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 $$1,500,000.$

In addition, Betsy Smith, Jim$$s daughter, has contributed cash in the amount of $$1,200,000.$

Sandco Industries, Inc., a C$-$corporation, decided to become a member of BJS$,$ LLC by contributing its land in Texas, which has a basis of $$1,250,000$ and a fair$-$market value of $$1,300,000.$

The Johnson Neuman Trust contributed cash to BJS$,$ LLC in the amount of $$700,000.$

A C$-$Corporation named Tiger, Inc. contributed $$500,000$ 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:

$$755,000$

Payroll expenses:

$$55,000$

Rent expense:

$$150,000$

BJS$,$ LLC also purchased a company vehicle for $$45,000$ using cash on $12/31/20$XX $($most recent year end$).$

Address and other relevant information:

BJS$,$ LLC$.$

$123$ Anywhere Street,

Midtown, TX $77777$

EIN: $88-888888$

Date Business started: $1/1/20$XX $(5$ years ago$).$

Tasks:

Download a current Form $1065$ from the IRS Website. You can review the instructions to these forms at www$.$irs.gov. Applicable Internal Revenue code sections and treasury regulations can be researched at www$.$taxalmanac.com.

You are required to complete Form $1065$ for the current tax year $($pages $14)$ for BJS$,$ LLC$.$

PLease list and label answers from pages shown of form $1065$ pages $1-4!$ Label letters and numbers with answers and any possible calculations with work shown. Thank you!