Finch inc a calendar year general contractor and cardinal

Reference no: EM13583236

Finch, Inc., a calendar year general contractor, and Cardinal, Inc., a development corporation with a July 31 year-end, formed the equal FC, LLC, on January 1 of the current year. Both LLC members are C corporations. The LLC was formed to construct and lease shopping centers in Seattle, Washington.Finch contributed cash of $1 million, equipment, building permits, and architectural designs created by Finch%u2019s employees.Cardinal contributed land and cash of $1 million. The cash was used as follows:

Legal fees for drafting LLC agreement $ 20,000
Materials and labor costs for construction in progress on shopping center 1,900,000
Office expenses (utilities, rent, overhead, etc.) 80,000
What issues must the LLC address in preparing its initial tax return?

Reference no: EM13583236

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