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Igor Schmitt (876-88-8765), Zoey Taos (764-77-7564), Peter Angelo (548-55-5432) and Pippi Rodriguez (445-44-4321) are equal and active members in STAR Advertising, LLC. STAR's business is to create, develop and implement marketing and advertising campaigns for its small business clients. STAR's business is located in Las Vegas, Nevada. The majority of its clients are in the gaming and related businesses. STAR's federal ID number is 987-65-4321. It uses the accrual basis method of accounting for financial statement and tax reporting purposes. STAR is a calendar-year taxpayer. It began business operations on June 30, 2006. Under the Check-The-Box Treasury Regulations STAR files as a partnership for federal income tax purposes. Its current address is 6102 Desert Street, Suite 700, Las Vegas, NV 89001. STAR had a profitable year in 2019 as a result of the significant increase in tourism in Las Vegas. The following is STAR's book income statement for 2019: Revenues Fees and commissions $4,512,000 Taxable interest income from bank deposits 1,400 Tax-exempt interest 2,200 Net gains on sales of stocks 11,300 $4,526,900 Total Revenues Expenses Employee salaries and wages Advertising and public relations Charitable contributions (cash to United Way) Depreciation expense Guaranteed payment services), Igor Schmitt, office manager Guaranteed payment (services), other members Meals - subject to 50% disallowance Entertainment Travel Legal and Professional (including accounting fees) Office rents (building) Interest expense - line-of-credit for operations Insurance premiums (property/casualty) Office expense Payroll taxes Utilities $1,090,000 425,000 20,000 165,000 600,000 375,000 165,000 35,000 320,000 132,000 120,000 12,000 48,000 150,000 92,000 49,800 Total Expenses $3,798,800 Net income $728.100 The beginning and ending balance sheets for the 2019 calendar year for STAR are as follows: Beginning Ending Cash $556,000 $ ?? Accounts receivables 350,000 550,000 Tax-exempt securities 140,000 160,000 Marketable securities 456,000 380,000 Leasehold improvements, furniture & equipment 960,000 1,040,000 Accumulated depreciation (560,000) (725,000) Total Assets $1.902.000 Accounts payables $250,000 $268,000 Line-of-credit for operations 220,000 180,000 Deferred revenue 372,000 438,000 Capital - Igor Schmitt 265,000 ?? Capital - Zoey Taos 265,000 ?? Capital - Peter Angelo 265,000 ?? Capital - Pippi Rodriguez 265,000 Total Liabilities & Capital $1902.000 ?? Depreciation In prior years, STAR has taken advantage of bonus depreciation and Sec. 179 deductions and fully remodeled the premises and upgraded its leasehold improvements. Thus, all assets placed-in-services prior to January 1, 2019 are fully depreciated for income tax purpose. This year, STAR wrapped up its remodeling with the purchase of $80,000 (placed-in-service on June 1, 2019) of office furniture and equipment. STAR would like to claim a Sec. 179 deduction for tax purposes on the additions. There is no depreciation adjustment for alternative minimum tax purposes. STAR uses various methods to compute its book depreciation. Sales of Stocks and Securities STAR invests much of its excess cash in non-dividend paying growth stocks and tax-exempt securities. During the year, the LLC sold two securities. On February 20, 2019, STAR purchased 400 shares of Slot- Tech Corporation stock for $120,000. It then sold those shares on December 28, 2019 for $80,300. On March 15, 2014, STAR purchased 1,200 shares of Research, Inc. stock for $110,000. It sold the Research shares for $161,000 on September 15, 2019. These transactions were reported on Forms 1099-B; STAR's basis in these shares was reported on the form. Deferred Revenue Beginning in 2018, STAR expanded its business to offer international advertising services. It offers the advertising services to international gaming companies. Under the contract terms, STAR receives payment for the services up-front. It then is obligated to provide the services to the contracting client over the period of the contract. STAR entered into the following international service contracts in 2016 and 2017: 1. Customer: Galaxy Exploration, Inc. 2. Contract date: August 1, 2018 3. Contract duration: 36 months 4. Prepaid revenue: $432,000 1. Customer: Smith Gaming, LLC 2. Contract date: October 1, 2019 3. Contract duration: 24 months 4. Prepaid revenue: $240,000 For financial statement purposes, STAR recognizes the revenue from these pre-paid service contracts on a monthly basis over the life of the contracts. For