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I need this tax return completed as I would like to check my work for accuracy. Also please include in a word document your book-to-tax
I need this tax return completed as I would like to check my work for accuracy. Also please include in a word document your book-to-tax amounts that are included or excluded to derive at the book net income. Also please list your amounts for the partnership ordinary income. Thank you.
Partnership (Form 1065) Rick Smith, Bill Thomas, Diane Asche, and Jill Renteria are owners in \"STAR, LLC\" - a limited liability company engaged in event planning services. Pertinent information regarding STAR is summarized below. Social security numbers are as follows; Rick - 648-98-4321; Bill - 48663-4297; Diane - 855-21-1750; and Jill - 896-49-2341. Rick is the President of the company. The address of the company is 2835 Bay View Drive, Durham, NC 27705. The company was formed and began operations on January 1, 2011. The business code is 561900. The federal identification number is 67-1234576 The company uses the cash method of accounting and the calendar year for reporting. The company claimed $8,119 depreciation for book purposes, but $14,919 for tax purposes (under a MACRS methodology). Assume none of the depreciation creates a tax preference or adjustment for AMT purposes. The company is NOT a personal holding company. All loan borrowings were used exclusively for acquisition of equipment, consequently, all interest is considered business interest. No compensation was paid to Thomas, Asche, or Renteria, but each of these three owners withdrew $50,000 as a distribution of operating profits. Smith withdrew $100,000 as a distribution of operating profits. There was no distribution of any non-cash property. The equipment loan is nonrecourse debt to the owners. Ownership in the company is as follows: Smith - 40%; Thomas - 20%; Asche - 20%; Renteria - 20%. All initial equity contributions by the partners were made pro-rata to their ownership percentages. None of the shareholders sold any portion of their ownership interests during the year. The company has no available tax credits and is not subject to AMT. The company's operations are entirely restricted to the local geographic area in North Carolina. All owners are U.S. citizens. The company had no foreign operations, no foreign bank accounts, and no interest in any foreign trusts or other corporations. The company is not publicly traded. The company is not subject to the consolidated audit procedures. The company files its return in Cincinnati, OH. Rick Smith lives at 2275 Knowles Ct., Durham, NC 27701, Bill Thomas lives at 4942 Richland Dr., Durham, NC 27702; Diane Asche lives at 132 Coastal Rd., Durham, NC 27704; and Jill Renteria lives at 5500 Rocker Ave., Raleigh, NC 27605. The company's marketable securities represent small investments (Step by Step Solution
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