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I need to partnership tax returns (1065, K-1, and 1120S) Partnership Tax Return Problem I Christy Albright and Dan Ralls formed the Charter Company on
I need to partnership tax returns (1065, K-1, and 1120S)
Partnership Tax Return Problem I Christy Albright and Dan Ralls formed the Charter Company on 11/30/2008, and chose a tax year ending on 11/30. Charter was formed to operate a restaurant (at 7848 Pesca Dr., San Francisco, CA, 94123) and rent out some space in the restaurant building. Charter elected to be taxed as a partnership, and the income statement for the year ending 11/30/2013 is as follows: Sales COGS Tax-exempt interest Interest income Dividend income from domestic corporations Nonqualified dividend income from foreign corporations Gain on sale of equipment Depreciation Repairs and maintenance Rent expense Salaries to nonpartners Salaries to partners Income from real estate rentals Expenses from real estate rentals (includes $10,000 of book depreciation) Gain on sale of stock (heldStep by Step Solution
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