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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 KA
Mutiple Choice
(S15.000)
06
$2.000
$9.000
SI5.000
None of the choices will be reported as ordinaty business ncome (loss on Schedue K1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd90e69c9-2ab2-456e-984f-9f64eccb168a%2F93988321-c538-41ef-9e78-d4163421170e%2F2wq2vbk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:municipar tiona interest- w.HOw mucn orainary ousiness income uosS) Wil ugnt Line asocate 10 Nm on ner acneouie K-1 Tor KA
Mutiple Choice
(S15.000)
06
$2.000
$9.000
SI5.000
None 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 or
losses, she recelves a $20.000 quarantéed payment each year for ongoing services she provides to the LLC. For X4. Bright Line reported the folowing tevenues
and expenses: sales-$140,000, cost of goods sold-$80,000, depreciation expense- $46,000, long-term capital gains-$5.000, qualitied dividends-$5.000. and
municipal Bond interest-$3.000. How much ordinary business income loss) wll Bright Line allocate to Kam on her Schedule K.1 for X4?
Multiple Choice
s.000
57000
$9.000
$15.000
Prey
16 of 50
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd90e69c9-2ab2-456e-984f-9f64eccb168a%2F93988321-c538-41ef-9e78-d4163421170e%2Fvwu6d29_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 or
losses, she recelves a $20.000 quarantéed payment each year for ongoing services she provides to the LLC. For X4. Bright Line reported the folowing tevenues
and expenses: sales-$140,000, cost of goods sold-$80,000, depreciation expense- $46,000, long-term capital gains-$5.000, qualitied dividends-$5.000. and
municipal Bond interest-$3.000. How much ordinary business income loss) wll Bright Line allocate to Kam on her Schedule K.1 for X4?
Multiple Choice
s.000
57000
$9.000
$15.000
Prey
16 of 50
Next >
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