Ralph contributes land with a basis and value of $$120,000$ in exchange for a $30\%$ share of the profits and losses in Orange LLC$.$ Orange is a calendar year LLC$.$ Orange generates $$300,000$ of ordinary taxable income in $2023.$ Orange also distributes cash of $$10,000$ to Ralph in $2023.$  Calculate the amount of income that Ralph is taxed$.$

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To calculate the amount of income that Ralph is taxed on we need to consider ... View the full answer