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I'm a Massachusetts college student. The TimpRiders LP has operated a motorcycle dealership for a number of years. Amir is the limited partner, Francesca is
I'm a Massachusetts college student.
The TimpRiders LP has operated a motorcycle dealership for a number of years. Amir is the limited partner, Francesca is the general partner, and they share capltal 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, Amir and Francesca had basis of $10,000 and $3,000, respectlvely, and the partnership did not have any liabillties. During the current year, the partnership reported the following results from operations: On the last day of the year, the partnership distributed $3,000 each to Amir and Francesca. Using the information provided, prepare TimpRiders' page 1 and Schedule K to be included with its Form 1065 for the current year. so, prepare a Schedule K-1 for Amir and Francesca. te: Use 2022 tax rules regardless of year on tax form. Losses should be entered as negative numbers and input all other values positive numbers. Chack thin bee if lian K ircicien labil ty atounta fom lower tier L Furtnar a capta wocourt ardyain: Aepining caplal asocurt Cupial nerthaded tueng the yeur GuTert yeur nat -oata fean) Other mevans (secramei) Cattuchaesin-mic-1 Wichwran s clatrausant Ericing captal wocourtStep by Step Solution
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