Connie recently provided legal services to the Winterhaven LLC and received a 5 percent interest in the LLC as compensation. Winterhaven currently has $47,000 of accounts payable and no other liabilities. The current fair market value of Winterhaven's capital is $170,000. (Leave no answer blank. Enter zero if applicable.) c. If Connie receives a 5 percent capital and profits interest, how much income must she report and what is her tax basis in the LLC interest? Income Tax basis

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.