Please complete Queen Bee Plumbing's 2021 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. Taylor Queen and Richard Bee have been life-long friends. After nearly a decade of working for that same company, Taylor and Richard decided to venture out on their own and form their own plumbing company called Queen Bee Plumbing. They formed Queen Bee as a limited liability company (LLC). Taylor and Richard each own 50% of the company. Information relating to Queen Bee and its owners is as follows: Members' Information: Taylor Queen Richard Bee 1515 West Bloomington Street 19 East Violet Circle Los Angeles, CA 90001 Los Angeles, CA 90001 SSN-585-31-4060 SSN: 585316060 Phone: 5552348745 Phone: 5552130989 Profit/Loss/Capital membership interest is 50%. Profit/Loss/Capital membership interest is 50%. Other information: For any 'yes' or 'no' questions on Schedule B, assume the answer is 'no' unless explicitly stated in the facts below. For any 'yes' or 'no' questions on Schedule B, assume the answer is 'no' unless explicitly stated in the facts below. - Queen Bee is a domestic limited liability company. - Taylor and Richard are U.S. citizens and are not related, each owning 50% of the LLC. - Both Taylor and Richard are managing members. - All of Queen Bee's activities constitute a qualified trade or business, and the salaries and wages expense from the income statement is the same as W-2 wages paid by Queen Bee in 2021. The total unadjusted basis for all assets placed in service for the prior 10 years matches the cost of all assets reported on the balance sheet. Taylor is the Partnership Representative. Both Taylor and Richard are active in the business and work full-time for Queen Bee. Queen Bee does not maintain any inventory. The debt owed to First National Bank is a non-recourse obligation and neither Tayor nor Richard have guaranteed its repayment (see balance sheet below). This debt is not directly tied to any specific asset but is rather a debt secured against all of the assets of the company (i.e. qualified nonrecourse debt). During the year, Taylor and Richard each contributed $20,000 to the capital of Queen Bee. During the year, Taylor and Richard each received a $60,000 distribution from Queen Bee. MACRS tax depreciation calculated on the form 4562 (not required for completion) is $95,000. Guaranteed payment-Bee Guaranteed payment-Queen Insurance Expense Interest Expense Meals Office Supplies Payroll Taxes Penalties \& Fines Plumbing supplies Property Taxes Rent Salaries and Wages Telephone Travel (no entertainment or meals) Utilities Total Expenses: 40,000 60,000 75,000 43,000 14,000 3,500 45,000 2,500 15,000 50,000 35,000 300,000 16,000 4,250 15,000 $843,250 Net income: $289,000 Queen Bee Plumbing, LLC Balance Sheet December 31,2021 Assets: Cash Accounts Recelvable Supplies Tax-exempt Securities Building Less: Acc. Depreciation Equipment Less: Acc. Depreciation Land Total Assets: Liabilities and Capital: Accounts Payable Long Term Note Payable-First National Bank Capital Account-TQ Capital Account-RB Total Liabilities and Capital: \begin{tabular}{c|r} 70,000 & 45,000 \\ 280,000 & 250,000 \\ 170,000 & 274,500 \\ 170,000 & 274,500 \\ \hline 690,000 & 844,000 \end{tabular} Fom 1065 U.S. Return of Partnership Income I Number of Schedules K1. Attach one for esch person who was a partiner at any time during the tax yoar s J Check if Schedules C and M3 are attached Caution: Include only trade or business income and expenses on lines 1 a through 22 below. See instructions for more information. 1a Gross receipts or sales . b Returns and allowances c Balance. Subtract line 1b from line 1a. E 2 Cost of goods sold (attach Form 1125-A) Gross profit. Subtract line 2 from line 10 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) Net farm profit (loss) (attach Schedule F (Form 1040)) Not gain (fss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (loss) (attach statement) Total income (loss). Combine lines 3 through 7 Salaries and wages (other than to partners) (less employment credits) Guaranteod payments to partners Repairs and maintenance. 10 Guaranteed payments to partners 11 Repairs and maintenance. 12 Bad debts. 13 Rent : 14 Taxes and licenses 15 Interest (see instructions) . 16 a Depreciation (if required, attach Form 4562). b Less depreciation reported on Form 1125-A and elsewhere on return 17 Depletion (Do not deduct oil and gas depletion.) 18 Retirement plans, etc. 19 Employee benefit programs 20 Other deductions (attach statement) . 