Business, 07.06.2020 00:57 blondielocks2002

On December 31, 2016, Yong sells his 10% interest in Catawissa LLC to Mei for $17,500. Yong is a calendar year taxpayer. Catawissa owns no hot assets, and its tax year ends on September 30. On October 1, 2016, Yong’s basis in the LLC interest was $11,000. His share of current LLC income is $4,000 for the period in which he owned the LLC interest (October 1 to December 31). Yong recognizes a $ capital gain on the sale.

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On December 31, 2016, Yong sells his 10% interest in Catawissa LLC to Mei for $17,500. Yong is a cal...

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