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:

Germ Layers

The three primary layers of cells (ectoderm, mesoderm, and endoderm) in the early embryo, from which all tissues and organs develop.

Cardiovascular

Relating to the heart and blood vessels, encompassing the entire circulatory system.

Ectoderm

The outermost layer of cells or tissue of an embryo in early development, giving rise to the skin and nervous system.

Lens

Transparent biconvex structure lying between the iris and the vitreous humor.