RECOMMENDED!!ACCT 429-Enerico contributes $100,000 cash in exchange

  

Enerico contributes $100,000 cash in exchange for a 40% interest in the calendar year ABC LLC. This year, ABC generates $80,000 of ordinary taxable income. Enerico withdraws $10,000 cash from the partnership at the end of the tax year.A. Compute Enerico’s gross income from ABC’s ordinary income for the tax year.B. Compute Enerico’s gross income from the LLC’s cash distribution

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