21 Total deductions. Add the amounts shown in the far right column for lines 9 through 20 22 Ordinary business income (loss). Subtract line 21 from line 8 \begin{tabular}{|c|c} \hline 10 & \\ \hline 11 & \\ \hline 12 & \\ \hline 13 & \\ \hline 14 & \\ \hline 15 & \\ \hline & \\ \hline 16c & \\ \hline 17 & \\ \hline 18 & \\ \hline 19 & \\ \hline 20 & \\ \hline 21 & \\ \hline 22 & \\ \hline 23 & \\ \hline 24 & \\ \hline 25 & \\ \hline 26 & \\ \hline 27 & \\ \hline 28 & \\ \hline 29 & \\ \hline 30 & \\ \hline \end{tabular} Sign which preparer has any knowledge. cDomesticlimitedliabilitycomparyeForeignpartnershipdDomestiolimitedliabilitypartnershipfOther exempt organization, or any foreign government own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. If "Yes," attach Schedule B-1, Information on Partners Owning 50% or More of the Partnership. b Did any individual or estate own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. If "Yes," attach Schedule B-1, Information on Partners Owning 50% or More of the Partnership 3 At the end of the tax year, did the partnership: a Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation? For rules of constructive ownership, see instructions. If "Yes." comnlete i throunh fivi helow b Own directly an,interest of 20% or more, or own, directly or indirectly, an interest of 50% of more in the profit, loss, or capital in any foreign or domestic partnership (including-an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions, If "Yes, "complete (0) through (v) below . 4 Does the partnership satisfy all four of the following conditions? a The partnership's total receipts for the tax year were less than $250,000. b The partnership's total assets at the end of the tax year were less than $1 million. c Schedules K1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return. d The partnership is not fling and is not required to file Schedule M-3 If "Yes," the partnership is not required to complete Schedules L, M-1, and M-2; item F on page 1 of Form 1065; or item L on Schedule K-1. 5 Is this partnership a publicly traded partnership, as defined in section 469(k) (2)? 6 During the tax year, did the partnership have any debt that was canceled, was forgiven, or had the terms modified so as to reduce the principal amount of the debt? 7 Has this partnership filed, or is it required to file. Form 8918, Material Advisor Disclosure Statement, to provide information on any reportable transaction? 8 At any time during calendar year 2021, did the partnership have an interest in or a signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial account)? See instructions for exceptions and fling requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes," enter the name of the foreign country 9 At any time during the tax year, did the partnership receive a distribution from, or was it the grantor of, or transferor to. a foreign trust? if "Yes," the partnership may have to file Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. See instructions 10a is the partnership making, or had it previously made (and not revoked), a section 754 election? See instructions for details regarding a section 754 election. b Did the partnership make for this tax year an optional basis adjustment under section 743(b) or 734(b)? If "Yes," attach a statement showing the computation and allocation of the basis adjustment. See instructions Schedule B Other Information (continued) c Is the partnerahip required to adjust the basis of partnership assets under section 743(b) or 734(b) because of a substantial built-in loss (as defined under section 743(d)) or substantial basis reduction (as defined under section 734(d)) ? If "Yes," attach a statement showing the computation and allocation of the basis adjustment. See instructions 11 Check this box if, during the current or prior tax year, the partnership distributed ary property received in a likekind exchange or contributed such property to another entity (other than disregarded entities wholly owned by the partnership throughout the tax year) 12 At any time during the tax year, did the partnership distribute to any partnet a tenancy-in-common or other undivided interest in partnership property? 13 If the partnership is required to file Form 6858, Information Return of U.S. Persons With Respect To Foreign Disregarded Entties (FDEs) and Foreign Branches (FBs), enter the number of Forms 8858 attached. See instructions 14 Does the partnership have any foreign partners? If "Yes," enter the number of Forms as05, Foreign Partner's Information Statement of Section 1446 Withholding Tax, fled for this partnerahip. 15 Enter the number of Forms 8805, Return of U.S. Persons With Respect to Ceriain Foreign Partherships, attached to this retum 16a Did you make any payments in 2021 that would require you to file Form(s) 10097 See instructions b If "Yes," did you or will you tle required Form(0) 1099 ? 17 Enter the number of Forms 5471, Information Roturn of U.S. Persons With Respect To Certain Foreign Corporations, attached to this retum 18 Enter the number of partners that are foreign governments under section 892 19 During the partnership's tax year, did the partnership make any payments that would require it to file Forms 1042 and 1042.5 under chapter 3 (sections 1441 through 1464 ) or chapter 4 (sections 1471 through 1474 ? 