Reference no: EM132648181
Problem - The RB LLC is owned equally by Romer and Brad. At the beginning of the year, Romer's basis is $40,000 and Brad's is $32,000. RB reported the following income and expenses for the current tax year.
Net ordinary business income (loss) (Form 1065, page 1, line 28) ($64,000)
Long-term capital gains 12,000
Distribution to Brad (30,000)
Payment to Great Health Hospital for Romer's medical expenses (24,000)
Required -
a. Use the ordering rules of Exhibit 21.2 (and the loss limitation rules), and calculate Romer's basis in his partnership interest at the end of the year. Based on this calculation, what does Romer report on his tax return?
b. Make the same calculation for Brad. What will Brad report on his tax return?
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