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Mr. and Mrs. Lund and their two children (Ben and June) are the four equal partners in LBJ Partnership. This year, LBJ generated $72,000 ordinary income Required: Compute the tax cost for the business if Mr. and Mrs. Lund's marginal rate is 32 percent, Ben's marginal rate is 24 percent, and June's marginal rate is 12 percent. (Ignore SE tax consequences) Tax Cost Mr. and Mrs. Lund's share Ben's share June's share Tax cost of the business Income Ms. Kona owns a 9 percent interest in Carlton LLC. This year, the LLC generated $65,200 ordinary income. Ms. Kona's marginal tax rate is 32 percent, and she does not pay SE tax on her LLC income. Required: a. Compute the tax cost on Ms. Kona's share of Carlton's income assuming that she recelved a $28.000 cash distribution this year, b. Compute the tax cost on Ms. Kona's share of Carlton's income assuming that she received no cash distribution this year, (For all requirements, round your final answers to the nearest whole dollar amount) Amount a Tax cost b. Tax cost Delta Partnership has four equal partners. At the beginning of the year, Drew was one of the Delta partners, but on October 1, he sold his partnership interest to Cody Required: If Delta's ordinary income for the year was $476,000, what portion of this income should be allocated to Drew, and what portion should be allocated to Cody? (Assume 365 days in a year. Round income per day of ownership to 4 decimal places. Round your final answers to the nearest whole dollar amount.) Amount Drew's income Cody's income

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