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Rondo and his business associate, Larry, are considering forming a business entity called R&L but they are unsure about whether to form it as a C corporation, an S corporation or as an LLC. Rondo and Larry would each invest $93,000 in the business. Thus, each owner would take an initial basis in his ownership interest of $93,000 no matter which entity type was formed. Shortly after the formation of the entity, the business borrowed $38,000 from the bank. If applicable, this debt is shared equally between the two owners.
a.After taking the loan into account, what is Rondo's tax basis in his R&L stock if R&L is formed as a C corporation?
b.After taking the loan into account, what is Rondo's tax basis in his R&L stock if R&L is formed as an S corporation?
c.After taking the loan into account, what is Rondo's tax basis in his R&L ownership interest if R&L is formed as an LLC?
Can the CFO be right? Why - based on the information provided, what would you predict future cash flows to be?
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