Homework Answers
| calculation of income or loss allocated to Kim on the schedule K-1 for x4 | |
| particulars | $ |
| sales | 150000 |
| less : | |
| cost of good sold | 90000 |
| depreciation expenses | 12000 |
| guarantee payment | 30000 |
| income | 18000 |
| income allocated to Kim on the schedule K-1 for x4 | |
| = 1/3rd of 18000 | |
| = $6000 | |
Add Answer to:
Kim received a 1/3 profits and capital interest in Bright Line, LLC in exchange for legal...
Kim received a 1/3 profits and capital interest in Bright Line, LLC in exchangefor legal services...
Kim received a 1/3 profits and capital interest in Bright Line, LLC in exchangefor legal services she provided. In addition to her share of partnership prohts or losses, she receives a $30,000/guaranteed payment gach year for ongoing services she provides to the LLC Eor X4 Bright Line reported-the following revenues'and expenses: Sales $150,000 Cost of Goods Sold $90,000Depreciation Expense $12,000) Long-Term Capital Gains $15.000, Qualified Dividends $6,000, and Munic pal Bond Interest $3,000. How much ornary bueas eame floss will...
Kim received a 1/3 profits and capital interest in Bright Line. LLC in exchange for legal...
Kim received a 1/3 profits and capital interest in Bright Line. LLC in exchange for legal services she provided. In addition to her share of partnership profits or losses, she receives a $35.000 guaranteed payment each year for ongoing services she provides to the LLC. For X4. Bright Line reported the following revenues and expenses: Sales - $155,000. Cost of Goods Sold - $95.000. Depreciation Expense - $52.000. Long-Term Capital Gains - $20.000. Qualified Dividends - $6.500, and Municipal Bond...
Connie recently provided legal services to the Winterhaven LLC and received a 5 percent interest in...
Connie recently provided legal services to the Winterhaven LLC
and received a 5 percent interest in the LLC as compensation.
Winterhaven currently has $35,000 of accounts payable and no other
debt. The current fair market value of Winterhaven’s capital is
$300,000. (Leave no answer blank. Enter zero if
applicable.)
a. If Connie receives a 5 percent capital
interest only, how much income must she report and what is her tax
basis in the LLC interest?
b. If Connie receives a...
Connie recently provided legal services to the Winterhaven LLC and received a 5 percent interest in...
Connie recently provided legal services to the Winterhaven LLC and received a 5 percent interest in the LLC as compensation. Winterhaven currently has $52,000 of accounts payable and no other debt. The current fair market value of Winterhaven’s capital is $200,000. If Connie receives a 5 percent capital and profits interest, how much income must she report and what is her tax basis in the LLC interest?
Amy and Mitchell share equally in the profits, losses and capital of the accrual basis AM...
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 partner) and is a U.S. person. At the beginning of the current 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 had personally guaranteed them. Assume that...
Dave LaCroix recently received a 10 percent capital and profits interest in Cirque Capital LLC in...
Dave LaCroix recently received a 10 percent capital and profits interest in Cirque Capital LLC in exchange for consulting services he provided. If Cirque Capital had paid an outsider to provide the advice, it would have deducted the payment as compensation expense. Cirque Capital’s balance sheet on the day Dave received his capital interest appears below: Basis Fair Market Value Assets: Cash $ 210,000 $ 210,000 Investments 100,000 126,000 Land 290,000 420,000 Totals $ 600,000 $ 756,000 Liabilities and capital:...
5. Amy and Mitchell share equally in the profits, losses and capital of the accrual basis...
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 partner) and is a U.S. person. At the beginning of the current 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 had personally guaranteed them. Assume...
Chelsea owns a 25% capital and profits interest in the calendar-year CJDV Partnership. adjusted basis for...
Chelsea owns a 25% capital and profits interest in the calendar-year CJDV Partnership. adjusted basis for her partnership interest on July 1 of die current year is $170,000. On that date, she receives a proportionate nonliquidating distribution of the following assets: Asset's Fair Market Value Partllership s Basis in Asset Cash 90,000 $ 90,000 Inventory 1 10,000 140,000 Land (held for investment) 100,000 160,000 -Calculate Chelsea's recognized gain or loss on the distribution, if any. -Calculate Chelsea's basis in the...