tax purposes, STAR elected to follow the one-year deferral treatment in IRC 451(c). See the attached tax return workpaper to assist you in determining the tax implications of the pre-paid service contracts. Guaranteed Payments and Capital Accounts Aguaranteed payment in the amount of $600,000 was paid to Igor Schmitt in exchange for services he provided to STAR. The other three members each received a guaranteed payment of $125,000 also for services provided to STAR. In addition, each member withdrew $12,000 in cash per month as distributions (draws) of operating profits. Capital accounts are maintained using GAAP. Sec. 1630) Interest Expense limitation and the Qualified Business Income Deduction STAR's gross receipts for the three previous tax years were: 2018: 2017: 2016: $4,600,000 $4,400,000 $4,000,000 You do not need to input additional information relating to the computation of the 20% Qualified Business Income deduction under Sec. 199A. Line-of-Credit for Operations The line-of-credit for operations was guaranteed by all the members (recourse). All other liabilities were not guaranteed by the members (nonrecourse). The members share equally in all liabilities; the same as their profit, loss and capital interests. Miscellaneous All members are material participants in the business activities of STAR. None of the members sold any portion of their interests in STAR in 2020. There were no distributions of noncash property or interest in the LLC. None of the members contributed cash or other property to the LLC during the year. The LLC never has participated in a like-kind exchange. All members are U.S. citizens who are unrelated to one another. The LLC does not own more than 20% (directly or indirectly) of any other entity. STAR had no foreign operations, and no legal interest in any foreign trusts. STAR is not publicly traded. The IRS's business activity and code are "Advertising and Related Services," 541800. Igor is the Designated Partner Representative. STAR files its tax return in Ogden, Utah, IRS Service Center. Igor's home address is 520 W. Moon Glow Street, Henderson, NV 89055. The home addresses for the other members are: Zoey Taos, 123 First Street, Las Vegas, NV. 89002 Peter Angelo, 456 Second Street, Las Vegas, NV 89002 Pippi Rodriguez, 789 Third Street, Henderson, NV. 89045 . . Igor Schmitt (876-88-8765), Zoey Taos (764-77-7564), Peter Angelo (548-55-5432) and Pippi Rodriguez (445-44-4321) are equal and active members in STAR Advertising, LLC. STAR's business is to create, develop and implement marketing and advertising campaigns for its small business clients. STAR's business is located in Las Vegas, Nevada. The majority of its clients are in the gaming and related businesses. STAR's federal ID number is 987-65-4321. It uses the accrual basis method of accounting for financial statement and tax reporting purposes. STAR is a calendar-year taxpayer. It began business operations on June 30, 2006. Under the Check-The-Box Treasury Regulations STAR files as a partnership for federal income tax purposes. Its current address is 6102 Desert Street, Suite 700, Las Vegas, NV 89001. STAR had a profitable year in 2019 as a result of the significant increase in tourism in Las Vegas. The following is STAR's book income statement for 2019: Revenues Fees and commissions $4,512,000 Taxable interest income from bank deposits 1,400 Tax-exempt interest 2,200 Net gains on sales of stocks 11,300 $4,526,900 Total Revenues Expenses Employee salaries and wages Advertising and public relations Charitable contributions (cash to United Way) Depreciation expense Guaranteed payment services), Igor Schmitt, office manager Guaranteed payment (services), other members Meals - subject to 50% disallowance Entertainment Travel Legal and Professional (including accounting fees) Office rents (building) Interest expense - line-of-credit for operations Insurance premiums (property/casualty) Office expense Payroll taxes Utilities $1,090,000 425,000 20,000 165,000 600,000 375,000 165,000 35,000 320,000 132,000 120,000 12,000 48,000 150,000 92,000 49,800 Total Expenses $3,798,800 Net income $728.100 The beginning and ending balance sheets for the 2019 calendar year for STAR are as follows: Beginning Ending Cash $556,000 $ ?? Accounts receivables 350,000 550,000 Tax-exempt securities 140,000 160,000 Marketable securities 456,000 380,000 Leasehold improvements, furniture & equipment 960,000 1,040,000 Accumulated depreciation (560,000) (725,000) Total Assets $1.902.000 Accounts payables $250,000 $268,000 Line-of-credit for operations 220,000 180,000 