please fill out the partnership's tax return and include schedule K1 and the following schedules. this is all of the information given for this problem

this is all of the information given for this problem. it is not incomplete.

Ryan Ross (111-11-1112), Oscar Omega (222-22-2223). Clark Carey (333-33-3334), and Kim Kardigan (444-44-4445) are equal active members in ROCK the Ages LLC. ROCK serves as agent and manager for prominent musicians in the Los Angeles area. The LLC's Federal ID number is 55-5555555. It uses the cash basis and the calendar year and began operations on January 1, 2006. Its current address is 6102 Wilshire Boulevard, Suite 2100, Los Angeles, CA 90036. ROCK was the force behind such music icons as Rhiannon, Burgundy Six, Elena Gomez, Tyler Quick, Queen Bey, and Bruno Mercury and has had a very profitable year. The following information was taken from the LLC's income statement for the current year. Revenues Fees and commissions $4,800,000 Taxable interest income from bank deposits 1,600 Tax-exempt interest 3,200 Net gain on stock sales 4,000 Total revenues $4,808,800 $ 380,000 28,000 20,000 1,000,000 ugh Entities Expenses Advertising and public relations Charitable contributions Section 179 expense Employee W-2 wages Guaranteed payment (services), Ryan Ross, office manager Guaranteed payment (services), other members Business meals subject to 50% disallowance 800,000 600,000 200,000 320,000 Travel 132,000 Legal and accounting fees 80,000 Office rentals paid 10,000 Interest expense on operating line of credit 52,000 Insurance premiums 200,000 Office expense 92,000 Payroll taxes 54,800 Utilities $3,968,800 Total expenses During the past couple of years, ROCK has taken advantage of and $ 179 deductions and fully remodeled the premises and up improvements. This year, ROCK wrapped up its remodel with the of office furniture for which it will claim a $ 179 deduction. (F that ROCK uses the same cost recovery methods for both tax and There is no depreciation adjustment for alternative minimum the property is fully depreciated, it is not beyond the end of it purposes of the qualified business income deduction. ROCK invests much of its excess cash in non-dividend-p and tax-exempt securities. During the year, the LLC sold two se ROCK purchased 1,000 shares of Tech, Inc. stock for $100,000 on December 15 for $80,000. On March 15 of last year, RO 126000it cold those sh During the past couple of years, ROCK has taken advantage of bonus depreciation and $ 179 deductions and fully remodeled the premises and upgraded its leasehold improvements. This year, ROCK wrapped up its remodel with the purchase of $20,000 of office furniture for which it will claim a g 179 deduction. (For simplicity, assume that ROCK uses the same cost recovery methods for both tax and financial purposes.) There is no depreciation adjustment for alternative minimum tax purposes. While the property is fully depreciated, it is not beyond the end of its depreciable life for purposes of the qualified business income deduction. ROCK invests much of its excess cash in non-dividend paying growth stocks and tax-exempt securities. During the year, the LLC sold two securities. On June 15, ROCK purchased 1,000 shares of Tech, Inc. stock for $100,000; it sold those shares on December 15 for $80,000. On March 15 of last year, ROCK purchased 2,000 shares of BioLabs, Inc. stock for $136,000; it sold those shares for $160,000 on December 15 of the current year. These transactions were reported to the IRS on Forms 1099-B; ROCK's basis in these shares was reported. Net income per books is $840,000. On January 1, the members' capital accounts equaled $200,000 each. No additional capital contributions were made this year. In addition to their guaranteed payments, each member withdrew $250,000 cash dur- ing the year. The LLC's balance sheet as of December 31 of this year is as follows. Beginning Ending Cash Tax-exempt securities Marketable securities Leasehold improvements, furniture, and equipment Accumulated depreciation Total assets Beginning $ 444,000 120,000 436,000 960,000 (960,000) $1,000,000 Ending $ ?? 120,000 300,000 980,000 (980,000) $ ?? Ending $ 160,000 Operating line of credit Capital, Ross Capital, Omega Capital, Carey Capital, Kardigan Total liabilities and capital Beginning $ 200,000 200,000 200,000 200,000 200,000 $1,000,000 All debt is shared equally by the members. Each member has personally guaran- teed the debt of the LLC. All members are active in LLC operations. CHAPTER 10 Partnerships: Formation For purposes of QBI calculations, the LLC is not considered an SSTB, and ROCK's operations constitute an active trade or business. (Note that the $ 179 deduction a business-related expense.) The LLC's UBIA (unadjusted basis immediately and acquisition) equals the total original cost of all leasehold improvements, or $900,000 The appropriate business code for the entity is 711410. For the Form 100), page Analysis of Net Income, put all amounts in cell 2(b)(ii). The LLC's Form 1003 was prepared by Ryan Ross and sent to the Ogden, UT IRS Service Center. a. Prepare a Form 1065, pages 1, 4, and 5. for ROCK the Ages LLC using tax-basis information for Schedules L and M-2. Provide any special information the LLC members might need, including net income from self-employment and informa- tion for the $ 199A calculation. Attach additional statements if needed. b. If you are using tax return preparation software, prepare Forms 4562, 8949, and Schedule D. c. Prepare Schedule K-1 for Ryan Ross, 15520 