Reference no: EM133166865
Question 1 - Bob is in a 50/50 LLC. His beginning Capital Account balance was $5,000. During the year, he contributed $10,000, the LLC in total had $100,000 of net income, and he withdrew $45,000. What is Bob's ending Capital Account?
a.70,000
b.155,000
c. 110,000
d. 20,000
Question 2 - Fred and George form a partnership. Fred contributes $20,000 in cash and George contributes $20,000 fair market value of land. George paid $15,000 for land originally. Later, the partnership decides to sell the land. It sold for $26,000. What is the gain that each partner would report on their K-1?
a. $3,000 for each Fred and George
b. $5,500 for each Fred and George
c. $3,000 for Fred and $8,000 for George
d. $11,000 to George only.
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