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Business, 24.03.2021 21:00 KenjiLuv

Burgundy, Inc., and Violet are equal partners in the calendar year BV LLC. Burgundy uses a fiscal year ending April 30, and Violet uses a clean year.
Burgundy receives an annual guaranteed payment of $100,000 for use of capital contributed by Burgundy.
BV's taxable income (after deducting the payment to Burgundy, Inc.) is $80,000 for 2016 and $90,000 for 2017.
1. What is the amount of income from the LLC that Burgundy must report for its tax year ending April 30, 2017?
2. What is the amount of income from the LLC that Violet must report for her tax year ending December 31, 2017?

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Burgundy, Inc., and Violet are equal partners in the calendar year BV LLC. Burgundy uses a fiscal y...
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