Required information [The following information applies to the questions displayed below.) Connie recently provided legal...
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Required information [The following information applies to the questions displayed below.) Connie recently provided legal services to the Winterhaven LLC (taxed as a partnership) and received a 5 percent interest in the LLC as compensation. The current fair market value of Winterhaven's capital is $280,000. (Leave no answer blank. Enter zero if applicable.) a. If Connie receives a 5 percent capital interest only, how much income must she report and what is her outside basis in the LLC interest? Income Tax basis
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