Business, 08.03.2021 21:00 depinedainstcom

On January 20 of the current year, Zealand and Menandez form ZM LLC. Their contributions to the LLC are as follows: Adjusted Basis Fair Market Value From Zealand: Cash $82,000 $82,000 Accounts receivable $0 $214,000 Inventory $19,000 $26,000 From Menandez: Cash $201,000 $201,000 Temporary Investments $121,000 $121,000 Within 30 days of formation, ZM collects the receivables and sells the inventory for $26,000 cash. ZM realized the following income in the current year from these transactions: a. Ordinary income of $fill in the blank 2 from collecting cash basis accounts receivable. b. Ordinary income of $fill in the blank 4 from sale of inventory.

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On January 20 of the current year, Zealand and Menandez form ZM LLC. Their contributions to the LLC...

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