PRINCIPLES OF TAXATION F/BUS.+INVEST.
PRINCIPLES OF TAXATION F/BUS.+INVEST.
22nd Edition
ISBN: 9781259917097
Author: Jones
Publisher: MCG
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Chapter 12, Problem 1AP

Mr. Tuck and Ms. Under organized a new business as an LLC in which they own equal interests. The new business generated a $4,800 operating loss for the year.

  1. a. If Mr. Tuck’s marginal tax rate before consideration of the LLC loss is 35 percent, compute his tax savings from the first-year LLC loss. Assume the excess business loss limitation does not apply.
  2. b. Assume that Ms. Under has no taxable income for the year. Does she have any tax savings from the LLC loss? Explain briefly.
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PRINCIPLES OF TAXATION F/BUS.+INVEST.

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