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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? $_________

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 10-15 (Algorithmic) (LO. 2)

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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