Assignment Task: Connie recently provided legal services to the Winterhaven LLC and received a 5 percent interest in the LLC as compensation. Winterhaven currently has $50,000 of accounts payable and no other debt. The current fair market value of Winterhaven's capital is $200,000.
Required:
A) 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?
B) If Connie receives a 5 percent profits interest only, how much income must she report and what is her tax basis in the LLC interest?
C) If Connie receives a 5 percent capital and profits interest, how much income must she report and what is her tax basis in the LLC interest?
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