20 Was the partnership a specified domestic entity requied to file Form 8938 for the tax year? See the Instructions for form 8938 21 is the partnership a section 721(c) partnership, as defined in Regulations section 1.721(cc1(b)(14) ? 22 During the tax year, did the partnership pay or accrue any interest or royalty for which one or more partiners are not allowed a deduction under section 267A ? See instructions If "Yes," enter the total amount of the disallowed deductions. 23 Did the partnership have an election under section 1630) for any real property trade or businoss or any farming business in effect during the tax year? See instructions. 24 Does the partinership satisty one or more of the following? See instructions a The partnership owns a pass-through entity with current, or prior year carryovor, excess business interent expense. If "Yes," enter the total amount of the disallowed deductions . 23 Did the partnership have an election under section 163(i) for any real property trade or business or any farming business in effect during the tax year? See instructions. 24 Does the partnership satisty one or more of the following? See instructions a The partnership owns a pass-through entity with current, or prior year carryover, excess business interest expense. b The partnership's aggregate average annual gross receipts (determined under section 448(c) f) for the 3 tax years preceding the current tax year are more than $26 million and the partnership has business interest. c. The partnership is a tax shelter (see inatructions) and the partnership has business interest expense. If "Yes" to any, complete and attach Form 8990 . 25 is the partnership attaching Form 8996 to certify as a Qualified Opportunity Fund? If "Yes," enter the amount from Form 8996 , line 15 ..... $ 26 Enter the number of foreign partners subject to section 864(c)(8) as a result of transferring all or a portion of an interest in the partnership or of receiving a distribution from the partnership Complete Schedule K-3 (Form 1065). Part XIIl, for esch foreign partner subject to section Bs4(c) 8 ) on a transfer or distribution. 27 At any time during the tax year, were there any transfers between the partnership and its partners subject to the disclosure requirements of Regulations section 1.707-8? 28 Since December 22, 2017, did a foreign corporation directly or indirectly acquire substantially all of the properties constituting a trade or business of your partnership, and was the ownership percentage (by vote or value) for purposes of section 7874 greater than 50% (for example, the partners held more than 50% of the stock of the foreign corporation)? If "Yes," list the ownership percentage by vote and by value. See instructions. Percentage: 29 Is the partnership electing out of the centralized partnership audit regime under section 6221(b) ? See instructions. If "No." complete Designation of Partnership Representative below. Designation of Partnership Representative (see instructions) Enter below the information for the partnership representative (PR) for the tax year covered by this return. Name of PA - U.5. addiess of PR U.S. phone number of PP II the PA is an entity, name of the dessignated individual for the PA. US address of U.3. phone number of dosiznated inglidetial designated indevidual Analysis of Net Income (Loss) 1 Net income (loss). Combine Schedule K, lines 1 through 11. From the result, subtract the sum of Schedule K, lines 12 through 13d, and 21 2 Analysis by partner type: a General partners b Limited partners \begin{tabular}{l} Schedule L. Balance Sheets per Boo \\ \hline Assets \\ 1 Cash \\ 2a Trade notes and accounts receivable. \end{tabular} b Less allowance for bad debts 3 Inventories 4 U.S. government obligations 5 Tax-exempt securities 6 Other current assets (attach statement) 7a Loans to partners (or persons related to partners) b Mortgage and real estate loans 8 Other investments (attach statement) 9a Buildings and other depreciable assets b Less accumulated depreciation 10a Depletable assets b Less accumulated depletion 11 Land (net of any amortization) 12a Intangible assets (amortizable only) b Less accumulatied amortization 13 Other assets (attach statement) 14 Total assets Liabilities and Capital 15 Accounts payable 16 Mortgages, notes, bonds payable in loss than 1 year 17 Other current liabilties iattach statemnnt) Liabilities and Capital 15 Accounts payable. 16 Mortgages, notes, bonds payable in less than 1 year 17 Other current liabilities (attach statement) 18 All nonrecourse loans. 