Lola owns a one-half interest in the Lenax LLC. Her basis in this ownership interest...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Lola owns a one-half interest in the Lenax LLC. Her basis in this ownership interest is $174,500 at the end of the year, after accounting for the calendar year LLC's current operations. On that date, the LLC distributes $191,950 cash to Lola in a proportionate current distribution.
What is the amount of any gain or loss Lola recognizes as a result of this distribution? What is her basis in the LLC interest?
if an amount is zero, enter "0".
She recognizes a $fill in the blank ____________ from this distribution. Her basis is reduced to $fill in the blank _______________ ?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.