Connie recently provided legal services to the Winterhaven LLC and received a 20 percent interest...
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Accounting
Connie recently provided legal services to the Winterhaven LLC and received a 20 percent interest in the LLC as compensation. Winterhaven currently has $50,000 of accounts payable and no other debt. The current fair market value of Winterhavens capital is $200,000.
If Connie receives a 20 percent profits interest only, how much income must she report?
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