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Exercise 10-16 (Algorithmic) (LO. 2) Enercio contributes $195,800 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $156,640 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $19,580 from the partnership during the year. If an amount is zero, enter "0". Enercio is taxed on what amount of ABC's income? $fill in the blank 1 How much of the $19,580 withdraw will Enercio be taxed? $fill in the blank 2

Exercise 10-16 (Algorithmic) (LO. 2) Enercio contributes $195,800 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $156,640 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $19,580 from the partnership during the year. If an amount is zero, enter "0". Enercio is taxed on what amount of ABC's income? $fill in the blank 1 How much of the $19,580 withdraw will Enercio be taxed? $fill in the blank 2

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Exercise 10-16 (Algorithmic) (LO. 2)

Enercio contributes $195,800 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $156,640 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $19,580 from the partnership during the year.

If an amount is zero, enter "0".

Enercio is taxed on what amount of ABC's income?
$fill in the blank 1

How much of the $19,580 withdraw will Enercio be taxed?
$fill in the blank 2

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