2 Required Information (The following information applies to the questions displayed below) The TimpRiders LP has operated a motorcycle dealership for a number of years Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $10,700 and $3,300, respectively, and the partnership did not have any liabilities. During the current year, the partnership reported the following results from operations Net sales Cost of goods and operating expenses Short-ter capital loss Tax-exempt interest $1231 gain 5 660.000 sos, 367,00 1.46 2,300 .. On the last day of the year, the partnership distributed $3.300 each to Lance and Francesca ences d. Using the information provided, prepare TimpRiders' page 1 and Schedule K to be included with its For 1065 for the current year Also, prepare a Schedule K.1 for Lance and Francesca. (Use 2021 tex rules regardless of year on tax form. Losses should be entered os negative numbers and input all other values as positive numbers) Homework Saved > HELVETLEIST TEILUL BH Uni VMES LOSIVE TRIES Required information Prepare Form 13. 1065 PG 1 Schedule K Schedule Ki Francesca Schedule K1 Lance Form 1065 Page 1. OMB No. 1545-0123 Form 1065 Department of the Treasury Intemal Revenue Service A Principal business activity U.S. Return of Partnership Income For calendar year 2020. or tax year beginning 2020.ending Go to www.irs.gov/Form1085 for instructions and the latest information Name of Partnership 2020 D Employer identification number Number Street and room or suite no. 11 PO Box see Principal product or service E Date business started Type or Print Instructions C Business code number City or town, state or province, country and ZIP or foreign postal Total 144 (ses instruction) code Check applicable boxes (1) Initial Return (2) Final Return (3) Name Change (4) Address Change (5) Amended Return HCheck accounting method (1) Cash (2) Accrual 3) Other (specity Number of Schedules K1 Ausch one for osch person who was a partner at any time during the tax year Check if Schedules C and M-3 are attached 2) Grouped activities for section 480 passive activity purposes K Check if partnership (1) Aggregated activities for section 46 at-risk purposes Caution: Inolude only trade or business income and expenses on lines 1a through 22 below. See instructions for more information TOMER Required information 2 Part 2 of 2 25 points eBook Print K Check if partnership (1) Aggregated activities for section 465 atrisk purposes 2 Grouped sites for section 100 passive purposes Caution, Include only trade or business income and expenses on lines fa through 22 below. See instructions for more information Ta Gross receipts or sales la Retums and allowances ID Balance Subtractine lb tron line 1 10 2 Coat of goods sold attach Form 1125-A) 3 Gross profit. Subtractine 2 from inte Income 4 Ordinary income foss) from other partnership states and trusts (nach Montent 5 Neram profiss) Mach Schedule po 1040 Or 1040-GRI 33 Net gain (s) from Form 4T07, Part Iline 17h Form 47071 7 Other income (os) attachmatament) 8. Total income (1016) Combine liner 3 throuon 7 Salaries and wages (other than to partners) (less employment credits 10 Guaranteed payments to partners 10 11 Repairs and maintenance 12 Baddebos 13 Ron Deductions 14 Taxas and loses 16 see the 15 Past (se instruction) 50 instructions 102 Depreciation froquiredach Form 45621 165 Bless deprecimon reported on Form 1125-A and Towhere on for 100 return limitations) 17 Deptton (Do not deduct of and gas depletion 18 Retirement panebo 10 10 Employee benefit programs 12 20 20 Other dedos (attackstament) 21 Tots eduction Add the amounts of Bolum for linssouch 20 22 dny business como los Bulan 21 from inst 23 interest due under the look back method med long-term ctch For 991 24 meest du under the late for method catch Form 2655AAARd Underpayment statuto 20 Others 10 instructions Tax and Payment 27 Total Adlines 23 through 30 Reference pter 20 Homework i TAIVAR TH Required information 2 Part 2 of 2 25 points Book Print Deductions 14 Txes and licenses 14 see the 15 Interest (see instructions) 15 instructions 16a Depreciation required. attach