Enerico contributes $100,000 cash in exchange for a 40% interest in the calendar year abc llc. this year, abc generates $80,000 of ordinary taxable income. enerico withdraws $10,000 cash from the partnership at the end of the tax year. a. compute enerico’s gross income from abc’s ordinary income for the tax year. b. compute enerico’s gross income from the llc’s cash distribution.

Hanna intends to give her granddaughter, melodee, her antique hat pin. this heirloom has been kept under lock and key in the wall vault in the library of hanna's house in virginia. the hat pin is currently the only item in the vault. when hanna is visiting melodee in connecticut, hanna gives melodee the only key to the vault. melodee is grateful for the present and excitedly accepts. in this situation has there been a completed gift?

During a liquidation, a partner's capital account balance drops below zero. what should happen? select one: a. the deficit balance should be removed from the accounting records with only the remaining partners sharing in future gains and losses.b. the partner with a deficit should contribute enough assets to offset the deficit balance if he is solvent.c. the other partners should contribute enough assets to offset the amount of deficit if the partner with a deficit is insolvent.d. both b & c

Gross output (go) reflects the overall status of the productive side of the economy better than gdp does. a. true b. false