Lola owns a one-half interest in the Lenax LLC. Her basis in this ownership interest...
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Accounting
Lola owns a one-half interest in the Lenax LLC. Her basis in this ownership interest is $174,500 at the end of the year, after accounting for the calendar year LLC's current operations. On that date, the LLC distributes $191,950 cash to Lola in a proportionate current distribution.
What is the amount of any gain or loss Lola recognizes as a result of this distribution? What is her basis in the LLC interest?
if an amount is zero, enter "0".
She recognizes a $fill in the blank ____________ from this distribution. Her basis is reduced to $fill in the blank _______________ ?
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