Form 4562) for 100 b Less depreciation reported on Form 1125-A and elsewhere on retum 1eb 100 limitations) 17 Depletion Do not deduct oil and gas depletion) 17 18 Retirement plans, etc 18 10 Employee benefit programs 19 20 Other deductions (attach statement) 20 21 Total deductions. Add the amounts shown in the far right column for lines through 20 21 22 Ordinary business income (los). Subtract line 21 from line 8 22 23 Interest due under the look back methodcompleted long-term contract Form 1897 23 24 Interest due under the look back method income forecast method (attach Form 3800) 24 25 BBAAAR imputed underpayment (see instructions) 23 20 Other taxes (Bee instructions) 20 Tax and Payment 27 Total balance due. Add lines 23 through 20 27 28 Payment (see instructions 28 20 Amount owed in 20 is smaller than line 27. enter amount ovved 29 30 Overpayment fine 20 is targer than line 27/entar overpayment 30 Undet penalties of perjory I declare that I have examined this return including accompanying schedules and statements, and to the best of my knowledge and belief is true correct and complete Declaration of preparerer than partner or limited by company member is based on all Information of which preparer has any knowledge May the US tharutuin with Sign prepare shown below Here stions Date Yes No Signature of partner or limited ability company member Check Print Type preparer's name Prepares nature Date PTIN employed Paid Firma EN Preparer Firms name Phone Use Only Firm's address For Paperwork Reduction Act Notice, see separate instructions Cat No. 11300Z Form 1065 (20201 THIS FORMIS A SIMULATION OF AN OFFICIALUS TAX FORMITTS NOT THE OFFICIAL FORMIT SELF DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL D 2021 McGraw-Hill Education References Required information 2 1065 PG 1 Schedule K Schedule Ki Francesca Schedule ki Lance Form 1065 Schedule K. Part 2 of 2 Form 1005 (2020) Schedule K Page 4 Total amount 2.5 points 2 30 3b Sc 4 ebook 40 5 Print Income (LOSSI oa Partners' Distributive Share Items Ordinary business income (los) (page 1. line 22) 2 Nel mental real estate income (los) (attach Form 125) 2 Otheaross rental income lost Expenses from other rental activities (amach statement Othernet rental income (1088) Subtractina Jb from the 4 Guaranteed payments a Services b Captal 46 Total Addnes 4 and 45 Interest income Dvidends and dividend equivalent Ordinary dividends D dividends Odens Q Royaties 5 Netshoe captain () (atach Schedule Dom 1005 On Neorgate capital gas (10) Cattach Schedule Form 1005 Collectibles (28) Unrecaptured saston 12. that 10 Nation 1231 gain osa ch Form 4767) 11 Other income iOS 560 ron) Type 12 Section 170 deduction (sach F46627 13a Contributions binvestment interest expert Section centres Type 188 References & 10 11 12 21 135 1362 Deductions 21 Amount Chapter 20 Homework Saved TERRA Required information 2 Deductions 133 13b 1300 130 Part 2 of 2 143 Selt Employment 146 25 points 13a Contributions Dinvestment interest expense C Section expenditures Type (2) Amount Other deduction see instructions Type 14a Net Gaming (losfrom self-employment b Gross farming or fishing income C Gross nontam income 1a Low-income housing credit (Section 4200 DLOW income housing credit then c Qualified rehabilitation expenditures rental real estate attach Form 3400 fpicable) Other rental real esta credite instructions) Type - Other credite instruction) Type Other credes e instructions) 160 Name of country or US DOO Dross income from a sources Gross income sourced at partner level Foreign gross income sourced at partnership level Reserved for Foreign branch Category future ITP category General Category other Cantach statement | | Credits 14 1 166 150 150 150 Book Print 100 100 References 101 Foreign Transactions 10N 10 T Daductions tocated and portioned at pamer level interest Cher Deductions located and apportioned at pareho level to foren souro income Reserved for Foreign branch future category m Pasive Genes o Other nach category category stament Total foreign taxes check on Pad Abcrues Reduction in taxes avall for credit cach sement 1 Other