Question
Comprehensive Problem 10-1 Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates
Comprehensive Problem 10-1
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership's first year of operation is 2019. Emily and James divide income and expenses equally. The partnership name is J&S Barbers, it is located at 1023 Broadway, New York, NY 10004, and its Federal ID number is 95-6767676. The 2019 financial statements for the partnership are presented below.
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Emily lives at 456 E. 70th Street, New York, NY 10006, and James lives at 436 E. 63rd Street, New York, NY 10012.
Required: Complete the Form 1065 and the accompanying K-1 forms. Do not complete Schedule D for the capital loss, Form 4562 for depreciation, or Schedule B-1 related to ownership of the partnership.
- Make realistic assumptions about any missing data.
- If an amount box does not require an entry or the answer is zero, enter "0".
- If required, round your answers to nearest dollar.
- Enter amounts as positive numbers, except for a "loss". If required, enter a "loss" as a negative number on the tax form.
- Assume all debt is recourse debt.
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