Please help me make a Partnership tax return, using the attached file.

PRIMA DONNA PARTNERSHIP The Prima Donna Partnership (FEI 92-4765432) was formed ten years ago as a general partnership to custom tailor women's clothing. Prima Donna is located at 123 Flamingo Drive in Haines City, MO 54321. Mariana Prima manages the business and has a 49% capital and profits interest. Her address is 709 Brumby Way, Haines City, MO 54321 and SS# 231-45-9876. Donna Hart owns the remaining 51% interest but is not active in the business. Her address is 807 Ninth Avenue Haines City, MO 54321 and SS# 567-54-4321. The partnership values its business using the cost method and did not change the method used during the current year. The partnership uses the accrual method of accounting. Because of its simplicity the partnership is not subject to partnership audit procedures. The partnership has no foreign partners, no foreign transactions, no interest in foreign trusts, and no foreign bank accounts. This partnership is neither a tax shelter nor a publicly traded partnership. No changes in ownership of partnership interest occurred during the current year. The partnership made cash distributions of $208,250 and $216,750 to Prima and Hart, respectively, on December 30, 2016. It made no other cash or property distributions during the year. Assume that the business qualifies as a US production activity and that its qualified production activity income is $540,000. As an eligible small pass-though partnership, uses the small business simplified overall method for reporting these activities. See the financial statements for the period that follow. Required: Prepare a 2016 partnership return including all required schedules. Prima-Donna Partnership Income Statement for the 12 months ended December 31, 2016 Sales Returns and allowances Beginning Inventory (FIFO method) Purchases Labor Supplies Other costsa Goods Available for Sale Ending Inventoryb Gross Profit Salaries for employees Guaranteed payment for Prima Utilities Expense Depreciation (MACRS is $67,550)c Automobile Expense Office Supplies Expense Advertising expense Bad Debt Expense Interest Expensed Rent Expense Travel Expensee Repairs and Maintenance Accounting and Legal Expense Charitable Contributionsf Payroll Taxes Other Taxes Total Expense Operating Profits Other Income and losses: Gain on sale of AB stockg Loss on sale of EF stockh Loss on sale of equipmenti Interest on US Treasury billsj Dividends from 15% owned domestic corporation Net Income $146,000 620,000 580,000 46,098 12,000 $1,404,098 (123,000) 52,000 65,000 55,079 52,346 12,085 4,420 85,000 3,210 45,000 8,256 11,020 23,000 32,500 14,700 7,180 2,000 18,000 (24,000) (500) 2,000 12,000 $2,350,000 (14,300) $2,335,700 (1,527,098) $808,602 482,596 $326,006 7,500 $333,506 a Additional Sec 263A costs of $4,000 for the current year are included in other costs. b Ending inventory includes the appropriate Sec. 263A costs and no further adjustment is needed for tax purposes. c The partnership reports a $9,000 positive AMT adjustment for property placed in service after 1986. They acquired and placed in service $34,000 of rehabilitation expenditures for certified historical property this year. The appropriate MACRS depreciation on this is included in the MACRS amount of $62,355. d All trade or business related e Meals of $6,500 are included in the travel expense. f The partnership made all contributions in cash to qualifying charities. g The partnership purchased the AB stock as an investment two years ago on December 1 for $34,000 and sold it on June 14 of the current year. h The partnership purchased the EF stock as an investment on February 15 of the current year for $98,000 and sold it on August 1 for $74,000. iThe business sold equipment it had purchased 2 years ago on March 15 for $4,000, it had a book basis of $3,000, tax basis of $2,250 and sold it for $2,500. j Based on $80,000 face amount Balance Sheet for January 1 and December 31 of the Current Year Assets: Cash Accounts Receivable Inventories Marketable Securitiesa Building & Equipment Accumulated Depreciation Land Total Assets Liabilities & Equities: Accounts Payable Accrued Salaries Payable Payroll Taxes Payable Sales Tax Payable Current Mortgage and Note Payable Long-term Debt Capital: Prima Hart Total Liabilities and Equities a Short Term Investment Balance January 1 $40,000 150,100 146,000 260,000 465,000 (201,909) 240,000 $1,099,191 $46,000 18,000 7,106 6,560 52,000 275,000 340,317 354,208 $1,099,191 Balance December 31 $66,100 90,000 123,000 234,000 492,000 (254,255) 244,000 $994,845 $42,000 22,000 6,574 4,240 