forecan tax information strach strament 179 Pose depreciation austment badute gaiolos lo Depletion other than all and an 10 18m 178 Alternative Minimum Tax 1701 Chapter 20 Homework Saved Required information 2 106 160 tor Part 2 of 2 Foreign Transactions 16h 25 points tok eBook 100 10m b Gross income from al sources cGross income sourced at partner level Foreign gross income sourced at partnership level d Reserved for Aureuse e Foreign branch category TPassive category General Category h Other (attach statement). Deductions allocated and apportioned at partner level Interest expense Other Deductions allocated and apportioned at partnership level to foreign source income K Reserved for I Foreign branch future use category m Passive General Other (attach category category statement D Total foreign taxes (check one Paid Accrued @Reduction in es available for credit (attach ht) Other foreign tax information attach statement) 17a Pas 1900 depreciation adjustment b Adjusted gain or lost Depletion (other than oil and gas) d Ols, and geothermal properties gross income Oilgas, and geothermal properties deductions Other AMT items (attach statement 18a Taxexempt interest income Other tar exempt income C Nondeductible expenses 19a Distributions of cash and marketable securities Distributions of other property 208 Investment income bInvestment expenses 0 Other items and amounts attach statement Print Alternative Minimum Tax (AMT) Items References 17a 17b 170 170 17e 171 18a 580 180 19a 190 200 205 Other Information Form 1065 (2020) THIS FORMIS A SIMULATION OF AN OFFICIAL U.S. TAX FORM, IT IS NOT THE OFFICIAL FORM ITSELF DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2021 McGraw-Hill Education E DGA Schedule K1 Francesca > 1065 PG 1 Schedule K Schedule K1 Francesca Schedule Ki Lance Part 2 of 2 Form 1065 Schedule K1 Francesca. Final 1 Amended K-1 JOMB No 1545-0123 5 Sinta Part 18 Partner's Share of Current Year Income, Deductions, Credits, and other items 1 Ordinary business income (los) 15 Credits eBook Schedule K-1 2020 (Form 1065) Department of the Treasury For calendar year 2020, or tax Internal Revenue Service year 2020 beginning ending ,20 Partner's Share of income, Deductions, Credits, See back of form and separate Instructions. etc. 2 Netral real estate income os Print 3 Othernet rental income foss) 16 Foreign transactions References 4 Guaranteed payments for Service Parti Information About the Partnership Partnership's employer identification number 4b warned payments for capital Partnerships name, address of state and ZIP code 4c Total garanteed payments 5 income IRS Center where partnerna return Ba Ordinary dividends D Check if this is a publicly trased partnership FT 5b Qualife dividends Required information 2 Partil information About the Partner ENTIN Do not use a deganded entity See instructions Oudents 07 Amm CAM Part of 1 Reyes 2.5 poing Name, address, olyan, and Pode for parte din ES narons Nshonaptal loosh 2 longtemptagon ebook Gather LLC memberger Lima partner or other member 10 income 18 hondeco Pit 2 Created section 1350 han A o HD Foren H2 pater is a regarded (DE), or the partners TIN Nu Reference V PH : 21 gay 14 11 Way of antys that Bran RWSER opierkhee 11 Other info 19 Otto A 13 Bacon deduction Partners are of grofts and price instruction Beginning Ending Pront Loss Capital Check decrease is due to le or exchange of partnership Tetaret Partners of Beginning Ending 13 Othar den M TLUS USUARIS Required information 2 Part 2 of 2 25 points interest K Partners share of liabilities Beginning Ending Nonnecourse A Qualnied nonrecourse financing 3 14 Self-employment earnings (loss) Recourse 3 Check this box if item includes liability amounts from lower tier partnerships L Partner's Capital Account Analysis Beginning capital account $ Not Provided 20 More than one activity for at risk purposes Capital contributed during the year $ Current year net income (loss) $ 21 More than one activity for passive activity purposes Other increase (decrease) attach 5 explanation) Withdrawals & distributions See attached statement for additional information Ending capital account For IRS Use Only eBook Print o References MDid the partner contribute property with a built-in gain or loss? 1.NO IYes' attach statement (see instructions) N Partner's Share of Net Unrecognized Section 704(c) Gain or (Loss) Beginning $ Ending S Cat. No Schedule K-1 (Form 1086) For Paperwork Reduction Act Notice See Instructions for Form 1065. www.insgow Form 1085 15304R 2020 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL D 2021 McGraw-Hill Education HELVETLEIST TEILUL BH Uni VMES LOSIVE TRIES Required information Prepare Form 13. 