Kim received a one-third profits and capital interest in Bright Line, LLC, in exchange for...
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Kim received a one-third profits and capital interest in Bright Line, LLC, in exchange for legal services she provided. In addition to her share of partnership profits or losses, she receives a $39,000 guaranteed payment each year for ongoing services she provides to the LLC. For X4, Bright Line reported the following revenues and expenses: sales$159,000, cost of goods sold$99,000, depreciation expense$54,000, long-term capital gains$24,000, qualified dividends$6,900, and municipal Bond interest$3,900. How much ordinary business income (loss) will Bright Line allocate to Kim on her Schedule K-1 for X4?
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