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I need help filing Form 1 0 6 5 ( all 4 pages ) . Could someone help fill it out accordingly? Jim Smith, a
I need help filing Form all pages Could someone help fill it out accordingly?
Jim Smith, a client of yours, has asked you to prepare the tax return for the current year for BJS LLC of which he is a member. This is the first year of operations for BJS LLC
Jim has contributed cash in the amount of $
In addition, Betsy Smith, Jims daughter, has contributed cash in the amount of $
Sandco Industries, Inc., a Ccorporation, decided to become a member of BJS LLC by contributing its land in Texas, which has a basis of $ and a fairmarket value of $
The Johnson Neuman Trust contributed cash to BJS LLC in the amount of $
A CCorporation named Tiger, Inc. contributed $ cash.
The Articles of Incorporation for BJS LLC states that profit and loss will be in proportion to the capital contribution.
Financial data for BJS LLC for the current tax year is as follows:
Gross Income from operations:
$
Payroll expenses:
$
Rent expense:
$
BJS LLC also purchased a company vehicle for $ using cash on XX most recent year end
Address and other relevant information:
BJS LLC
Anywhere Street,
Midtown, TX
EIN:
Date Business started: XX years ago
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