Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, which is
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Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. In 2016, the LLC generates $80,000 of ordinary taxable income. Enercio withdrew $10,000 from the partnership during 2016. Enercio is taxed on what amount of the LLC’s 2016 income? On how much of the $10,000 distribution will Enercio be taxed?
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Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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