Compute enerico gross income from the llc cash distribution

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Question - Enerico contributes $195,800 cash in exchange for a 40% interest in the calendar year ABC LLC. This year ABC generates $156,640 of ordinary taxable income and has no separately stated items. Enerico withdraws $19,580 cash from the partnership at the end of the tax year.

Required -

Compute Enerico's gross income from ABC's ordinary income for the tax year.

Compute Enerico's gross income from the LLC's cash distribution.

Reference no: EM133021123

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