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Tax Return Problem 9: Partnership Instructions: Please complete AAA Fast Plumbing's 2018 tax return based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Ignore all AMT calculations and AMT related reporting items. Ara faci plumbe Michael Rodriguez and Devontae Johnson have been life-long friends. Both Michael and Devontae started to work for the same national plumbing repair company immediately after graduating from technical college. After nearly a decade of working for that same company, Michael and Devontae decided to venture out on their own and form their own plumbing company called AAA Fast Plumbing Repair (AAA). They formed AAA as a limited liability company (LLC). Michael and Devontae each own 50% of the company. The company has been successful primarily based upon reputation and the fact that AAA is available 24 hours a day, seven days a week. Although AAA charges a premium for after normal business hour calls, most of its competitors will not perform services past 9 p.m. and, thus, AAA finds itself often as one of the only available choices for middle of the night emergencies. K AAA has severinas been able to expand its service are i ons to aid in its call dispatch AAA has several employees and because of implementing technology solutions to aid in its call dispatch program, AAA has been able to expand its service area to now include a three-county area instead of just one. Information relating to AAA and its owners is as follows: owners is as follows Name of Company: Address: AAA Fast Plumbing Repair, LLC 1456 East Buena Vista Blvd. Los Angeles, CA 90001 (has not changed since inception) January 1, 2010 Cash January 1, 2010 0001 (has not che Company formed and started: Accounting Method: Tax-year end: Employer identification Number: December 31 34-1234567 Members' Information: Michael Rodriguez 1515 West Bloomington Street Los Angeles, CA 90001 SSN-585-31-6060 Phone: 555-234-8745 Profit/Loss/Capital membership interest is Devontae Johnson 19 East Violet Circle Los Angeles, CA 90001 SSN: 397-29-9239 Phone: 555-213-0989 Financial Statements: Balance Sheet Assets: 12/31/17 Cash Tax-exempt Securities Building Less: Acc. Depreciation Equipment Less: Acc. Depreciation Land $ 30,000 100,000 4,000,000 (551,282) 2,500,000 (1,481,400) 1,000,000 $ 45,000 100,000 4,000,000 (653,842) 3,250,000 (2,138,800 1,000,000 Total Assets: $5,597,318 $5,602,358 Liabilities and Capital: Note Payable-First National Bank Note Payable-Michael Rodriguez Note Payable-Devontae Johnson $4,267,318 300,000 200,000 $4,046,673 300,000 200,000 Capital Account-MR Capital Account-DJ 415,000 415,000 527,842.50 527.842.50 Total Liabilities and Capital: $5,597,318 $5,602,358 Income Statement for the year ending December 31, 2018 Item Amount Income: Service Revenue-Cash Service Revenue-Credit Cards Consulting Revenue-Cash Consulting Revenue-Credit Cards $ 343,565 $1,922,710 $ 50,950 $ 155,005 Interest Income First National Bank Municipal Bond Interest Income $ $ 1,540 2,500 Total Income: $2,476,270 Expenses: Employee Salaries Guaranteed payment-MR Guaranteed payment-DJ Repairs and Maintenance-Trucks Rent Payroll Taxes Licensing Fees Property Taxes Interest Expense Depreciation Office Supplies Employee Training Advertising Plumbing supplies Meals (prior to disallowance) Travel Gasoline Utilities Telephone $ 515,735 $ 50,000 $ 50,000 $ 113,415 $ 35,000 $ 41,260 $ 1,750 $ 77,000 $ 235,000 $ 759,960 $ 3,420 5,675 $ 18,850 $ 15,125 $ 13,740 $ 4,210 $ 158,675 24,940 $ 16,830 Total Expenses: $2,140,585 Net Income: $ 335,685 Tax Return Problem 9: Partnership Instructions: Please complete AAA Fast Plumbing's 2018 tax return based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Ignore all AMT calculations and AMT related reporting items. Ara faci plumbe Michael Rodriguez and Devontae Johnson have been life-long friends. Both Michael and Devontae started to work for the same national plumbing repair company immediately after graduating from technical college. After nearly a decade of working for that same company, Michael and Devontae decided to venture out on their own and form their own plumbing company called AAA Fast Plumbing Repair (AAA). They formed AAA as a limited liability company (LLC). Michael and Devontae each own 50% of the company. The company has been successful primarily based upon reputation and the fact that AAA is available 24 hours a day, seven days a week. Although AAA charges a premium for after normal business hour calls, most of its competitors will not perform services past 9 p.m. and, thus, AAA finds itself often as one of the only available choices for middle of the night emergencies. K AAA has severinas been able to expand its service are i ons to aid in its call dispatch AAA has several employees and because of implementing technology solutions to aid in its call dispatch program, AAA has been able to expand its service area to now include a three-county area instead of just one. Information relating to AAA and its owners is as follows: owners is as follows Name of Company: Address: AAA Fast Plumbing Repair, LLC 1456 East Buena Vista Blvd. Los Angeles, CA 90001 (has not changed since inception) January 1, 2010 Cash January 1, 2010 0001 (has not che Company formed and started: Accounting Method: Tax-year end: Employer identification Number: December 31 34-1234567 Members' Information: Michael Rodriguez 1515 West Bloomington Street Los Angeles, CA 90001 SSN-585-31-6060 Phone: 555-234-8745 Profit/Loss/Capital membership interest is Devontae Johnson 19 East Violet Circle Los Angeles, CA 90001 SSN: 397-29-9239 Phone: 555-213-0989 Financial Statements: Balance Sheet Assets: 12/31/17 Cash Tax-exempt Securities Building Less: Acc. Depreciation Equipment Less: Acc. Depreciation Land $ 30,000 100,000 4,000,000 (551,282) 2,500,000 (1,481,400) 1,000,000 $ 45,000 100,000 4,000,000 (653,842) 3,250,000 (2,138,800 1,000,000 Total Assets: $5,597,318 $5,602,358 Liabilities and Capital: Note Payable-First National Bank Note Payable-Michael Rodriguez Note Payable-Devontae Johnson $4,267,318 300,000 200,000 $4,046,673 300,000 200,000 Capital Account-MR Capital Account-DJ 415,000 415,000 527,842.50 527.842.50 Total Liabilities and Capital: $5,597,318 $5,602,358 Income Statement for the year ending December 31, 2018 Item Amount Income: Service Revenue-Cash Service Revenue-Credit Cards Consulting Revenue-Cash Consulting Revenue-Credit Cards $ 343,565 $1,922,710 $ 50,950 $ 155,005 Interest Income First National Bank Municipal Bond Interest Income $ $ 1,540 2,500 Total Income: $2,476,270 Expenses: Employee Salaries Guaranteed payment-MR Guaranteed payment-DJ Repairs and Maintenance-Trucks Rent Payroll Taxes Licensing Fees Property Taxes Interest Expense Depreciation Office Supplies Employee Training Advertising Plumbing supplies Meals (prior to disallowance) Travel Gasoline Utilities Telephone $ 515,735 $ 50,000 $ 50,000 $ 113,415 $ 35,000 $ 41,260 $ 1,750 $ 77,000 $ 235,000 $ 759,960 $ 3,420 5,675 $ 18,850 $ 15,125 $ 13,740 $ 4,210 $ 158,675 24,940 $ 16,830 Total Expenses: $2,140,585 Net Income: $ 335,685