ABC LLC Reported the Following Items on the LLC's Schedule

question 220

Multiple Choice

ABC LLC reported the following items on the LLC's Schedule K: ordinary income, $100,000; interest income, $3,000; long-term capital loss, ($4,000) ; charitable contributions, $1,000; AMT depreciation adjustment, $10,000; and cash distributions to partners, $50,000. How much will ABC show as net income (loss) on its Analysis of Income (Loss) ?

• A) $68,000
• B) $78,000
• C) $95,000
• D) $98,000
• E) $102,000

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Definitions:

Desirability

The quality of being wanted or sought after, often due to attractiveness, usefulness, or suitability.

Problem Solving Procedure

A step-by-step method used to identify, analyze, and resolve issues, typically involving defining the problem, exploring solutions, and implementing a plan.

Small Group Communication

The interaction among a small number of people who share a common purpose or goal, which influences their connections and affects outcomes.

Value Judgments

Assessments or opinions about the worth or importance of something, based on personal values or criteria.