19a Loans from partners (or persons related to partners). b Mortgages, notes, bonds payable in 1 year or more 20 Other liabilities (attach statement) 21 Partners' capital accounts 22 Total liabilities and capital Schedule M-1 Reconciliation of Income (Loss) per Books With Income (Loss) per Return Note: The partnership may be required to file Schedule M-3. See instructions. Please complete Queen Bee Plumbing's 2021 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. Taylor Queen and Richard Bee have been life-long friends. After nearly a decade of working for that same company, Taylor and Richard decided to venture out on their own and form their own plumbing company called Queen Bee Plumbing. They formed Queen Bee as a limited liability company (LLC). Taylor and Richard each own 50% of the company. Information relating to Queen Bee and its owners is as follows: Members' Information: Taylor Queen Richard Bee 1515 West Bloomington Street 19 East Violet Circle Los Angeles, CA 90001 Los Angeles, CA 90001 SSN-585-31-4060 SSN: 585316060 Phone: 5552348745 Phone: 5552130989 Profit/Loss/Capital membership interest is 50%. Profit/Loss/Capital membership interest is 50%. Other information: For any 'yes' or 'no' questions on Schedule B, assume the answer is 'no' unless explicitly stated in the facts below. For any 'yes' or 'no' questions on Schedule B, assume the answer is 'no' unless explicitly stated in the facts below. - Queen Bee is a domestic limited liability company. - Taylor and Richard are U.S. citizens and are not related, each owning 50% of the LLC. - Both Taylor and Richard are managing members. - All of Queen Bee's activities constitute a qualified trade or business, and the salaries and wages expense from the income statement is the same as W-2 wages paid by Queen Bee in 2021. The total unadjusted basis for all assets placed in service for the prior 10 years matches the cost of all assets reported on the balance sheet. Taylor is the Partnership Representative. Both Taylor and Richard are active in the business and work full-time for Queen Bee. Queen Bee does not maintain any inventory. The debt owed to First National Bank is a non-recourse obligation and neither Tayor nor Richard have guaranteed its repayment (see balance sheet below). This debt is not directly tied to any specific asset but is rather a debt secured against all of the assets of the company (i.e. qualified nonrecourse debt). During the year, Taylor and Richard each contributed $20,000 to the capital of Queen Bee. During the year, Taylor and Richard each received a $60,000 distribution from Queen Bee. MACRS tax depreciation calculated on the form 4562 (not required for completion) is $95,000. Guaranteed payment-Bee Guaranteed payment-Queen Insurance Expense Interest Expense Meals Office Supplies Payroll Taxes Penalties \& Fines Plumbing supplies Property Taxes Rent Salaries and Wages Telephone Travel (no entertainment or meals) Utilities Total Expenses: 40,000 60,000 75,000 43,000 14,000 3,500 45,000 2,500 15,000 50,000 35,000 300,000 16,000 4,250 15,000 $843,250 Net income: $289,000 Queen Bee Plumbing, LLC Balance Sheet December 31,2021 Assets: Cash Accounts Recelvable Supplies Tax-exempt Securities Building Less: Acc. Depreciation Equipment Less: Acc. Depreciation Land Total Assets: Liabilities and Capital: Accounts Payable Long Term Note Payable-First National Bank Capital Account-TQ Capital Account-RB Total Liabilities and Capital: \begin{tabular}{c|r} 70,000 & 45,000 \\ 280,000 & 250,000 \\ 170,000 & 274,500 \\ 170,000 & 274,500 \\ \hline 690,000 & 844,000 \end{tabular} Fom 1065 U.S. Return of Partnership Income I Number of Schedules K1. Attach one for esch person who was a partiner at any time during the tax yoar s J Check if Schedules C and M3 are attached Caution: Include only trade or business income and expenses on lines 1 a through 22 below. See instructions for more information. 1a Gross receipts or sales . b Returns and allowances c Balance. Subtract line 1b from line 1a. E 2 Cost of goods sold (attach Form 1125-A) Gross profit. Subtract line 2 from line 10 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) Net farm profit (loss) (attach Schedule F (Form 1040)) Not gain (fss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (loss) (attach statement) Total income (loss). Combine lines 3 through 7 Salaries and wages (other than to partners) (less employment credits) Guaranteod payments to partners Repairs and maintenance. 10 Guaranteed payments to partners 11 Repairs and maintenance. 12 Bad debts. 13 Rent : 14 Taxes and licenses 15 Interest (see instructions) . 16 a Depreciation (if required, attach Form 4562). b Less depreciation reported on Form 1125-A and elsewhere on return 17 Depletion (Do not deduct oil and gas depletion.) 18 Retirement plans, etc. 19 Employee benefit programs 20 Other deductions (attach statement) . 