Please Solve In 10mins I will Thumbs-up municipar tiona interest- w.HOw mucn orainary ousiness income uosS) Wil ugnt Line asocate 10 Nm on ner acneouie K-1 Tor KAMutiple Choice(S15.000)06$2.000$9.000SI5.000None of the choices will be reported as ordinaty business ncome (loss on Schedue K1 Kim recelved a one third profes and capital interest in Bright Line. LLC, in exchange for legal services she provided. In addeion to her share of partnershp profits orlosses, she recelves a $20.000 quarantéed payment each year for ongoing services she provides to the LLC. For X4. Bright Line reported the folowing tevenuesand expenses: sales-$140,000, cost of goods sold-$80,000, depreciation expense- $46,000, long-term capital gains-$5.000, qualitied dividends-$5.000. andmunicipal Bond interest-$3.000. How much ordinary business income loss) wll Bright Line allocate to Kam on her Schedule K.1 for X4?Multiple Choices.00057000$9.000$15.000Prey16 of 50Next >

Introduction: A partnership is a type of business in which two or more persons enter into a legal…

Kim recelved a one third profits and capital interest in Bright Line. LLC, n echange for legal services she provided. In addeion to her share of partnership profts or losses, she recelves a $20.000 guaranted payment each year for ongoing services she provides to the LLC. For X4. Bright Line reported the following revenues and expenses sales-$140.000, cost of goods sold-$80,000, depreciation expense-$46,000, kong-term capital gains-$5000, qualitied dividends-$5.000. and municipal Bond interest-$3.000. How much ordinary business income toss) will Bright Line allocate to Kim on her Schedule K.1 for X4? Multiple Choice $7.000 $9.000

Kim recelved a one third profits and capital interest in Bright Line. LLC, n echange for legal services she provided. In addeion to her share of partnership profts or losses, she recelves a $20.000 guaranted payment each year for ongoing services she provides to the LLC. For X4. Bright Line reported the following revenues and expenses sales-$140.000, cost of goods sold-$80,000, depreciation expense-$46,000, kong-term capital gains-$5000, qualitied dividends-$5.000. and municipal Bond interest-$3.000. How much ordinary business income toss) will Bright Line allocate to Kim on her Schedule K.1 for X4? Multiple Choice $7.000 $9.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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