Macron, an LLC, earns $160,000 in 202X. Herbie and Garry are 50/50 owners of Macron LLC. In 202X, Macron distribute $40,000 cash to Herbie and $10,000 cash to Garry. What is Herbie’s taxable income from his Macron investment in 202X?

Macron, an LLC, earns $160,000 in 202X. Herbie and Garry are 50/50 owners of Macron LLC. In 202X, Macron distribute $40,000 cash to Herbie and $10,000 cash to Garry. What is Herbie’s taxable income from his Macron investment in 202X?

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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