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what is her tax basis in the LLC interest

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Question - Connie recently provided legal services to the Winterhaven LLC and received a 5 percent interest in the LLC as compensation. Winterhaven currently has $43,000 of accounts payable and no other debt. The current fair market value of Winterhaven's capital is $150,000.

If Connie receives a 5 percent capital interest only, how much income must she report and what is her tax basis in the LLC interest?

Reference no: EM132544648

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