Net income from the proprietorship

Reference no: EM13124350

1. Olgas proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the proprietorship on her individual income tax return.

2. Herman and Henry are equal members in Badger Enterprises, a calendar year limited liability company (LLC). During the year, Badger Enterprises had $305,000 gross income and $230,000 operating expenses. Badger made no distributions to the partners. Badger must pay tax on $75,000 of income.

Reference no: EM13124350

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