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Can you help explain how to calculate in the numbers for the following Form 1 0 6 5 , Schedule B - 1 , Schedule
Can you help explain how to calculate in the numbers for the following
Form Schedule B Schedule K Form Section A Partner's Section A SelfEmployment
Wild Water Outfitters operates a service business; the company generates its revenue by guiding tours down rivers in the Southeastern United States, and by renting canoes, kayaks, and rafts to clients. The company began operations on January also its date inception. The companys Federal EIN is The companys address is Cheat Canyon Lane, Clayton, GA
The companys partners are Alan Moore, who lives at Painted Rock Road, Clayton, GA and Gigi Buchanon, who lives at James Street, Lula, GA
During the company had the following revenues & expenses:Service Revenue Qualified Dividends
Expenses: Salaries
Payroll Taxes
Rent
Permits
Charitable Contributions Depreciation
Business Insurance Advertising
Meals not in Restaurant Auto & Truck Expenses
$
$
The partnerships internal accounting records are prepared on the cash basis of accounting.
Additionally, Alan took $ in partner draws, and Gigi took $ in partner draws during the year.
A comparative balance sheet for
and is as follows:
$Account Cash
Canoes, Rafts & Kayaks Passenger Buses Accumulated Depreciation Payroll Taxes Payable Notes Payable
Capital, Moore Capital, Buchanon
$Depreciation Expense for tax purposes is $$ of Sec. the remainder is regular MACRS
Alans basis in the partnership at the end of was $ and Gigis was $
Complete Form pages all necessary Forms and Schedules, and Schedules K for the partners.
Calculate each partners basis in the partnership as of
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