W. Earlson Street, Pacific Palisades, CA 90272 Re Partnership Form 1065 Shedules K, L, M-1, M-2 Schedule D Form 8949 Ryan Ross (111-11-1112), Oscar Omega (222-22-2223). Clark Carey (333-33-3334), and Kim Kardigan (444-44-4445) are equal active members in ROCK the Ages LLC. ROCK serves as agent and manager for prominent musicians in the Los Angeles area. The LLC's Federal ID number is 55-5555555. It uses the cash basis and the calendar year and began operations on January 1, 2006. Its current address is 6102 Wilshire Boulevard, Suite 2100, Los Angeles, CA 90036. ROCK was the force behind such music icons as Rhiannon, Burgundy Six, Elena Gomez, Tyler Quick, Queen Bey, and Bruno Mercury and has had a very profitable year. The following information was taken from the LLC's income statement for the current year. Revenues Fees and commissions $4,800,000 Taxable interest income from bank deposits 1,600 Tax-exempt interest 3,200 Net gain on stock sales 4,000 Total revenues $4,808,800 $ 380,000 28,000 20,000 1,000,000 ugh Entities Expenses Advertising and public relations Charitable contributions Section 179 expense Employee W-2 wages Guaranteed payment (services), Ryan Ross, office manager Guaranteed payment (services), other members Business meals subject to 50% disallowance 800,000 600,000 200,000 320,000 Travel 132,000 Legal and accounting fees 80,000 Office rentals paid 10,000 Interest expense on operating line of credit 52,000 Insurance premiums 200,000 Office expense 92,000 Payroll taxes 54,800 Utilities $3,968,800 Total expenses During the past couple of years, ROCK has taken advantage of and $ 179 deductions and fully remodeled the premises and up improvements. This year, ROCK wrapped up its remodel with the of office furniture for which it will claim a $ 179 deduction. (F that ROCK uses the same cost recovery methods for both tax and There is no depreciation adjustment for alternative minimum the property is fully depreciated, it is not beyond the end of it purposes of the qualified business income deduction. ROCK invests much of its excess cash in non-dividend-p and tax-exempt securities. During the year, the LLC sold two se ROCK purchased 1,000 shares of Tech, Inc. stock for $100,000 on December 15 for $80,000. On March 15 of last year, RO 126000it cold those sh During the past couple of years, ROCK has taken advantage of bonus depreciation and $ 179 deductions and fully remodeled the premises and upgraded its leasehold improvements. This year, ROCK wrapped up its remodel with the purchase of $20,000 of office furniture for which it will claim a g 179 deduction. (For simplicity, assume that ROCK uses the same cost recovery methods for both tax and financial purposes.) There is no depreciation adjustment for alternative minimum tax purposes. While the property is fully depreciated, it is not beyond the end of its depreciable life for purposes of the qualified business income deduction. ROCK invests much of its excess cash in non-dividend paying growth stocks and tax-exempt securities. During the year, the LLC sold two securities. On June 15, ROCK purchased 1,000 shares of Tech, Inc. stock for $100,000; it sold those shares on December 15 for $80,000. On March 15 of last year, ROCK purchased 2,000 shares of BioLabs, Inc. stock for $136,000; it sold those shares for $160,000 on December 15 of the current year. These transactions were reported to the IRS on Forms 1099-B; ROCK's basis in these shares was reported. Net income per books is $840,000. On January 1, the members' capital accounts equaled $200,000 each. No additional capital contributions were made this year. In addition to their guaranteed payments, each member withdrew $250,000 cash dur- ing the year. The LLC's balance sheet as of December 31 of this year is as follows. Beginning Ending Cash Tax-exempt securities Marketable securities Leasehold improvements, furniture, and equipment Accumulated depreciation Total assets Beginning $ 444,000 120,000 436,000 960,000 (960,000) $1,000,000 Ending $ ?? 120,000 300,000 980,000 (980,000) $ ?? Ending $ 160,000 Operating line of credit Capital, Ross Capital, Omega Capital, Carey Capital, Kardigan Total liabilities and capital Beginning $ 200,000 200,000 200,000 200,000 200,000 $1,000,000 All debt is shared equally by the members. Each member has personally guaran- teed the debt of the LLC. All members are active in LLC operations. CHAPTER 10 Partnerships: Formation For purposes of QBI calculations, the LLC is not considered an SSTB, and ROCK's operations constitute an active trade or business. (Note that the $ 179 deduction a business-related expense.) The LLC's UBIA (unadjusted basis immediately and acquisition) equals the total original cost of all leasehold improvements, or $900,000 The appropriate business code for the entity is 711410. For the Form 100), page Analysis of Net Income, put all amounts in cell 2(b)(ii). The LLC's Form 1003 was prepared by Ryan Ross and sent to the Ogden, UT IRS Service Center. a. Prepare a Form 1065, pages 1, 4, and 5. for ROCK the Ages LLC using tax-basis information for Schedules L and M-2. Provide any special information the LLC members might need, including net income from self-employment and informa- tion for the $ 199A calculation. Attach additional statements if needed. b. If you are using tax return preparation software, prepare Forms 4562, 8949, and Schedule D. c. Prepare Schedule K-1 for Ryan Ross, 15520 W. Earlson Street, Pacific Palisades, CA 90272 Re Partnership Form 1065 Shedules K, L, M-1, M-2 Schedule D Form 8949