21 Total deductions. Add the amounts shown in the far right column for lines 9 through 20 22 Ordinary business income (loss). Subtract line 21 from line 8 \begin{tabular}{|c|c} \hline 10 & \\ \hline 11 & \\ \hline 12 & \\ \hline 13 & \\ \hline 14 & \\ \hline 15 & \\ \hline & \\ \hline 16c & \\ \hline 17 & \\ \hline 18 & \\ \hline 19 & \\ \hline 20 & \\ \hline 21 & \\ \hline 22 & \\ \hline 23 & \\ \hline 24 & \\ \hline 25 & \\ \hline 26 & \\ \hline 27 & \\ \hline 28 & \\ \hline 29 & \\ \hline 30 & \\ \hline \end{tabular} Sign which preparer has any knowledge. cDomesticlimitedliabilitycomparyeForeignpartnershipdDomestiolimitedliabilitypartnershipfOther exempt organization, or any foreign government own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. If "Yes," attach Schedule B-1, Information on Partners Owning 50% or More of the Partnership. b Did any individual or estate own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. If "Yes," attach Schedule B-1, Information on Partners Owning 50% or More of the Partnership 3 At the end of the tax year, did the partnership: a Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation? For rules of constructive ownership, see instructions. If "Yes." comnlete i throunh fivi helow b Own directly an,interest of 20% or more, or own, directly or indirectly, an interest of 50% of more in the profit, loss, or capital in any foreign or domestic partnership (including-an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions, If "Yes, "complete (0) through (v) below . 4 Does the partnership satisfy all four of the following conditions? a The partnership's total receipts for the tax year were less than $250,000. b The partnership's total assets at the end of the tax year were less than $1 million. c Schedules K1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return. d The partnership is not fling and is not required to file Schedule M-3 If "Yes," the partnership is not required to complete Schedules L, M-1, and M-2; item F on page 1 of Form 1065; or item L on Schedule K-1. 5 Is this partnership a publicly traded partnership, as defined in section 469(k) (2)? 6 During the tax year, did the partnership have any debt that was canceled, was forgiven, or had the terms modified so as to reduce the principal amount of the debt? 7 Has this partnership filed, or is it required to file. Form 8918, Material Advisor Disclosure Statement, to provide information on any reportable transaction? 8 At any time during calendar year 2021, did the partnership have an interest in or a signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial account)? See instructions for exceptions and fling requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes," enter the name of the foreign country 9 At any time during the tax year, did the partnership receive a distribution from, or was it the grantor of, or transferor to. a foreign trust? if "Yes," the partnership may have to file Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. See instructions 10a is the partnership making, or had it previously made (and not revoked), a section 754 election? See instructions for details regarding a section 754 election. b Did the partnership make for this tax year an optional basis adjustment under section 743(b) or 734(b)? If "Yes," attach a statement showing the computation and allocation of the basis adjustment. See instructions Schedule B Other Information (continued) c Is the partnerahip required to adjust the basis of partnership assets under section 743(b) or 734(b) because of a substantial built-in loss (as defined under section 743(d)) or substantial basis reduction (as defined under section 734(d)) ? If "Yes," attach a statement showing the computation and allocation of the basis adjustment. See instructions 11 Check this box if, during the current or prior tax year, the partnership distributed ary property received in a likekind exchange or contributed such property to another entity (other than disregarded entities wholly owned by the partnership throughout the tax year) 12 At any time during the tax year, did the partnership distribute to any partnet a tenancy-in-common or other undivided interest in partnership property? 13 If the partnership is required to file Form 6858, Information Return of U.S. Persons With Respect To Foreign Disregarded Entties (FDEs) and Foreign Branches (FBs), enter the number of Forms 8858 attached. See instructions 14 Does the partnership have any foreign partners? If "Yes," enter the number of Forms as05, Foreign Partner's Information Statement of Section 1446 Withholding Tax, fled for this partnerahip. 15 Enter the number of Forms 8805, Return of U.S. Persons With Respect to Ceriain Foreign Partherships, attached to this retum 16a Did you make any payments in 2021 that would require you to file Form(s) 10097 See instructions b If "Yes," did you or will you tle required Form(0) 1099 ? 17 Enter the number of Forms 5471, Information Roturn of U.S. Persons With Respect To Certain Foreign Corporations, attached to this retum 18 Enter the number of partners that are foreign governments under section 892 19 During the partnership's tax year, did the partnership make any payments that would require it to file Forms 1042 and 1042.5 under chapter 3 (sections 1441 through 1464 ) or chapter 4 (sections 1471 through 1474 ? 