Amy 54,600 Unadjusted basis of partnership depreciable property immediately after 1,600,000 acquisition

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