1065 PG 1 Schedule K Schedule Ki Francesca Schedule K1 Lance Form 1065 Page 1. OMB No. 1545-0123 Form 1065 Department of the Treasury Intemal Revenue Service A Principal business activity U.S. Return of Partnership Income For calendar year 2020. or tax year beginning 2020.ending Go to www.irs.gov/Form1085 for instructions and the latest information Name of Partnership 2020 D Employer identification number Number Street and room or suite no. 11 PO Box see Principal product or service E Date business started Type or Print Instructions C Business code number City or town, state or province, country and ZIP or foreign postal Total 144 (ses instruction) code Check applicable boxes (1) Initial Return (2) Final Return (3) Name Change (4) Address Change (5) Amended Return HCheck accounting method (1) Cash (2) Accrual 3) Other (specity Number of Schedules K1 Ausch one for osch person who was a partner at any time during the tax year Check if Schedules C and M-3 are attached 2) Grouped activities for section 480 passive activity purposes K Check if partnership (1) Aggregated activities for section 46 at-risk purposes Caution: Inolude only trade or business income and expenses on lines 1a through 22 below. See instructions for more information TOMER Required information 2 Part 2 of 2 25 points eBook Print K Check if partnership (1) Aggregated activities for section 465 atrisk purposes 2 Grouped sites for section 100 passive purposes Caution, Include only trade or business income and expenses on lines fa through 22 below. See instructions for more information Ta Gross receipts or sales la Retums and allowances ID Balance Subtractine lb tron line 1 10 2 Coat of goods sold attach Form 1125-A) 3 Gross profit. Subtractine 2 from inte Income 4 Ordinary income foss) from other partnership states and trusts (nach Montent 5 Neram profiss) Mach Schedule po 1040 Or 1040-GRI 33 Net gain (s) from Form 4T07, Part Iline 17h Form 47071 7 Other income (os) attachmatament) 8. Total income (1016) Combine liner 3 throuon 7 Salaries and wages (other than to partners) (less employment credits 10 Guaranteed payments to partners 10 11 Repairs and maintenance 12 Baddebos 13 Ron Deductions 14 Taxas and loses 16 see the 15 Past (se instruction) 50 instructions 102 Depreciation froquiredach Form 45621 165 Bless deprecimon reported on Form 1125-A and Towhere on for 100 return limitations) 17 Deptton (Do not deduct of and gas depletion 18 Retirement panebo 10 10 Employee benefit programs 12 20 20 Other dedos (attackstament) 21 Tots eduction Add the amounts of Bolum for linssouch 20 22 dny business como los Bulan 21 from inst 23 interest due under the look back method med long-term ctch For 991 24 meest du under the late for method catch Form 2655AAARd Underpayment statuto 20 Others 10 instructions Tax and Payment 27 Total Adlines 23 through 30 Reference pter 20 Homework i TAIVAR TH Required information 2 Part 2 of 2 25 points Book Print Deductions 14 Txes and licenses 14 see the 15 Interest (see instructions) 15 instructions 16a Depreciation required. attach Form 4562) for 100 b Less depreciation reported on Form 1125-A and elsewhere on retum 1eb 100 limitations) 17 Depletion Do not deduct oil and gas depletion) 17 18 Retirement plans, etc 18 10 Employee benefit programs 19 20 Other deductions (attach statement) 20 21 Total deductions. Add the amounts shown in the far right column for lines through 20 21 22 Ordinary business income (los). Subtract line 21 from line 8 22 23 Interest due under the look back methodcompleted long-term