I know I need to fill out Form 1065 with schedule D, Form 1125-A, form 4562, and two Form 1065 K-1 sheets, but I could use a walkthrough for this problem. I'm certain these are all the data tables i need to answer this question, so if someone could post a filled out tax form, preferably before Sunday, I would sincerely appreciate it.
The text at the bottom of this photo reads:
Additional Sec. 263A costs of $7000 for the current year are included in other costs.
Ending inventory includes the appropriate Sec. 263A costs, and no further adjustment is needed to properly state cost of sales and inventories for tax pruposes.
The partnership reports a $10,000 positive AMT adjustment for property placed in service after 1986. Dapper-Dons acquired and placed in service $40,000 of rehibilitation expenditures for a certified historical property this year. The appropriate MACRS depreciation on the rehibilitation expenditures already is included in the MACRS depreciation total.
The partnership made all contributions in cash to qualifying charities.
The partnership purchased the AB stock as an investment two years ago on December 1 for $40,000 and sold it on June 14 of the current year for $58,000.
The partnership purchased the CD stock as an investment on February 15 of the current year for $100,000 and sold it on August 1 for $73,925.
The partnership used the land as a parking lot for the business. The partnership purchased the land four years ago on March 17 for $30,000 and sold it on August 15 of the current year for $35,050.
mplicity, the partnership is not subjt reign financial accounts. This partnership is neither a tax shelter nor auusts partnership. No changes in ownership of partnership interests occur year. The partnership made cash distributions of $155,050 and $232,576he no toreign partners, no foreign transactions, no interests lll orei apper ons, respectively, on December 30 of the current year. It made no other tions. Financial statements for the current year are presented in Tables erty dis Assume that Dapper-Dons' business qualifies as a U.S. production activit and qualified production activities income is $600,000. Dapper-Dons, bein pass- method for ing these activities (see discussion for Line 13d of Schedules K and K-1 instructions ) . through partnership, uses the small business simplified overall m orm Prepare a current year (2015s for this problem) partnership tax return for Partnership Dapen Healthwise Medical Supplies Company is located at 2400 Second Street, City, ST The company is a general partnership that uses the calendar year and accrual ba C9-58 1234 both book and tax purposes. It engages in the development and sale of specialized tools to hospitals. The emplover identification number (EIN) is XX-201701 Surg pany formed and began business on January 1, 2014. It has no foreign partners or coo foreign dealings. The company is neither a tax shelter nor a publicly traded The company has made no distributions other than cash, and no changes in ve occurred during the current year. Dr. Bailey is the Tax Matters Partner. The ship makes no special elections. Table C:9-3 contains book balance sheetinformation the beginning and end of the current year, and Table C:9-4 presents a book ment for the current year. Other information follow Information on Partnership Formation: Two individuals formed the partnership on January 1, 2014: Dr. Leisa H First Pike, City, ST 12345) and Dr. Thomas J. Firth (3600 Third Blvd., City, ST $4 For a 30% interest, Dr. Bailey contributed $900,000 cash. She is an active who manages the company. For a 70% interest, Dr. Firth contributed $1.74 million cat (120 parme hares of Fastgrowth, Inc. stock having, at the time of contribution, a S360,00 general fair market value (FMV) and a $72,000 adjusted basis. Dr. Firth is an active general ner who designs and develops new products. For contribution of stock at fair market value com Inventory and Cost of Goods Sold (Form 1125-A): The company uses the periodic inventory method and prices its inventory using the lowe of FIFO cost or market. Only beginning inventory, ending inventory, and purchases shoul be reflected in Schedule A. No other costs or expenses are allocated to cost of goods Note: the company is exempt from the uniform capitalization (UNICAP) rules becaus average gross income for the-previous year was less than $10 million [Sec. 263A(b) Line 9 (a) ec Il (b)-(d) Not applicable Capital Gains and Losses (Schedule D): The company sold all 1,000 shares of the Fastgrowth, Inc.common stock on July 2,2015 for $1.08 million. Dr. Firth acquired the stock on January 2, 2012, for $72,000 an tributed the stock to the company on January 1, 2014, when its FMV was $360,00 mplicity, the partnership is not subjt reign financial accounts. This partnership is neither a tax shelter nor auusts partnership. No changes in ownership of partnership interests occur year. The partnership made cash distributions of $155,050 and $232,576he no toreign partners, no foreign transactions, no interests lll orei apper ons, respectively, on December 30 of the current year. It made no other tions. Financial statements for the current year are presented in Tables erty dis Assume that Dapper-Dons' business qualifies as a U.S. production activit and qualified production activities income is $600,000. Dapper-Dons, bein pass- method for ing these activities (see discussion for Line 13d of Schedules K and K-1 instructions ) . through partnership, uses the small business simplified overall m orm Prepare a current year (2015s for this problem) partnership tax return for Partnership Dapen Healthwise Medical Supplies Company is located at 2400 Second Street, City, ST The company is a general partnership that uses the calendar year and accrual ba C9-58 1234 both book and tax purposes. It engages in the development and sale of specialized tools to hospitals. The emplover identification number (EIN) is XX-201701 Surg pany formed and began business on January 1, 2014. It has no foreign partners or coo foreign dealings. The company is neither a tax shelter nor a publicly traded The company has made no distributions other than cash, and no changes in ve occurred during the current year. Dr. Bailey is the Tax Matters Partner. The ship makes no special elections. Table C:9-3 contains book balance sheetinformation the beginning and end of the current year, and Table C:9-4 presents a book ment for the current year. Other information follow Information on Partnership Formation: Two individuals formed the partnership on January 1, 2014: Dr. Leisa H First Pike, City, ST 12345) and Dr. Thomas J. Firth (3600 Third Blvd., City, ST $4 For a 30% interest, Dr. Bailey contributed $900,000 cash. She is an active who manages the company. For a 70% interest, Dr. Firth contributed $1.74 million cat (120 parme hares of Fastgrowth, Inc. stock having, at the time of contribution, a S360,00 general fair market value (FMV) and a $72,000 adjusted basis. Dr. Firth is an active general ner who designs and develops new products. For contribution of stock at fair market value com Inventory and Cost of Goods Sold (Form 1125-A): The company uses the periodic inventory method and prices its inventory using the lowe of FIFO cost or market. Only beginning inventory, ending inventory, and purchases shoul be reflected in Schedule A. No other costs or expenses are allocated to cost of goods Note: the company is exempt from the uniform capitalization (UNICAP) rules becaus average gross income for the-previous year was less than $10 million [Sec. 263A(b) Line 9 (a) ec Il (b)-(d) Not applicable Capital Gains and Losses (Schedule D): The company sold all 1,000 shares of the Fastgrowth, Inc.common stock on July 2,2015 for $1.08 million. Dr. Firth acquired the stock on January 2, 2012, for $72,000 an tributed the stock to the company on January 1, 2014, when its FMV was $360,00
