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Business, 12.12.2019 06:31 Naysa150724

Connie recently provided legal services to the winterhaven llc and received a 5 percent interest in the llc as compensation. winterhaven currently has $50,000 of accounts payable and no other debt. the current fair market value of winterhaven’s capital is $200,000. 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 5 percent profits interest only, how much income must she report and what is her tax basis in the llc interest? c) 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? spilker, brian; spilker, brian. mcgraw-hill's taxation of individuals and business entities 2020 edition (page 20-42). mcgraw-hill higher education. kindle edition.

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