I need some help on this hypothetical 1065 Tax Return for


Question Description:

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I need some help on this hypothetical 1065 Tax Return for Partnerships. Due Thursday, November 11 at 5:00 pm CST US. Check Figures – Form 1065 Page 1, Line 22 (Ordinary Business Income) – $156,275 Page 5, Line 1 (Analysis of Net Income) – $177,300 Armstrong Schedule K-1, Line L, Ending Capital – $18,200 Other Instructions – Complete all schedules and applicable questions for 2013 Form 1065 (Pages 1-5). Do not leave any questions blank. Assume all amounts given are for 2013, not 2010. – Complete Schedule K-1 for all partners (not just Armstrong). Make sure to properly identify the items using the codes from Schedule K-1, Page 2. – Attach Form 1125-A (referred to as “Schedule A” in the Facts). – Attach supplemental schedule for Page 1, Line 20-Other Deductions. – Do not attach schedule for Additional 263A Costs or Other Costs (Form 1125-A). – For the Section 199 Deduction, see page 32 of the Form 1065 Instructions. – Make sure to adjust cash disbursements to an accrual basis. – Do not attach schedule for Schedule L, Line 8, Other Investments. – Assume Tile Doctors prepared Forms 1099 for certain payments (Form 1065, Schedule B). – Use the worksheet on page 34 of the Form 1065 Instructions to calculate Sch K, Line 14a, Net earnings from self-employment. – Tyler Armstrong’s phone number is 619-885-9200. – Ryan Marshall’s address is 100 Seaport Drive, San Diego, California 92101. – Samantha Evan’s address is 100 Beach Drive, San Diego, California 92101. – List your name and the name of your firm in the paid preparer section. List the address as 80 Fort Brown, Brownsville, Texas 78520 and the phone number as 956-882-8200. Use your Student ID as the PTIN and EIN for your firm. Sign your name and date the return. – Check “Yes” for preparer to discuss return with IRS. 2013 Form 1065 & K-1 Instructions.pdf 2013 Department of the Treasury Internal Revenue Service Instructions for Form 1065 U.S. Return of Partnership Income Section references are to the Internal Revenue Code unless otherwise noted. Contents What’s New . . . . . . . . . . . . . Contacting Your Taxpayer Advocate . . . . . . . . . . . How To Get Forms and Publications . . . . . . . . . General Instructions . . . . . . . Purpose of Form . . . . . . Definitions . . . . . . . . . . Who Must File . . . . . . . . Termination of the Partnership . . . . . . . . Electronic Filing . . . . . . . When To File . . . . . . . . . Who Must Sign . . . . . . . Penalties . . . . . . . . . . . Accounting Methods . . . . Accounting Periods . . . . . Rounding Off to Whole Dollars . . . . . . . . . . . Recordkeeping . . . . . . . Amended Return . . . . . . Assembling the Return . . Entity Classification Election . . . . . . . . . . Elections Made by the Partnership . . . . . . . . Elections Made by Each Partner . . . . . . . . . . . Partner’s Dealings With Partnership . . . . . . . . Contributions to the Partnership . . . . . . . . Dispositions of Contributed Property . . . . . . . . . . Recognition of Precontribution Gain on Certain Partnership Distributions . . . . . . . Unrealized Receivables and Inventory Items . . . . . Passive Activity Limitations Extraterritorial Income Exclusion . . . . . . . . . Specific Instructions . . . . . . . Income . . . . . . . . . . . . . Deductions . . . . . . . . . . Schedule B. Other Information . . . . . . . . Designation of Tax Matters Partner (TMP) . . . . . . Schedules K and K-1. Partners’ Distributive Share Items . . . . . . . . Specific Instructions (Schedule K-1 Only) . . Part I. Information About the Partnership . . . . . . . . Feb 12, 2014 Page ….. 1 ….. 1 . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 2 2 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 4 4 5 5 . . . . . . . . . . . . . . . . . . . . 6 6 6 8 ….. 8 ….. 8 ….. 9 ….. 9 ….. 9 ….. 9 . . . . 10 . . . . 10 . . . . 10 . . . . . . . . . . . . . . . . 14 15 15 17 . . . . 21 . . . . 23 . . . . 23 . . . . 2

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