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

question 117

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; post-1986 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:

Fungi Fossils

Preserved remains or traces of fungi that provide insights into the evolution and historical biodiversity of fungal species.

Earliest Animal Fossils

The oldest known remains of animals, providing insights into the appearance and evolution of early life forms on Earth.

Modern-day

Pertaining to the present time or the current era, often used to contrast with historical periods.

Sponges

Simple aquatic animals belonging to the phylum Porifera, characterized by their porous bodies that filter nutrients from water.