52,000 265,000 295,485 307,546 $994,845 PRIMA DONNA PARTNERSHIP The Prima Donna Partnership (FEI 92-4765432) was formed ten years ago as a general partnership to custom tailor women's clothing. Prima Donna is located at 123 Flamingo Drive in Haines City, MO 54321. Mariana Prima manages the business and has a 49% capital and profits interest. Her address is 709 Brumby Way, Haines City, MO 54321 and SS# 231-45-9876. Donna Hart owns the remaining 51% interest but is not active in the business. Her address is 807 Ninth Avenue Haines City, MO 54321 and SS# 567-54-4321. The partnership values its business using the cost method and did not change the method used during the current year. The partnership uses the accrual method of accounting. Because of its simplicity the partnership is not subject to partnership audit procedures. The partnership has no foreign partners, no foreign transactions, no interest in foreign trusts, and no foreign bank accounts. This partnership is neither a tax shelter nor a publicly traded partnership. No changes in ownership of partnership interest occurred during the current year. The partnership made cash distributions of $208,250 and $216,750 to Prima and Hart, respectively, on December 30, 2016. It made no other cash or property distributions during the year. Assume that the business qualifies as a US production activity and that its qualified production activity income is $540,000. As an eligible small pass-though partnership, uses the small business simplified overall method for reporting these activities. See the financial statements for the period that follow. Required: Prepare a 2016 partnership return including all required schedules. Prima-Donna Partnership Income Statement for the 12 months ended December 31, 2016 Sales Returns and allowances Beginning Inventory (FIFO method) Purchases Labor Supplies Other costsa Goods Available for Sale Ending Inventoryb Gross Profit Salaries for employees Guaranteed payment for Prima Utilities Expense Depreciation (MACRS is $67,550)c Automobile Expense Office Supplies Expense Advertising expense Bad Debt Expense Interest Expensed Rent Expense Travel Expensee Repairs and Maintenance Accounting and Legal Expense Charitable Contributionsf Payroll Taxes Other Taxes Total Expense Operating Profits Other Income and losses: Gain on sale of AB stockg Loss on sale of EF stockh Loss on sale of equipmenti Interest on US Treasury billsj Dividends from 15% owned domestic corporation Net Income $146,000 866,000 580,000 46,098 12,000 $1,650,098 (123,000) 52,000 65,000 55,079 52,346 12,085 4,420 85,000 3,210 45,000 8,256 11,020 23,000 32,500 14,700 7,180 2,000 18,000 (24,000) (500) 2,000 12,000 $2,350,000 (14,300) $2,335,700 (1,527,098) $808,602 482,596 $326,006 7,500 $333,506 a Additional Sec 263A costs of $4,000 for the current year are included in other costs. b Ending inventory includes the appropriate Sec. 263A costs and no further adjustment is needed for tax purposes. c The partnership reports a $9,000 positive AMT adjustment for property placed in service after 1986. They acquired and placed in service $34,000 of rehabilitation expenditures for certified historical property this year. The appropriate MACRS depreciation on this is included in the MACRS amount of $67,550. d All trade or business related e Meals of $6,500 are included in the travel expense. f The partnership made all contributions in cash to qualifying charities. g The partnership purchased the AB stock as an investment two years ago on December 1 for $34,000 and sold it on June 14 of the current year. h The partnership purchased the EF stock as an investment on February 15 of the current year for $98,000 and sold it on August 1 for $74,000. iThe business sold equipment it had purchased 2 years ago on March 15 for $4,000, it had a book basis of $3,000, tax basis of $2,250 and sold it for $2,500. j Based on $80,000 face amount Balance Sheet for January 1 and December 31 of the Current Year Assets: Cash Accounts Receivable Inventories Marketable Securitiesa Building & Equipment Accumulated Depreciation Land Total Assets Liabilities & Equities: Accounts Payable Accrued Salaries Payable Payroll Taxes Payable Sales Tax Payable Current Mortgage and Note Payable Long-term Debt Capital: Prima Hart Total Liabilities and Equities a Short Term Investment Balance January 1 $40,000 150,100 146,000 260,000 465,000 (201,909) 240,000 $1,099,191 $46,000 18,000 7,106 6,560 52,000 275,000 340,317 354,208 $1,099,191 Balance December 31 $66,100 90,000 123,000 234,000 492,000 (254,255) 244,000 $994,845 $42,000 22,000 6,574 4,240 52,000 265,000 295,485 307,546 $994,845