12. A and B are equal owners of Newco. They each contributed $25,000 in cash...
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A and B are equal owners of Newco. They each contributed $ in cash to organize the entity. In the first year of operation, the company obtained a $ recourse loan, and earned $ There we no entity distributions. At years end, A and B each have basis in their ownership interest of $ The entity is an: a LLC b General partnership c Limited partnership d C corp. e S corp.
A and B are equal owners of Newco. They each contributed $ in cash to organize the entity. In the first year of operation, the company obtained a $ recourse loan, and earned $ There we no entity distributions. At years end, A and B each have basis in their ownership interest of $ The entity is an:
a LLC
b General partnership
c Limited partnership
d C corp.
e S corp.
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