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Problem - Barney, an individual, and Aldrin, Inc., a domestic C corporation, have decided to form BA LLC. The new LLC will produce a product that Barney recently developed and patented. Barney and Aldrin, Inc., will each own a 50% capital and profits interest in the LLC. Barney is a calendar year U.S. taxpayer, while Aldrin, Inc., uses a July 1-June 30 fiscal year. The LLC does not have a "natural business year" and elects to be taxed as a partnership.
Required -
a. Determine the taxable year of the LLC under the Code and Regulations.
b. Two years after formation of the LLC, Barney sells half of his interest (25%) to Aldrin, Inc. Can the LLC retain the taxable year determined in part (a)? Why or why not?
McCormick's marginal tax rate is 40 percent (21 percent federal and 19 percent state combined). What is first-year relative cash flow
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