Assignment 3 Pass Through Assignment To complete this assignment, read the information below and then complete the 2019 partnership tax return (form 1065) including the K-1s, and both individuals 2019 1040 by hand. The tax forms themselves will not be turned in or graded, but you must complete them in order to answer the questions on D2L, which will be graded. Please refer to the flow through exercise we do to assist you in completing this assignment. The questions that must be answered are shown below, but must be completed on D2L in order to receive credit. For fill in the blank questions, enter whole numbers only, with no commas, periods, or symbols.

This assignment has 35 questions and 35 points. All questions are weighted equally. This assignment may be completed individually, or with one other student. If completed in pairs, BOTH students must enter their answers in their own D2L account in order to receive credit. These questions must be answered on D2L by the deadline in order to receive credit. If you have extenuating circumstances, please let me know with ample time before the deadline so we can make alternate arrangements. Outside of extenuating circumstances, late assignments will not be accepted because solutions will be posted following the deadline.

Scenario Craft Beer Brewing Partnership

Revenues 690,000 Office Rent 30,000 COGS 199,000 Salaries 240,000 ST Gain on Sale of Stock 100,000 LT Loss on Sale of Stock 500,000 Contributions to Charities 62,000 Friends Dan and Lisa are each partners in the beer brewing partnership above. o Dan owns 3% o Lisa owns 6% Additional Information about Dan (not including partnership info) o Married, 1 child o Wages from job = $20,000 o Wages from wifes job = $30,000 Additional Information about Lisa (not including partnership info) o Single, no children o Wages from job = 132,000 o Sold stock held LT at a gain of 25,000 o Paid state taxes of 9,000 o Paid qualified mortgage interest of 10,000