please i really need gelp with page 4,5 and schedule k-1

TAX FORM/RETURN PREPARATION PROBLEMS The Dapper-Dons Partnership was formed ten years ago as a general partnership to cus- tom tailor men's clothing. Dapper-Dons is located at 123 Flamingo Drive in City, ST, 54321. Bob Dapper manages the business and has a 40% capital and profits interest. His address is 709 Brumby Way, City, ST, 54321. Jeremy Dons owns the remaining 60% interest but is not active in the business. His address is 807 Ninth Avenue, City, ST, 54321. The partnership values its inventory using the cost method and did not change the method used during the current year. The partnership uses the accrual method of accounting. The partnership has no foreign partners, no foreign transactions, no inter- ests in foreign trusts, and no foreign financial accounts. This partnership is neither a tax shelter nor a publicly traded partnership. No changes in ownership of partnership interests occurred during the current year. The partnership made cash distributions of $155,050 and $232,576 to Dapper and Dons, respectively, on December 30 of the cur- rent year. It made no other property distributions. Financial statements for the current year are presented in Tables C:9-1 and C:9-2. Bob Dapper is the Designated Partnership Representative. Prepare a 2020 partnership tax return for Dapper-Dons Partnership. Dapper-Dons Partnership Balance Sheet for January 1 and December 31, 2020 (Problem C:9-57)" Balance January 1 Balance December 31 Assets: Cash Accounts receivable Inventories Marketable securities Building and equipment Minus: Accumulated depreciation Land Total assets $10,000 72,600 200,050 220,000 337,434 (123,318) 185,000 $901,766 $ 40,000 150.100 146,000 260,000 465,000 (173.100) 240,000 $1,128,000 Liabilities and equities: Accounts payable Accrued salaries payable Payroll taxes payable Sales taxes payable Mortgage and notes payable (current maturities) Long-term debt Capital: Dapper Dons Total liabilities and equities $ 35,000 14,000 3,416 5,200 44,000 210,000 $ 46,000 18,000 7.106 6,560 52,000 275,000 236,060 354,090 $901,766 289,334 434,000 $1,128,000 Tax basis and book basis numbers are the same amount Includes stocks, some of which were sold in the current year, and tax-exempt municipal bonds acquired in the current year, Dapper-Dons Partnership Income Statement for the 12 Months Ending December 31, 2020 (Problem C:9-57) 52,357,000 (20,000) 52,337.000 5 200.050 624,000 600,000 54,000 51.478,050 (146.000) (1,332,050) 51,004,950 Sales Returns and allowances Beginning inventory (FIFO method) Purchases Labor (W-2 wages) Other costs Goods available for sale Ending inventory Gross profit Salaries for employees other than partners (W-2 wages) Guaranteed payment to Dapper for services Utilities expense Depreciation Automobile expense Office supplies expense Advertising expense Bad debt expense Interest expense (all business-related) Rent expense Travel expense (meals cost $4.050 of this amount) Repairs and maintenance expense Accounting and legal expense Charitable contributions Payroll taxes Other taxes (all trade-or business-related) Total expenses Operating profit Other income and losses: Gain on sale of AB stocks Loss on sale of CD stock Sec 1231 gain on sale of lande Interest on tax-exempt municipal bonds Dividends from 15%-owned domestic corporation Net income 551.000 85,000 46,428 49,782 12,085 4,420 85,000 2,100 45,000 7.400 11.020 68,300 3.600 16,400 5.180 1,400 494,115 5 510,835 $ 18,000 (26,075) 5,050 2.000 11,000 9.975 $ 520,810 Tax basis and book basis numbers are the same amount The partnership made all contributions in cash to qualifying charities The partnership purchased the AB stock as an investment two years ago on December 3 for $40,000 and sold it on June 16 of the current year for $58,000 The partnership purchased the CD stock as an investment on February 13 of the current year for $100,000 and sold it on August 3 for $73,925. The partnership used the land as a parking lot for the business. The partnership purchased the land four years ago on March 17 for $30,000 and sold it on August 13 of the current year for 535,050 Prepare 2020 1065 only but include K-1 Check figures: Line 8: 1,004,950 Line 9: 51,000. L14 6,580; 15 45,000 L20 160,528; L21 475,690; L22 529,260. Don't worry about Pages 2 and 3. Page 4: L4c 85,000; L6a 11,000; L8 (26,075) L9a 18,000 L10 5,050; 13a 16,400; 14a 614,260 (made up of 2 amounts) L14c 1,005,950; L18 2,000 L180 2,025 19a 387,626; 20a 11,000 Page 5 L1 605,835 L2 ii a 293,334. iii a 312,501 Complete L, M1, and M2 on your own. com 1065 2020 Income U.S. Return of Partnership Income OMN. 1545-0123 Foreldwye 1000 or tax year beginning Duperment of the Intem veure Go to www.ra.gov/Form 1065 for instructions and the latest information A principibus Name of per DE Men's clothing Dapper Dans Preprostor Type Number, and moon or to SPLOH Dute business started or 123 Flamingo Drive C Buscode unter Print Cayer to state provocar for postcode Towe in city, ST, 54321 $ 1.120.000 a Check applicable bome Initial return 2 Final retum Name change Address change Amended retum HCheck accounting method (1) Cash Accu another specify Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year