20 Was the partnership a specified domestic entity requied to file Form 8938 for the tax year? See the Instructions for form 8938 21 is the partnership a section 721(c) partnership, as defined in Regulations section 1.721(cc1(b)(14) ? 22 During the tax year, did the partnership pay or accrue any interest or royalty for which one or more partiners are not allowed a deduction under section 267A ? See instructions If "Yes," enter the total amount of the disallowed deductions. 23 Did the partnership have an election under section 1630) for any real property trade or businoss or any farming business in effect during the tax year? See instructions. 24 Does the partinership satisty one or more of the following? See instructions a The partnership owns a pass-through entity with current, or prior year carryovor, excess business interent expense. If "Yes," enter the total amount of the disallowed deductions . 23 Did the partnership have an election under section 163(i) for any real property trade or business or any farming business in effect during the tax year? See instructions. 24 Does the partnership satisty one or more of the following? See instructions a The partnership owns a pass-through entity with current, or prior year carryover, excess business interest expense. b The partnership's aggregate average annual gross receipts (determined under section 448(c) f) for the 3 tax years preceding the current tax year are more than $26 million and the partnership has business interest. c. The partnership is a tax shelter (see inatructions) and the partnership has business interest expense. If "Yes" to any, complete and attach Form 8990 . 25 is the partnership attaching Form 8996 to certify as a Qualified Opportunity Fund? If "Yes," enter the amount from Form 8996 , line 15 ..... $ 26 Enter the number of foreign partners subject to section 864(c)(8) as a result of transferring all or a portion of an interest in the partnership or of receiving a distribution from the partnership Complete Schedule K-3 (Form 1065). Part XIIl, for esch foreign partner subject to section Bs4(c) 8 ) on a transfer or distribution. 27 At any time during the tax year, were there any transfers between the partnership and its partners subject to the disclosure requirements of Regulations section 1.707-8? 28 Since December 22, 2017, did a foreign corporation directly or indirectly acquire substantially all of the properties constituting a trade or business of your partnership, and was the ownership percentage (by vote or value) for purposes of section 7874 greater than 50% (for example, the partners held more than 50% of the stock of the foreign corporation)? If "Yes," list the ownership percentage by vote and by value. See instructions. Percentage: 29 Is the partnership electing out of the centralized partnership audit regime under section 6221(b) ? See instructions. If "No." complete Designation of Partnership Representative below. Designation of Partnership Representative (see instructions) Enter below the information for the partnership representative (PR) for the tax year covered by this return. Name of PA - U.5. addiess of PR U.S. phone number of PP II the PA is an entity, name of the dessignated individual for the PA. US address of U.3. phone number of dosiznated inglidetial designated indevidual Analysis of Net Income (Loss) 1 Net income (loss). Combine Schedule K, lines 1 through 11. From the result, subtract the sum of Schedule K, lines 12 through 13d, and 21 2 Analysis by partner type: a General partners b Limited partners \begin{tabular}{l} Schedule L. Balance Sheets per Boo \\ \hline Assets \\ 1 Cash \\ 2a Trade notes and accounts receivable. \end{tabular} b Less allowance for bad debts 3 Inventories 4 U.S. government obligations 5 Tax-exempt securities 6 Other current assets (attach statement) 7a Loans to partners (or persons related to partners) b Mortgage and real estate loans 8 Other investments (attach statement) 9a Buildings and other depreciable assets b Less accumulated depreciation 10a Depletable assets b Less accumulated depletion 11 Land (net of any amortization) 12a Intangible assets (amortizable only) b Less accumulatied amortization 13 Other assets (attach statement) 14 Total assets Liabilities and Capital 15 Accounts payable 16 Mortgages, notes, bonds payable in loss than 1 year 17 Other current liabilties iattach statemnnt) Liabilities and Capital 15 Accounts payable. 16 Mortgages, notes, bonds payable in less than 1 year 17 Other current liabilities (attach statement) 18 All nonrecourse loans. 19a Loans from partners (or persons related to partners). b Mortgages, notes, bonds payable in 1 year or more 20 Other liabilities (attach statement) 21 Partners' capital accounts 22 Total liabilities and capital Schedule M-1 Reconciliation of Income (Loss) per Books With Income (Loss) per Return Note: The partnership may be required to file Schedule M-3. See instructions