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Problem 14-16 (Algorithmic) (LO. 4, 5) Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products LLC. Amy is the managing member of the LLC (treated as a general partner) and is a U.S. citizen. At the beginning of the current tax year, Amy's capital account has a balance of $864,000, and the LLC has recourse debts of $561,600 payable to unrelated parties. All partnership recourse debt is shared equally between the partners. The following information about AM's operations for the current year is obtained from the entity's records. Ordinary income $1,123,200 W-2 wages to employees 60,000 Depreciation expense 142,000 Interest income from P & G bond 11,232 Long-term capital loss 4,400 Short-term capital gain 13,200 Charitable contribution 22,500 Cash distribution to Amy 56,160 Unadjusted basis of partnership depreciable property 1,245,000 Year-end LLC debt payable to unrelated parties is $155,000. Also assume that all AM Products' activities are eligible for the qualified business income deduction and that the unadjusted basis of assets immediately after acquisition was $800,000. If all transactions are reflected in her beginning capital and basis in the same manner: 1,144,800. a. Amy's basis in the LLC interest at the beginning of the year is $ Feedback Check My Work b. Amy's basis in the LLC interest at the end of the year is $

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