FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 10-15 (Algorithmic) (LO. 2, 6, 7, 9)
Enercio contributes $189,200 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the
LLC generates $151,360 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $18,920 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 $18,920 withdraw will Enercio be taxed?
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Transcribed Image Text:Exercise 10-15 (Algorithmic) (LO. 2, 6, 7, 9) Enercio contributes $189,200 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $151,360 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $18,920 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 $18,920 withdraw will Enercio be taxed?
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