contract Form 1897 23 24 Interest due under the look back method income forecast method (attach Form 3800) 24 25 BBAAAR imputed underpayment (see instructions) 23 20 Other taxes (Bee instructions) 20 Tax and Payment 27 Total balance due. Add lines 23 through 20 27 28 Payment (see instructions 28 20 Amount owed in 20 is smaller than line 27. enter amount ovved 29 30 Overpayment fine 20 is targer than line 27/entar overpayment 30 Undet penalties of perjory I declare that I have examined this return including accompanying schedules and statements, and to the best of my knowledge and belief is true correct and complete Declaration of preparerer than partner or limited by company member is based on all Information of which preparer has any knowledge May the US tharutuin with Sign prepare shown below Here stions Date Yes No Signature of partner or limited ability company member Check Print Type preparer's name Prepares nature Date PTIN employed Paid Firma EN Preparer Firms name Phone Use Only Firm's address For Paperwork Reduction Act Notice, see separate instructions Cat No. 11300Z Form 1065 (20201 THIS FORMIS A SIMULATION OF AN OFFICIALUS TAX FORMITTS NOT THE OFFICIAL FORMIT SELF DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL D 2021 McGraw-Hill Education References Required information 2 1065 PG 1 Schedule K Schedule Ki Francesca Schedule ki Lance Form 1065 Schedule K. Part 2 of 2 Form 1005 (2020) Schedule K Page 4 Total amount 2.5 points 2 30 3b Sc 4 ebook 40 5 Print Income (LOSSI oa Partners' Distributive Share Items Ordinary business income (los) (page 1. line 22) 2 Nel mental real estate income (los) (attach Form 125) 2 Otheaross rental income lost Expenses from other rental activities (amach statement Othernet rental income (1088) Subtractina Jb from the 4 Guaranteed payments a Services b Captal 46 Total Addnes 4 and 45 Interest income Dvidends and dividend equivalent Ordinary dividends D dividends Odens Q Royaties 5 Netshoe captain () (atach Schedule Dom 1005 On Neorgate capital gas (10) Cattach Schedule Form 1005 Collectibles (28) Unrecaptured saston 12. that 10 Nation 1231 gain osa ch Form 4767) 11 Other income iOS 560 ron) Type 12 Section 170 deduction (sach F46627 13a Contributions binvestment interest expert Section centres Type 188 References & 10 11 12 21 135 1362 Deductions 21 Amount Chapter 20 Homework Saved TERRA Required information 2 Deductions 133 13b 1300 130 Part 2 of 2 143 Selt Employment 146 25 points 13a Contributions Dinvestment interest expense C Section expenditures Type (2) Amount Other deduction see instructions Type 14a Net Gaming (losfrom self-employment b Gross farming or fishing income C Gross nontam income 1a Low-income housing credit (Section 4200 DLOW income housing credit then c Qualified rehabilitation expenditures rental real estate attach Form 3400 fpicable) Other rental real esta credite instructions) Type - Other credite instruction) Type Other credes e instructions) 160 Name of country or US DOO Dross income from a sources Gross income sourced at partner level Foreign gross income sourced at partnership level Reserved for Foreign branch Category future ITP category General Category other Cantach statement | | Credits 14 1 166 150 150 150 Book Print 100 100 References 101 Foreign Transactions 10N 10 T Daductions tocated and portioned at pamer level interest Cher Deductions located and apportioned at pareho level to foren souro income Reserved for Foreign branch future category m Pasive Genes o Other nach category category stament Total foreign taxes check on Pad Abcrues Reduction in taxes avall for credit cach sement 1 Other forecan tax information strach strament 179 Pose depreciation austment badute gaiolos lo Depletion other than all and an 10 18m 178 Alternative Minimum Tax 1701 Chapter 20 Homework Saved Required information 2 106 160 tor Part 2 of 2 Foreign Transactions 16h 25 points tok eBook 100 10m b Gross income from al sources cGross income sourced at partner level Foreign gross income sourced at partnership level d Reserved for Aureuse e Foreign branch category TPassive category General