subject
Business, 05.04.2021 23:30 dondre54

Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM 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). Amy is a managing member of the LLC (treated as a general 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 all LLC debt is shared equally between the partners. The following information about AM’s operations for the current year is obtained from the LLC’s records. Ordinary income $900,000
W-2 wages to employees 200,000
Depreciation expenses 300,000
Interest income 4,000
Short-term capital loss 6,000
Long term capital gain 12,000
Charitable contributions (cash) 4,000
Cash distribution to Amy 20,000
Unadjusted basis of partnership depreciable property 1,600,000

Year end LLC debt payable to unrelated parties is $140,000. Assume all transactions are reflected in her beginning capital and basis in the same manner. Assuming the same facts as above, what income, gains, losses and deductions does Amy report on her income tax return? Based on the information provided, what other calculations is she required to make?

ansver
Answers: 1

Other questions on the subject: Business

image
Business, 21.06.2019 19:00, kaitlynbrace9742
Sara is a manager at a restaurant with employees from different cultural backgrounds. which action of sara could employees perceive as an act of favoritism?
Answers: 1
image
Business, 22.06.2019 03:00, janeou17xn
Put each of them in order. you are a young entrepreneur with a startup business. you now seek credit from the bank to expand it. what are the steps you will have to take? 1. you support your loan application with relevant documents. 2. you fill out the loan application form at the bank 3. you get an approval for the loan and the money is disbursed to your business account 4. you use the credit to further your business plan. 5. you have an interview with the loan officer and you explain your business plan.
Answers: 1
image
Business, 22.06.2019 11:30, emocow
1.     regarding general guidelines for the preparation of successful soups, which of the following statements is true? a. thick soups made with starchy vegetables may thin during storage. b. soups should be seasoned throughout the cooking process. c. finish a cream soup well before serving it to moderate the flavor. d. consommés take quite a long time to cool. student c   incorrect
Answers: 2
image
Business, 22.06.2019 19:10, jaylene125
Robin hood has hired you as his new strategic consultant to him successfully transform his social change enterprise. robin has told you that he counting on your strategic management knowledge to him and his merrymen achieve their goals. discuss in detail what you think should be robin’s two primary strategic goals and continue by also explaining your analytical reasons that support your recommendations.
Answers: 3
You know the right answer?
Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products...

Questions in other subjects: