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Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $80,000 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $10,000 from the partnership during the year. If an amount is zero, enter "0". Enercio is taxed on what amount of ABC's income? $ How much of the $10,000 withdraw will Enercio be taxed?

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Answer:

$32,000

$4,000

Explanation:

Enrico will be taxed on 40 percent of the $80,000 taxable income as follows:

80,000 x 0.40 = $32,000

Enrico will be taxed on 40 percent of the $10,000 distribution as follows:

10,000 x 0.40 = $4,000

Therefore Enercio will be taxed $32,000 of ABC's income and for the withdraw Enercio will be taxed $4,000

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