Question
Pass Through Assignment To complete this assignment, read the information below and then complete the 2017 partnership tax return (form 1065) including the K-1s, and
Pass Through Assignment
To complete this assignment, read the information below and then complete the 2017 partnership tax return (form 1065) including the K-1s, and both individuals 2018 1040 by hand.
Scenario
Craft Beer Brewing Partnership
Revenues | 681,000 |
Office Rent | 28,000 |
COGS | 198,000 |
Salaries | 238,000 |
ST Gain on Sale of Stock | 100,000 |
LT Loss on Sale of Stock | 500,000 |
Contributions to Charities | 60,000 |
Investment Expenses | 6,000 |
Friends Dan and Lisa are each partners in the beer brewing partnership above.
Dan owns 3%
Lisa owns 6%
Additional Information about Dan (not including partnership info)
Married, 1 child
Wages from job = $18,000
Wages from wifes job = $31,000
Additional Information about Lisa (not including partnership info)
Single, no children
Wages from job = 130,000
Sold stock held LT at a gain of 25,000
Paid state taxes of 8,900
Paid qualified mortgage interest of 10,000
Questions to complete:
1065, page 1
Line 1:
Line 3:
Line 8:
Line 21:
Line 22:
1065, page 4 (Schedule K)
Line 1:
Line 8:
Line 13a:
Line 13b:
Line 16b:
Line 18a:
Line 20b:
Dans Schedule K-1, Part III
Line 1:
Line 8:
Line 18a:
Lisas K-1
Line 1:
Line 13a:
Line 13k:
Line 20b:
Dans 1040
Line 1:
Line 2b:
Line 6:
Line 7:
Line 8:
Line 9:
Line 10:
Schedule 1, Line 17:
Lisas 1040
Line 6:
Line 7:
Line 8:
Line 9:
Line 10:
Schedule 1, Line 13:
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