Deferred revenue 372,000 438,000 Capital - Igor Schmitt 265,000 ?? Capital - Zoey Taos 265,000 ?? Capital - Peter Angelo 265,000 ?? Capital - Pippi Rodriguez 265,000 Total Liabilities & Capital $1902.000 ?? Depreciation In prior years, STAR has taken advantage of bonus depreciation and Sec. 179 deductions and fully remodeled the premises and upgraded its leasehold improvements. Thus, all assets placed-in-services prior to January 1, 2019 are fully depreciated for income tax purpose. This year, STAR wrapped up its remodeling with the purchase of $80,000 (placed-in-service on June 1, 2019) of office furniture and equipment. STAR would like to claim a Sec. 179 deduction for tax purposes on the additions. There is no depreciation adjustment for alternative minimum tax purposes. STAR uses various methods to compute its book depreciation. Sales of Stocks and Securities STAR invests much of its excess cash in non-dividend paying growth stocks and tax-exempt securities. During the year, the LLC sold two securities. On February 20, 2019, STAR purchased 400 shares of Slot- Tech Corporation stock for $120,000. It then sold those shares on December 28, 2019 for $80,300. On March 15, 2014, STAR purchased 1,200 shares of Research, Inc. stock for $110,000. It sold the Research shares for $161,000 on September 15, 2019. These transactions were reported on Forms 1099-B; STAR's basis in these shares was reported on the form. Deferred Revenue Beginning in 2018, STAR expanded its business to offer international advertising services. It offers the advertising services to international gaming companies. Under the contract terms, STAR receives payment for the services up-front. It then is obligated to provide the services to the contracting client over the period of the contract. STAR entered into the following international service contracts in 2016 and 2017: 1. Customer: Galaxy Exploration, Inc. 2. Contract date: August 1, 2018 3. Contract duration: 36 months 4. Prepaid revenue: $432,000 1. Customer: Smith Gaming, LLC 2. Contract date: October 1, 2019 3. Contract duration: 24 months 4. Prepaid revenue: $240,000 For financial statement purposes, STAR recognizes the revenue from these pre-paid service contracts on a monthly basis over the life of the contracts. For tax purposes, STAR elected to follow the one-year deferral treatment in IRC 451(c). See the attached tax return workpaper to assist you in determining the tax implications of the pre-paid service contracts. Guaranteed Payments and Capital Accounts Aguaranteed payment in the amount of $600,000 was paid to Igor Schmitt in exchange for services he provided to STAR. The other three members each received a guaranteed payment of $125,000 also for services provided to STAR. In addition, each member withdrew $12,000 in cash per month as distributions (draws) of operating profits. Capital accounts are maintained using GAAP. Sec. 1630) Interest Expense limitation and the Qualified Business Income Deduction STAR's gross receipts for the three previous tax years were: 2018: 2017: 2016: $4,600,000 $4,400,000 $4,000,000 You do not need to input additional information relating to the computation of the 20% Qualified Business Income deduction under Sec. 199A. Line-of-Credit for Operations The line-of-credit for operations was guaranteed by all the members (recourse). All other liabilities were not guaranteed by the members (nonrecourse). The members share equally in all liabilities; the same as their profit, loss and capital interests. Miscellaneous All members are material participants in the business activities of STAR. None of the members sold any portion of their interests in STAR in 2020. There were no distributions of noncash property or interest in the LLC. None of the members contributed cash or other property to the LLC during the year. The LLC never has participated in a like-kind exchange. All members are U.S. citizens who are unrelated to one another. The LLC does not own more than 20% (directly or indirectly) of any other entity. STAR had no foreign operations, and no legal interest in any foreign trusts. STAR is not publicly traded. The IRS's business activity and code are "Advertising and Related Services," 541800. Igor is the Designated Partner Representative. STAR files its tax return in Ogden, Utah, IRS Service Center. Igor's home address is 520 W. Moon Glow Street, Henderson, NV 89055. The home addresses for the other members are: Zoey Taos, 123 First Street, Las Vegas, NV. 89002 Peter Angelo, 456 Second Street, Las Vegas, NV 89002 Pippi Rodriguez, 789 Third Street, Henderson, NV. 89045