Enercio contributes $268,400 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $214,720 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $26,840 from the partnership during the year. If an amount is zero, enter "0". Enercio is taxed on what amount of ABC's income? $_________ How much of the $26,840 withdraw will Enercio be taxed? $_________
Enercio contributes $268,400 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $214,720 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $26,840 from the partnership during the year. If an amount is zero, enter "0". Enercio is taxed on what amount of ABC's income? $_________ How much of the $26,840 withdraw will Enercio be taxed? $_________
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 10-15 (
Enercio contributes $268,400 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $214,720 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $26,840 from the partnership during the year.
If an amount is zero, enter "0".
Enercio is taxed on what amount of ABC's income?
$_________
How much of the $26,840 withdraw will Enercio be taxed?
$_________
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