Flipping through LLC taxes
I am having trouble finding article which discuss how taxes are handled when flipping properties under an LLC. If you could share an article or help with the below scenario, that would be greatly appreciated.
Our LLC is getting ready to list our first fix and flip. For the 2015 taxes we will pay taxes based on our net profit and then if we issue a K1 with some value, we will have to pay taxes on our personal tax returns for that value?
Net Profit: $30k
After tax (Assume 35% tax): $19.5k
Issue a k1 for $5k
After tax (Pay personal tax of 28%): $3.6k
Does this look right when flipping houses under an LLC and issuing a k1?