Category h Other (attach statement). Deductions allocated and apportioned at partner level Interest expense Other Deductions allocated and apportioned at partnership level to foreign source income K Reserved for I Foreign branch future use category m Passive General Other (attach category category statement D Total foreign taxes (check one Paid Accrued @Reduction in es available for credit (attach ht) Other foreign tax information attach statement) 17a Pas 1900 depreciation adjustment b Adjusted gain or lost Depletion (other than oil and gas) d Ols, and geothermal properties gross income Oilgas, and geothermal properties deductions Other AMT items (attach statement 18a Taxexempt interest income Other tar exempt income C Nondeductible expenses 19a Distributions of cash and marketable securities Distributions of other property 208 Investment income bInvestment expenses 0 Other items and amounts attach statement Print Alternative Minimum Tax (AMT) Items References 17a 17b 170 170 17e 171 18a 580 180 19a 190 200 205 Other Information Form 1065 (2020) THIS FORMIS A SIMULATION OF AN OFFICIAL U.S. TAX FORM, IT IS NOT THE OFFICIAL FORM ITSELF DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2021 McGraw-Hill Education E DGA Schedule K1 Francesca > 1065 PG 1 Schedule K Schedule K1 Francesca Schedule Ki Lance Part 2 of 2 Form 1065 Schedule K1 Francesca. Final 1 Amended K-1 JOMB No 1545-0123 5 Sinta Part 18 Partner's Share of Current Year Income, Deductions, Credits, and other items 1 Ordinary business income (los) 15 Credits eBook Schedule K-1 2020 (Form 1065) Department of the Treasury For calendar year 2020, or tax Internal Revenue Service year 2020 beginning ending ,20 Partner's Share of income, Deductions, Credits, See back of form and separate Instructions. etc. 2 Netral real estate income os Print 3 Othernet rental income foss) 16 Foreign transactions References 4 Guaranteed payments for Service Parti Information About the Partnership Partnership's employer identification number 4b warned payments for capital Partnerships name, address of state and ZIP code 4c Total garanteed payments 5 income IRS Center where partnerna return Ba Ordinary dividends D Check if this is a publicly trased partnership FT 5b Qualife dividends Required information 2 Partil information About the Partner ENTIN Do not use a deganded entity See instructions Oudents 07 Amm CAM Part of 1 Reyes 2.5 poing Name, address, olyan, and Pode for parte din ES narons Nshonaptal loosh 2 longtemptagon ebook Gather LLC memberger Lima partner or other member 10 income 18 hondeco Pit 2 Created section 1350 han A o HD Foren H2 pater is a regarded (DE), or the partners TIN Nu Reference V PH : 21 gay 14 11 Way of antys that Bran RWSER opierkhee 11 Other info 19 Otto A 13 Bacon deduction Partners are of grofts and price instruction Beginning Ending Pront Loss Capital Check decrease is due to le or exchange of partnership Tetaret Partners of Beginning Ending 13 Othar den M TLUS USUARIS Required information 2 Part 2 of 2 25 points interest K Partners share of liabilities Beginning Ending Nonnecourse A Qualnied nonrecourse financing 3 14 Self-employment earnings (loss) Recourse 3 Check this box if item includes liability amounts from lower tier partnerships L Partner's Capital Account Analysis Beginning capital account $ Not Provided 20 More than one activity for at risk purposes Capital contributed during the year $ Current year net income (loss) $ 21 More than one activity for passive activity purposes Other increase (decrease) attach 5 explanation) Withdrawals & distributions See attached statement for additional information Ending capital account For IRS Use Only eBook Print o References MDid the partner contribute property with a built-in gain or loss? 1.NO IYes' attach statement (see instructions) N Partner's Share of Net Unrecognized Section 704(c) Gain or (Loss) Beginning $ Ending S Cat. No Schedule K-1 (Form 1086) For Paperwork Reduction Act Notice See Instructions for Form 1065. www.insgow Form 1085 15304R 2020 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL D 2021 McGraw-Hill Education