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 2022. Emily and James divide income and expenses equally. The partnership name is J&S Barbers, it is located at 1023 Lexington Avenue, New York, NY 10128, and its Federal ID number is
95-6767676. The 2022 financial statements for the partnership are presented below.
J&S Barbers Income Statement for the Year Ending December 31, 2022
Gross income from operations
Interest income
Deductions:
Salaries to employees (includes guaranteed payments
of $10,000 to Emily)
Payroll taxes
Supplies
Rent
Depreciation
Short-term capital loss
Non-deductible entertainment
Charitable contributions
Net income
Partners' withdrawals (each partner)
I&S Barbers Balance Sheet as of December 31, 2022
$349,000
1,000
100,000
11,000
7,900
90,000
32,100
2,000
3,000
1,000
$103,000
$ 50,000
Assets:
Cash
Leasehold improvements
Equipment
Accumulated depreciation
Liabilities and Capital:
Recourse long-term debt
Partners' capital ($20,000
contributed by each partner)
$ 3,100
32,000
(32,100)
$92,000
3,000
$95,000
$52,000
43,000
$95,000
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 J&S Barbers' Form 1065 and Emily and James' Schedules K-1. Do not fill in 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.
Emily Jackon (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 2022 . Emily and James divide income and expenses equally. The partnership name is J\&S Barbers, it is located at 1023 Lexington Avenue, New York, NY 10128, and its Federal ID number is 95-6767676. The 2022 financial statements for the partnership are presented below. 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 J\&S Barbers' Form 1065 and Emily and James' Schedules K-1. Do not fill in 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. Emily Jackon (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 2022 . Emily and James divide income and expenses equally. The partnership name is J\&S Barbers, it is located at 1023 Lexington Avenue, New York, NY 10128, and its Federal ID number is 95-6767676. The 2022 financial statements for the partnership are presented below. 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 J\&S Barbers' Form 1065 and Emily and James' Schedules K-1. Do not fill in 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. Emily Jackon (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 2022 . Emily and James divide income and expenses equally. The partnership name is J\&S Barbers, it is located at 1023 Lexington Avenue, New York, NY 10128, and its Federal ID number is 95-6767676. The 2022 financial statements for the partnership are presented below. 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 J\&S Barbers' Form 1065 and Emily and James' Schedules K-1. Do not fill in 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. Emily Jackon (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 2022 . Emily and James divide income and expenses equally. The partnership name is J\&S Barbers, it is located at 1023 Lexington Avenue, New York, NY 10128, and its Federal ID number is 95-6767676. The 2022 financial statements for the partnership are presented below. 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 J\&S Barbers' Form 1065 and Emily and James' Schedules K-1. Do not fill in 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
