Seeley and Swan share equally in the profits, losses, and capital of the accrual basis SS 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). Seeley is a managing member of the LLC (treated as a general partner) and is a U. S. person. At the beginning of the current tax year, Seeley's capital account has a balance of $815,000 and the LLC has debts of $192,000 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 recourse debt is shared equally between the partners. The following information about SS's operations for the current year is obtained from the LLC's records: Ordinary income $1,400,000 Interest income 42,000 Short-term capital loss 16,000 Long-term capital gain 59,000 Charitable contribution 12,000 Cash distribution to Seeley 62,000 Year-end LLC debt payable to unrelated parties is $120,000. Assume all transactions are reflected in her beginning capital account and tax basis in the same manner. All SS Products' activities are eligible for the qualified business income deduction. What is Seeley's basis in her LLC interest:
Answers: 3
Other questions on the subject: Business
Business, 22.06.2019 02:30, Roof55
When interest is compounded continuously, the amount of money increases at a rate proportional to the amount s present at time t, that is, ds/dt = rs, where r is the annual rate of interest. (a) find the amount of money accrued at the end of 3 years when $4000 is deposited in a savings account drawing 5 3 4 % annual interest compounded continuously. (round your answer to the nearest cent.) $ (b) in how many years will the initial sum deposited have doubled? (round your answer to the nearest year.) years (c) use a calculator to compare the amount obtained in part (a) with the amount s = 4000 1 + 1 4 (0.0575) 3(4) that is accrued when interest is compounded quarterly. (round your answer to the nearest cent.) s = $
Answers: 1
Business, 22.06.2019 03:10, hipstergirl225
Beswick company your team is allocated a project involving a major client, the beswick company. although the organization has many clients, this client, and project, is the largest source of revenue and affects the work of several other teams in the organization. the project requires continuous involvement with the client, so any problems with the client are immediately felt by others in the organization. jamie, a member of your team, is the only person in the company with whom this client is willing to deal. it can be said that jamie has:
Answers: 2
Business, 22.06.2019 04:00, bangchan
Burberry is pursuing a focused differentiation strategy aimed at high-end luxury customers. however, the company is also employing a segmentation strategy to separate customers within that focus. the strategy offers items at an entry-level price point for customers who desire to be like celebrities such as sarah jessica parker as well as couture items for those richest and celebrity customers. what strategy is burberry pursuing?
Answers: 3
You know the right answer?
Seeley and Swan share equally in the profits, losses, and capital of the accrual basis SS Products L...
Questions in other subjects:
Physics, 14.07.2020 02:01
Mathematics, 14.07.2020 02:01