2. James, Stewart, and Kelly are all one-third partners in the capital and profits of Firewall...
2. James, Stewart, and Kelly are all one-third partners in the capital and profits of Firewall general partnership. In addition to their normal share of the partnership's annual income, James and Stewart receive an annual guaranteed payment of $10,000 to compensate them for additional services they provide. Firewall's income statement for the current year reflects the following revenues and expenses: Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall...
Based only on the example provided, fil out the form below with the ordinary income and...
Based only on the example provided, fil out the form below with
the ordinary income and the three items that must be reported
separately
[6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...
Kim received a 1/3 profits and capital interest in Bright Line, LLC in exchangefor legal services she provided. In addition to her share of partnership prohts or losses, she receives a $30,000/guaranteed payment gach year for ongoing services she provides to the LLC Eor X4 Bright Line reported-the following revenues'and expenses: Sales $150,000 Cost of Goods Sold $90,000Depreciation Expense $12,000) Long-Term Capital Gains $15.000, Qualified Dividends $6,000, and Munic pal Bond Interest $3,000. How much ornary bueas eame floss will...
Kim received a 1/3 profits and capital interest in Bright Line. LLC in exchange for legal services she provided. In addition to her share of partnership profits or losses, she receives a $35.000 guaranteed payment each year for ongoing services she provides to the LLC. For X4. Bright Line reported the following revenues and expenses: Sales - $155,000. Cost of Goods Sold - $95.000. Depreciation Expense - $52.000. Long-Term Capital Gains - $20.000. Qualified Dividends - $6.500, and Municipal Bond...
Connie recently provided legal services to the Winterhaven LLC
and received a 5 percent interest in the LLC as compensation.
Winterhaven currently has $35,000 of accounts payable and no other
debt. The current fair market value of Winterhaven’s capital is
$300,000. (Leave no answer blank. Enter zero if
applicable.)
a. If Connie receives a 5 percent capital
interest only, how much income must she report and what is her tax
basis in the LLC interest?
b. If Connie receives a...
2. James, Stewart, and Kelly are all one-third partners in the capital and profits of Firewall general partnership. In addition to their normal share of the partnership's annual income, James and Stewart receive an annual guaranteed payment of $10,000 to compensate them for additional services they provide. Firewall's income statement for the current year reflects the following revenues and expenses: Sales revenue Interest income Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall...
Based only on the example provided, fil out the form below with
the ordinary income and the three items that must be reported
separately
[6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...
Most questions answered within 3 hours.
-
Define the following Marketing Psychology Principles of Human
Behavior: Priming, Reciprocity, Social Proof, Decoy Effect,
Scarcity,...
asked 8 minutes ago -
What does the graph of Range vs angle look like? Also what is
the slope of...
asked 11 minutes ago -
a
sample size of _ is needed So there a 99% confidence interval will
have a...
asked 17 minutes ago -
Strategy is an important part of project management and business
decisions. Define strategy and describe in...
asked 20 minutes ago -
Task 5.2 Numerical Analysis Using Nested Loops (13 pts)
Consider the following program:
void setup()
{...
asked 34 minutes ago -
If a lossless transformer has 1000 turns for a primary winding
and 100 turns for the...
asked 42 minutes ago -
Write the net ionic equation for the precipitation reaction that
occurs when aqueous solutions of potassium...
asked 51 minutes ago -
it
should be written in c++
Your program should take numbers from the user until the...
asked 57 minutes ago -
Buses are powered by chemical reactions. Define matter and the
four states of matter. What is...
asked 1 hour ago -
Use conservation of energy to find the velocity of a free point
charge q1 at 22cm...
asked 1 hour ago -
First, describe policies promoted by governments of the
political right to address economic globalization. Second, describe...
asked 1 hour ago -
M2-9 Completing T-Accounts LO2-4
Following are the transactions of Dennen, Inc., for the month of
January....
asked 1 hour ago