Business, 20.02.2020 19:43 isabellecannuli

Becca Franklin and Suzanne Peterson formed an LLC as co-owners and managers. The LLC made $275,000 after expenses last year. There are no provisions in their operating agreement on how profits are to be split. What amount would Becca declare on her income tax return if Becca and Suzanne had formed a Subchapter S corporation and there was no provision in their agreement on how profits are to be split? a. the Subchapter S corporation must retain at least half of the $275,000 and Becca reports half of $137,500 b. $137,500 c. nothing, because the Subchapter S corporation reports that income and pays the taxes d. the full $275,000

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Becca Franklin and Suzanne Peterson formed an LLC as co-owners and managers. The LLC made $275,000 a...