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.] 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 (2023). 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. c. What is Sofia's net investment income tax liability (assume no investment expenses)? Income tax liability $ 0
Karan
Part 'a' of 'a-d' was answered. Damarcus is a 50 percent owner of Hoop (a business entity). In the current year, Hoop reported a $100,000 business loss. Answer the following questions associated with each of the following alternative scenarios. (Leave no answer blank. Enter zero if applicable.) d. Hoop is organized as an LLC taxed as a partnership. Fifty percent of Hoop’s loss is allocated to Damarcus. Damarcus works full-time for Hoop (he is not considered to be a passive investor in Hoop). Damarcus has a $70,000 basis in his Hoop ownership interest and he also has a $70,000 at-risk amount in his investment in Hoop. Damarcus does not report income or loss from any other business activity investments. How much of the $50,000 loss allocated to him by Hoop is Damarcus allowed to deduct this year? Allowable Deduction Loss?
Frank Pepper, a single taxpayer, has a flow-through of net income from a general partnership of $180,000 for 2022. He also has a flow-through of $12,000 of interest and dividends from an investment partnership. What is the amount of self-employment tax Frank must pay, rounded to the nearest dollar? A) $21,621 B) $21,700 C) $23,049 D) $22,047
LO.2 Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $80,000 of ordinary taxable income. Enercio withdrew $10,000 from the partnership during the year. Enercio is taxed on what amount of ABC’s income? On how much of the $10,000 distribution will Enercio be taxed?
s
Browne and Red, both C corporations, formed the BR Partnership on January 1, 2020. Neither Browne nor Red is a personal service corporation, and BR is not a tax shelter. BR’s gross receipts were $22,000,000, $28,000,000, $34,000,000, and $36,000,000, respectively, for 2020 to 2023. Describe the methods of accounting available to BR in each tax year.
1
Required information [The following information applies to the questions displayed below.] Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $90,000 of business income from WCC for the year. Jacob's marginal income tax rate is 37 percent. The business allocation is subject to 2.9 percent of self- employment tax (Jacob has salary in excess of the wage base limitation) and 0.9 percent additional Medicare tax. Note: Round your intermediate calculations to the nearest whole dollar amount. b. What is the amount of tax Jacob will owe on the income allocation if the income is qualified business income (QBI) and Jacob qualifies for the full QBI deduction? > Answer is complete but not entirely correct. Tax owed if income is QBI $ 30,060 x
(J) Alejandra is a 50% partner in ABC LLC. For the current year, the partnership reported taxable income of $175,00 and it distributed $100,000 to the two partners ($50,000 each) what is the overall tax effect of this transaction? What if ABC LLC was to be taxable as a corporation, what would be the overall tax effect of the this transaction?
Hw.60.
The following Data relates to Stephanie Garner, a resident taxpayer. Stephanie derives income from a public relations business and is also a partner in a marketing business Assessable business Income 2019/20 2020/21 2021/22 $93,400. $126,000 $133,400 General Business Deductions Share of Partnership Net Income (Loss). Superannuation and Gifts Net Exempt income 80,000 129,000 119,200 (21,800) 14,900 (5,600) 11,000 8,000 3,000 2,000 4,000 1,500 General Business deductions are separate from personal superannuation, gifts, partnership lossess and losses of previous years. For each year, determine Stephanie's Taxable Income and any losses that may be carried forward

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