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 2020. 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 2020 financial statements for the partnership are presented below.

J&S Barbers Income Statement for the Year Ending December 31, 2020
Gross income from operations			$349,000
Interest income			$1,000
Deductions:
Salaries to employees			100,000
Payroll taxes			11,000
Supplies			8,000
Rent			90,000
Depreciation			32,000
Short-term capital loss			2,000
Non-deductible entertainment			3,000
Charitable contributions			1,000
Net income			$103,000
Partners' withdrawals (each partner)			$50,000
J&S Barbers Balance Sheet as of December 31, 2020
Assets:
Cash			$82,000
Accounts receivable			10,000
Land	$3,000
Equipment	32,000
Accumulated depreciation	(32,000)		3,000
			$95,000
Liabilities and Capital:
Accounts payable			$30,000
Notes payable			22,000
Partners' capital ($20,000 contributed by each partner)			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.

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.