Question Details

(Solved) (Latest ver. Aug 2020) - LLC profit and losses - selling interest in LLC

Brief item decscription


Item details:

Question:

Tony had a 40% interest in the Apollo LLC's profits and losses. The balance in his capital account was -$240,000 (negative capital). The LLC's only liability was $1,000,000 nonrecourse mortgage.

a. What would be the tax consequences to Tony if he sold one-half of his interest in the LLC to Zach for $100?
b. What would be the tax consequences for Tony if Zach became a partner by making a capital contribution and as a result Tonya's interest in the partnership profit and loss was reduced to 20%?

 







About this question:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Sep 16, 2020

PRICE: $11.5

Solution~00010652.zip (18.37 KB)

Buy this answer for only: $11.5

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.
SiteLock

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now