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I need assistance with form 1065 Schedule k-1 for Lance The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is
I need assistance with form 1065 Schedule k-1 for Lance
The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner. Francesca is the general partner, and they share capital and profits equally. Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $11,400 and $4,600, respectively, and the partnership did not have any llabilities. During the current year, the partnership reported the following results from operations: On the last day of the year, the partnership distributed $4,600 each to Lance and Francesca. d-2. Using the information provided, prepare a Schedule K-1 for Lance. Visit the IRS website and download Form 1065 Schedule K-1. Enter the required values in the appropri Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next Step by Step Solution
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