In January of 2017, Anam, Siyu and Sehar form an LLC. The three of them will share all profits, losses and gains equally. The LLC will use a calendar year end.
Below is each Member's initial contribution to the LLC:
Anam $210,000 cash
Siyu $150,000 cash and $60,000 of accounting services to the LLC
Sehar Property with a FMV of $210,000 and basis of $120,000
The following information about the LLC was obtained from the LLC's 2017 records:
Short-term capital loss
Long-term capital gain
Cash distribution to Anam
Cash distribution to Siyu
Cash distribution to Sehar
1. Please create the LLC's Profit & Loss statement for 2017 and its Balance Sheet at Dec. 31, 2017.
2. Please prepare Schedule K-1 for one of the LLC Members.
Recently Asked Questions
- can you show me a function ends_match(s) that takes a string input s and returns True if the first character in s matches the last character in s , and False
- Suppose certain coins have a weight that are Normally distributed with a mean od 5.207 g and a standard deviation of0.053 g. A vending machine is configured to
- How to do this question? Need work steps, thank you