Enercio contributes $123,200 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $98,560 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $12,320 from the partnership during the year. If an amount is zero, enter "0". Enercio is taxed on what amount of ABC's income? X How much of the $12,320 withdraw will Enercio be taxed? 0

Enercio contributes $123,200 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $98,560 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $12,320 from the partnership during the year. If an amount is zero, enter "0". Enercio is taxed on what amount of ABC's income? X How much of the $12,320 withdraw will Enercio be taxed? 0

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Required information [The following information applies to the questions displayed below.) Omar (single) is a 50 percent owner in Cougar LLC (taxed as a partnership). Omar works half time for Cougar and receives guaranteed payment of $50,000. Cougar LLC reported $450,000 of business income for the year (2023). Before considering his 50 percent business income allocation from Cougar and the self-employment tax deduction (if any). Omar's adjusted gross income is $210,000 (includes $50,000 guaranteed payment from Cougar and $180,000 salary from a different employer). Omar reports itemized deductions of $40,000. Answer the following questions for Omar. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate calculations and final answers to the nearest whole dollar. c. Assume the original facts and that the business income allocated to Omar is not from a specified service. What is Omar's deduction for qualified business income? Assume that 81.82 percent of the…
Roger has a 25 percent interest in the DEF Partnership, and his tax basis before considering his share of Tax's current-year loss is $30,000. Included in his tax basis is a $7,000 share of the partnership's recourse debt and a $15,000 share of its nonrecourse debt. Assume the nonrecourse debt does not constitute "Qualified Nonrecourse Financing". If DEF has a $100,000 ordinary loss for the year, how much of Roger's share of the partnership loss is suspended because of the at-risk, limitation? (Please enter your answer as a negative number)
Dan and Sam are married and will file a joint return. Their modified adjusted gross income is $97,000. Dan has losses of $14,000 from rental activities in which he actively participates. Sam has a $3,000 loss from a limited partnership in which he does not materially participate. They have no passive income for the year. What is the amount of their allowable passive loss? (a) $0 (b) $3,000 (c) $14,000 (d) $17,000
Required information [The following information applies to the questions displayed below.] Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any work for Beehive. Beehive LLC reported $600,000 of taxable business income for the year (2022). Before considering her 50 percent business income allocation from Beehive and the self-employment tax deduction (if any), Sofia's adjusted gross income is $150,000 (all employee salary). Sofia has $35,000 in itemized deductions. Answer the following questions for Sofia. Note: Leave no answer blank. Enter zero if applicable. d. What is Sofia's additional Medicare tax liability? Additional Medicare tax liability $ 2,250
A firm has equity with market value $100 million and debt with market value at $70 million. The debt pays perpetual expected coupons of $3.5 million annually. The above numbers are prior to a stock buyback being announced. The firm uses some of its cash buyback stock on of $20 million. As a result of the fall in its cash, the expected coupon payment to debt reduce to $3.4 million (expected payments is the probability weighted future coupons, and the probability that in some future states of the world the firm would default has increased due to the the stock buyback). Also the rate of discount Rd for expected coupons paid to debt rises to 5.35%. Assume Modigliani-Miller is true (which also means there are no taxes). What will be the value of Equity after the stock buyback? (Do not include the $20 million that is paid to the Equity holders.)
Check my work. Bill and Mary filed a joint Federal income tax return this year. Mary owns a 30% interest in MAJIC Partnership, a women’s dress boutique. Mary’s share of the partnership’s net income is $280,000. Her shares of the partnership’s W–2 wages and unadjusted basis of depreciable property are $100,000 and $300,000, respectively. Mary’s share of the partnership income is $280,000 * 20% = $56,000 50% of W-2 wages is $100,000*.5= $50,000 25% of W-2 wages plus 2.5% of adjusted basis of depr prop = $100,000 * 25% +$300,000 * 2.5% =$32,500 The QBI deduction is $50,000 per the limitation phase What is the maximum QBI deduction if MAJIC’s income was from qualified services and Bill and Mary’s total taxable income was $450,000? The QBI deduction can be used for qualified service businesses only if the taxable income before the QBI deduction does not exceed the threshold. Since MAJIC’s…
Check my work. 25 Bill and Mary filed a joint Federal income tax return this year. Mary owns a 30% interest in MAJIC Partnership, a women’s dress boutique. Mary’s share of the partnership’s net income is $280,000. Her shares of the partnership’s W–2 wages and unadjusted basis of depreciable property are $100,000 and $300,000, respectively. What is Bill and Mary’s maximum QBI deduction if their total taxable income is $300,000? Since their total taxable income is less than the threshold limit of $326,600, the deduction is calculated as 20%. $280,000 * 20% (QBI deduction) = $56,000 What is the maximum QBI deduction if Bill and Mary’s total taxable income is $450,000? Since $450,000 exceeds the threshold limit of $326,600, and above $100,000 over in the case of filing joint returns, the limitation phase is applicable.
Provide table
Give me correct answer with explanation.j
H1.
None
Cosmo contributed land with a fair market value of $387,500 and a tax basis of $94,500 to the Y Mountain partnership in exchange for a 25 percent profits and capital interest in the partnership. The land is secured by a $133,000 nonrecourse liability. Other than this nonrecourse liability, Y Mountain partnership does not have any liability. (Leave no answer blank. Enter zero if applicable.) b. What is Cosmo's tax basis in his partnership interest? Tax basis

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