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Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. In 2015, the LLC generates $80,000 of ordinary taxable income. Enercio withdrew $10,000 from the partnership during 2015. Enercio is taxed on what amount of the LLC's 2015 income? On how much of the $10,000 distribution will Enercio be taxed?
Henrietta transfers cash of $75,000 and equipment with a fair market value of $25,000 (basis to her as a sole proprietor, $10,000) in exchange for a 40% profit and loss interest worth $100,000 in a partnership.
a. How much are Henrietta's realized and recognized gains?
b. What is the amount of Henrietta's basis in her partnership interest?
c. What is the partnership's basis in the contributed equipment?
hen the Schnappaufs prepared their 2009 tax return, they elected to expense the computer and printer using Section 179. The computer system and the printer were used exclusively in her business.
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Michael earned $10,000 at the K-M Resort Golf Club during the summer prior to his senior year in college. He wants to make a contribution to a traditional IRA, but the amount is dependent on whether it reduces his taxable income.
Evaluate the degree to which the claimed business deduction - Outline the key advice that you would give to a client who wishes to take the specific deductions or losses and avoid an audit simultaneously.
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