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Mountain Man Company Federal Tax Return FACTS Mountain Man Company is a partnership owned and operated by Alex Blue (social security number 111-11-1111) and Cami Dent (social security number 222-22-2222). The office is located at 300 Hiker Circle, Fort Collins, Colorado 80521. The partnership's tax identification number is 11-1111111, and it uses a calendar year for tax purposes. The business was started on March 5, 2009 to manufacture telescoping aluminum shooting sticks. The partnership has prospered and sells its products throughout the United States on a wholesale basis to retail outlets. Both Alex and Cami are active in the business. The business code number is 339900. Alex Blue is an 80 percent general partner, and Cami Dent is a 20 percent general partner who, among other duties, deals with tax matters for the partnership. They both devote 100 percent of their time to the business. Alex lives at 360 Travel Road, Fort Collins, Colorado 80522 and Cami resides at 115 Trouble Circle, Fort Collins, Colorado 80523. Both partners and partnership file Federal income tax returns at the IRS Service Center in Ogden, Utah. The partnership files its tax return on the accrual method. Inventory has been consistently valued at cost under the FIFO method using the full absorption procedure. Inventory capitalization rules of Internal Revenue Code Section 263A do not apply due to the 'small business exception' (average annual gross receipts for the three preceding taxable years do not exceed $10 million). The accounting records are computerized. 1 The income statement and balance sheet for the current year, prepared by the accounting firm of Lewis & Barnes, CPAs, appear below: NOTES 1. Dividend income is from the following sources: Oil Extractor Corporation is located in Alberta, Canada. You learn that Canadian law requires an income tax withholding at the rate of 10% on such remittances outside that country. All transactions are reported to the IRS on Form 1099-B showing basis. Assume that all of the dividends received are qualifying dividends for purposes of the 5%/15%/20% tax rates. 2. Interest Income includes $2,120 received on City of Denver, Colorado General Obligation bonds. 3. Depreciation/Cost Recovery information for financial accounting purposes is as follows: 4. On April 5, 2014 a loss of $7,000 was suffered on the sale of 120 shares of common stock of Wells Cargo, Inc. The stock, purchased on November 21, 2009 for $8,500, had been held for investment. This sale was reported on Form 1099-B with stock basis reported. After considering the sale, Alex convinced himself that the sale had been premature because this company's record could only improve. Alex had the partnership repurchase 30 shares of Wells Cargo, Inc. common stock on April 26, 2014 for $3,000 and purchase 100 shares of Drummer, Inc. common stock on June 6, 2014 for $6,500. 5. Several business assets were sold during the year. A schedule attached to the partnership's financial statements provides these details: * The land and buildings were sold to Alex Blue for independently appraised fair market values. Both assets were acquired on 10/01/09. ** All machinery and equipment disposed of during the year was sold to an unrelated third party. 6. The partners wish to claim foreign tax credits for the Canadian income tax withheld on the dividends from the Canadian corporation. 7. Investment interest expense is for: 8. All liabilities of the partnership are recourse loans, and all notes payable were issued at par and provide market interest rates. REQUIRED From the above information, prepare Mountain Man Company's 2014 Federal partnership income tax return, including all forms, schedules, and supporting statements. Unless otherwise noted, the partnership makes all available elections to minimize the partners' current taxable incomes. Round amounts to the nearest dollar. If additional information is needed, make realistic assumptions and fill in all required data. Even though the partnership may not be technically required to do so, Alex has expressed a desire that Schedule L (Balance Sheets), Schedule M-1 (Reconciliation of Income (Loss) per Books With Income (Loss) per Return), and Schedule M-2 (Analysis of Partners' Capital Accounts) on Form 1065, p.5 be completed. REQUIRED FORMS Form 1065 - U.S. Return of Partnership Income Schedule K-1s (Form 1065)Partner's Share of Income, Credits, Deductions, etc. for Thomas March and Lucy March Form 1125-A - Cost of Goods Sold Form 4797Sales of Business Property Form 4562Depreciation and Amortization Schedule B-1 (Form 1065)Information on Partners Owning 50% or More of the Partnership Schedule D (Form 1065)Capital Gains and Losses Form 8949 - Sales and Other Dispositions of Capital Assets Supporting Details: Details for Schedule M-1, Line 4b Information Supporting IRC Sec. 179 Expense (Form 1065, Schedules K and K-1, Line 12) Check Figures Form 1065 line 22, Ordinary business income Schedule M-1 line 9 Income $155,721 $161,536 TAX DEPRECIATION INFORMATION The following information will be needed to determine current year depreciation and accumulated depreciation for tax purposes. MACRS (Modified Accelerated Cost Recovery SystemFor property placed in service after 1986) Nonresidential real property (39-year statutory life, straight line, mid-month convention). Statutory percentages for assets placed in service in October are .535% for recovery year 1, 2.564% for years 2-39, and 2.033% for year 40. Machinery and equipment (7-year statutory life, 200% declining balance, half-year convention). Statutory percentage for assets placed in service during a year are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%, 8.92%, 8.93%, and 4.46% for recovery years 1-8 respectively. Remember, in the year of disposition only take one-half of the normal MACRS amount. The full allowable IRC Sec. 179 expense of $25,000 is claimed for machinery and equipment placed in service during 2014. ALTERNATIVE MINIMUM TAX (Tax Preferences and Adjustments) For this practice set, ignore effects of the above cost recoveries on the Alternative Minimum Tax (i.e., leave the applicable spaces blank for these items in the Adjustments and Tax Preferences Items section of Schedules K and K-1)