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Could you help me to do 1065 tax return assignment? I have to make a 1065 tax return form with that documents. I hope to
Could you help me to do 1065 tax return assignment?
I have to make a 1065 tax return form with that documents.
I hope to get it until Wed (July 12)
Thank you
1065 Tax Return Feeny University, LLC serves as tutors and instructors for college students in the Philadelphia area. Relevant information is as follows: The LLC's Federal ID number is 35-8675309 Feeny uses the cash basis and the calendar year The LLC began operations on September 24, 1993 The current address is 5688 James Highway, Suite 1000, Philadelphia, PA 19120 Feeny is comprised of four equal members: Cory Matthews (321-45-6789), Eric Matthews (987-65-4321), Shawn Hunter (101-01-0101), and Topanga LawrenceMatthews (010-10-1010) The following information was taken from the LLC's income statement for 2016: Income Statement Revenues Fees and Commissions Taxable interest income from bank deposits Tax-exempt interest Net gains Total revenues Expenses Advertising and public relations Charitable contributions Section 179 expense Employee salaries and wages Guaranteed payment, Cory Matthews, office manager Guaranteed payment, other members Meals and Entertainment Travel Legal and accounting fees Office rentals paid Interest expense on operating line of credit Liability insurance premium Office expense Payroll taxes Utilities Total expenses $5,500,000 3,800 2,900 7,500 $5,514,200 $475,000 44,000 82,000 995,000 550,000 690,000 194,000 325,000 130,000 95,000 8,000 60,000 190,000 90,000 65,000 $3,993,000 During the past few years, Feeny University has taken advantage of bonus depreciation and 179 deductions and fully remodeled the premises and upgraded its leasehold improvements. This year, Feeny wrapped ups it's remodeling with the purchase of $82,000 of office furniture, for which it will claim a 179 deduction. Feeny University uses the same cost recovery methods for both tax and financial purposes. There is no depreciation adjustment for alternative minimum tax purposes. Feeny invests much of its excess cash in non-dividend-paying growth stocks and tax-exempt securities. During the year, the LLC sold two securities. On July 4, 2016, the company purchased 1,500 shares of Jules, Inc. stock for $130,000; it sold those shares on December 6, 2016 for $130,500. On January 10, 2006, Feeny purchased 2,500 shares of Bait, Inc. stock for $102,000; it sold those shares for $106,000 on December 6, 2016. Both sales were reported by Feeny's broker on a 1099-B with basis information. Feeny also sold equipment originally costing $7,400 when purchased on February 2, 2005, for $3,000 on June 15, 2016. The equipment had been fully depreciated. Net income per books is $1,521,200. The firm's activities do no constitute \"qualified production activities\" for purposes of the 199 deduction. On January 1, 2016, the members' capital accounts equalled $365,175 each. No additional capital contributions were made in 2016. In addition to their guaranteed payments, each member withdrew $350,000 cash during the year. Feeny's book balance sheet as of December 31, 2016 is as follows. Cash Tax-exempt securities Marketable securities Leasehold improvements, furniture, and equipment Accumulated depreciation Total assets Line of credit for operations Capital, Cory Capital, Eric Capital, Shawn Capital, Topanga Total liabilities and capital Beginning $1,283,500 110,000 217,200 1,009,000 (1,009,000) $1,610,700 $150,000 365,175 365,175 365,175 365,175 $1,000,000 Ending $ ?? 140,000 320,200 1,050,600 (1,050,600) $ ?? 150,000 ?? ?? ?? ?? $ ?? All debt is shared equally by the members. Each member has personally guaranteed the debt of the LLC. The business code for \"Educational services (including schools, colleges, & universities)\" is 611000. The LLC's Form 1065 was prepared by Cory Matthews and sent to the Scranton, PA IRS Service Center. All of the members are active in Feeny University's operations. Prepare Form 1065 for the partnership with all required supporting forms and schedules. However, only prepare Schedule K-1 for Cory Matthews, 567 Phillips Road, Philadelphia, PA 19109. Submit as one PDF as per the instructionsStep by Step Solution
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