On January 1, 2005, Jerry Johnson and Steve Stillwell formed a general partnership under the name Arlington Building Supply (ABS). . ABS is located at 2174 Progress Avenue, Arlington, IL 6131.2 . ABS's Employer Identification Number is 91-3567890 . ABS's business activity is retail construction. Its business activity code is 444190 . Both general partners are active in the management of ABS o Jerry Johnson's Social Security is 500-23-4976. His address is 31 West Oak Drive, Arlington, IL 61312 Steve Stillwell's Social Security is 374-68-3842. His address is 947 East Linder Street, Arlington, IL 61312 o ABS uses the accrual method of accounting and has a calendar year-end. . Stillwell should be designated the Tax Matters Partner Notes 1. The partnership maintains its books according to the S704(b) regulations. Under this method of accounting. 2. The partners' percentage ownership of original capital is 30 percent for Johnson and 70 percent for Stillwell. 3. Johnson is expected to devote all of his time to the business, while Stillwell will devote approximately 7:5 all book and tax numbers are the same except life insurance premiums and tax-exempt interest. They agree that profits and losses will be shared according to this same ratio. Any additional capital contributions and withdrawals must be made in these same ratios. percent of his. For their services to the company, the partners will receive the following annual guaranteed payments: a. Johnson, $28,000 b. Stillwell, $21,000 4. Information on the depreciable assets and land is provided in the table below. The partnership intends to immediately expense the new equipment purchase under $179 Asset Schedule selling price 10,000 prior date acquired date sold description Truck Equipment A Equipment B Equipment C Building Land A Land B depreciation life cost 20,000 April 1, 2014 June 1, 2013 May 1, 2013 September 1, 2017 January 15, 2005 January 15, 2005 September 30, 2017 4,240 5 20,626 7 September 1, 2017 7,500 23,378 7 April 1, 2017 34.000 32,000 120,000 36,800 39 20,000 70,000 On January 1, 2005, Jerry Johnson and Steve Stillwell formed a general partnership under the name Arlington Building Supply (ABS). . ABS is located at 2174 Progress Avenue, Arlington, IL 6131.2 . ABS's Employer Identification Number is 91-3567890 . ABS's business activity is retail construction. Its business activity code is 444190 . Both general partners are active in the management of ABS o Jerry Johnson's Social Security is 500-23-4976. His address is 31 West Oak Drive, Arlington, IL 61312 Steve Stillwell's Social Security is 374-68-3842. His address is 947 East Linder Street, Arlington, IL 61312 o ABS uses the accrual method of accounting and has a calendar year-end. . Stillwell should be designated the Tax Matters Partner Notes 1. The partnership maintains its books according to the S704(b) regulations. Under this method of accounting. 2. The partners' percentage ownership of original capital is 30 percent for Johnson and 70 percent for Stillwell. 3. Johnson is expected to devote all of his time to the business, while Stillwell will devote approximately 7:5 all book and tax numbers are the same except life insurance premiums and tax-exempt interest. They agree that profits and losses will be shared according to this same ratio. Any additional capital contributions and withdrawals must be made in these same ratios. percent of his. For their services to the company, the partners will receive the following annual guaranteed payments: a. Johnson, $28,000 b. Stillwell, $21,000 4. Information on the depreciable assets and land is provided in the table below. The partnership intends to immediately expense the new equipment purchase under $179 Asset Schedule selling price 10,000 prior date acquired date sold description Truck Equipment A Equipment B Equipment C Building Land A Land B depreciation life cost 20,000 April 1, 2014 June 1, 2013 May 1, 2013 September 1, 2017 January 15, 2005 January 15, 2005 September 30, 2017 4,240 5 20,626 7 September 1, 2017 7,500 23,378 7 April 1, 2017 34.000 32,000 120,000 36,800 39 20,000 70,000
