Compute the tax cost on ms konas share of carltons income, Financial Accounting

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Compute the tax cost on ms konas share of carltons income

Problem

Ms. Kona owns a 10 percent interest in Carlton LLC. This year, the LLC generated $70,000 ordinary income. Ms. Kona's marginal tax rate is 32 percent, and she does not pay SE tax on her LLC income. 0.45.

Task

1. Compute the tax cost on Ms. Kona's share of Carlton's income assuming that she received a $32,000 cash distribution this year.
2. Compute the tax cost on Ms. Kona's share of Carlton's income assuming that she received no cash distribution this year.

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Financial Accounting: Compute the tax cost on ms konas share of carltons income

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Financial Accounting: Compute the tax cost on ms konas share of carltons income

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