On May $1,1989,$ Brendan McLeod and Duncan Ryan formed Angler Associates, a

general partnership, to sell fishing tackle. Pertinent information regarding Angler is

summarized as follows:

$$ The business address is $3027$ Woodland Ridge Blvd$.,$ Baton Rouge, Louisiana $70816.$

$$ The employer identification number is $75-3392543$; the principal business activity

code is $451110.$ The filing center is Memphis, Tennessee

$$ Brendan and Duncan each own one$-$half interest of the partnership; they share equally

in profits, losses and ownership of capital. Brendan is the designated representative

of the partnership. Both work full$-$time, and each receive a guaranteed payment of

$$245,095,$ a regular draw to cover estimated tax payments of $$22,921,$ and a year$-$end

distribution of $$69,505.$ Brendan$$s Social Security number is $145-26-2593.$

Duncan$$s Social Security number is $287-43-4945.$

$$ The partnership uses the accrual method of accounting and reports on a calendar

basis. Inventories are determined by using the lower of cost or market method. For

book purposes, the straight$-$line method of depreciation is used.

$$ MACRS depreciation was $$378,026$ for the year.

Selected portions of Angler$$s profit and loss statement of $2023$ reflect the following

debits and credits:

Account Debit Credit

Gross sales $ $3,658,127$

Sales returns and allowances $ $139,009$

Cost of goods sold $2,044,893$

Dividends received from stock investments in

less than $20\%$ owned U$.$S$.$ corporations $226,804$

Interest income

State bonds $43,898$

Certificates of deposit $25,607$

Premiums on term life insurance

policies on the lives of Brendan

and Duncan; Angler Corporation

is the designated beneficiary $29,265$

Guaranteed payments $490,189$

Salaries$-$clerical and sales $395,078$

Taxes $($state$,$ local, and payroll$)51,214$

Repairs $25,607$

Interest expense $21,949$

Donations to DNC $10,974$

Advertising $7,316$

Rental Expense $40,239$

Depreciation $99,682$

A comparative balance sheet $($TAX basis$)$ for Angler Associates reveals the following

information:

Assets December $31,2022$ December $31,2023$

Cash $$480,000$ $$101,714$

Trade notes and accounts receivable $808,2001,097,438$

Inventories $600,0001,005,985$

Certificates of Deposit $130,000130,000$

State bonds $170,000170,000$

Buildings and other depreciable assets $240,000498,408$

Accumulated depreciation $(88,800)(466,826)$

Land $20,00020,000$

Other assets $3,6001,000$

Total assets $$2,363,000$ $$2,557,719$

Liabilities and Equity

Accounts payable $$340,000$ $$329,231$

Other current liabilities $57,86080,479$

Mortgages $220,000267,043$

Capital $-$ Brendan McLeod $872,570940,483$

Capital $-$ Duncan Ryan $872,570940,483$

Total liabilities and equity $$2,363,000$ $$2,557,719$

Net income per books is $$599,021.$ Prepare a Form $1065$ for Angler Associates

for tax year $2023.$ Also attach a Form $1125-$A$,1065$ Schedule B$-1$ and Schedule K$-1$s$.$