ABC LLC reported the following items on the LLC's Schedule K: ordinary income, $100,000; interest income, $3,000; long-term capital loss, ($4,000); charitable contributions, $1,000; post-1986 depreciation adjustment, $10,000; and cash distributions to partners, $50,000 . How much will ABC show as net income (loss) on its Analysis of Income (Loss)?
a. $68,000
b. $78,000
c. $95,000
d. $98,000
e. $102,000
d
RATIONALE: The LLC's net income per the Analysis of Income reconciliation equals the net amount of all the partnership's separately stated income and deductions. ABC's amount is $98,000 ($100,000 ordinary income + $3,000 interest income – $4,000 long-term capital loss – $1,000 charitable contribution).
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