J Check it Schedules and Mare attached K Check partnership Agregated activities for section 45 at-risk purpos Grouped activities for action de passive activity purposes Caution include only trade or business income and expenses on lines 1a through 22 below. See instructions for more information 1a Gross receipts or sales ta 2.357.000 b Returns and allowances Tb 20,000 c Balance Subtract line 1b from line 1a 1c 2337000 2 Cost of goods sold (attach Form 1125-A) 1,332,050 3 Gross profit. Subtract line 2 from line 10 1004050 4 Ordinary income foss) from other partnerships, estates, and trusts (attach statement) 5 Netfarm profit oss attach Schedule F Form 10401 6 Net gain foss) from Form 4797, Part I, line 17 (attach Form 4797) 7 Other income foss) attach statement) 10.000 8 Total income foss). Combine lines through 7 1,004,950 9 Salaries and wages (other than to partners es employment credits 51.000 10 Guaranteed payments to partners 85.000 11 Repairs and maintenance 68,300 12 Bad debts 12 2100 13 Rent 7400 14 Taxes and licenses 0 15 Interest see instructions) 45,000 16a Depreciation of required, attach Form 4562) 16a 49782 b Less depreciation reported on Form 1125-A and elsewhere on retum 16b 16c 49,782 17 Depletion (Do not deduct oil and gas depletion 18 Retirement plans, etc. 19 Employee benefit programs 20 Other deductions (attach statement) 160520 21 Total deductions. Add the amounts shown in the far right column for lines through 20 475,690 22 Ordinary business income floss. Subtract line 21 from line 8 529 260 23 Interest due under the look-back method-completed long-term contracts (attach Form 8697) 24 Interest due under the look back method-income forecast method attach Form 8866) 25 BBA AAR imputed underpayment see instruction) 26 Other taxes se instructions 27 Total balance due. Add lines 23 through 26 27 28 Payment see instructions 29 Amount owed. If line 28 is smaller than line 27, enter amount owed. 30 Overpayment. If line 28 is larger than line 27. enter overpayment 30 Under penis of decorative medium noluding accompanying them and to the best of my knowledge Sign and bitrat. correct and complete Declaration of prepare for fun pornonited ability company based on which property owledge May the with the pro Siguro partnerid by company member Sections Yes No Paid Prope ago Preparer F F'S EN Phon For Paperwork Reduction Act Notice, se separate instructions. C113007 Form 1065 2006 Deductions and ON-FERNAREA Tax and Payment #8 Here Chak PTN Use Only Forest Page Total amount 529,260 N- -- 1 2 SA Sc 85000 Income (Loss) 4c 5 11000 - 7 8 9a (26.075) 18,000 && 5,050 10 11 12 13a 13b 16.400 Employ. Deductions Seit ment 13d 614.260 140 140 1.005.950 150 Form 1065020 Schedule K Partners Distributive Share Items Ordinary business income foss) (page 1. line 22) 2 Net rental real estate income foss attach Form 8825 3a Other gross rental income foss) Expenses from other rental activities attach statement c Other net rental income foss). Subtract line 3b from line 3 4 Guaranteed payments a Services 4a b Capital c Total. Add line 4a and 4 5 interest income 6 Dividends and dividend equivalents: a Ordinary dividends b Qualified dividends 6b c Dividend equivalents 6c 7 Royalties 8 Net short-term capital gain floss attach Schedule D Form 1055 9a Net long-term capital gain foss) (attach Schedule Form 1065 b Collectibles (28%) gain floss) c Unrecaptured section 1250 gain (attach statement 10 Net section 1231 gain floss attach Form 4797) 11 Other income foss) see instructions) Type 12 Section 179 deduction (attach Form 4562 13a Contributions bInvestment interest expense Section 592) expenditures: (1) (2) Amount d Other deductions (see instructions Type 140 Net earnings floss) from self-employment b Gross farming or fishing income c Gross nonfarm income 150 Low-income housing credit section 2050 bLow-income housing credit other) c Qualified rehabilitation expenditures rental real estate attach Form 3468, applicable d Other rental real estate credits (see instructional Type e Other rental credits (see instructions) Type Other credits (see instructions Type 16a Name of country or U.S. possession b Gross income from all sources c Gross income sourced at partner level Foreign gross income sourced at partnership level d Reserved for future use Foreign branch Category + Passive category g General Category Other stach statement Deductions allocated and apportioned at partner level i interest expense Deductions allocated and apportioned at partnership level to foreign source income Reserved for future use Foreign branch category m Passive category General Category Other latach statement P Total foreign taxes (checkOne Paid Accrueda 4 Reduction in taxes available for credit attach statement Other foreign tax information attach statement 17a Post-1986 depreciation adjustment b Adjusted gain or loss c Depletion (other than oil and gas d Oil, gas, and geothermal properties-gross income e Ollgas, and geothermal properties - deductions + Other AMT items attach statement 18 Tax-exempt interest income b Other tax-exempt income c Nondeductible expenses 193 Distributions of cash and marketable securities b Distributions of other property 20 Investment income bInvestment expenses c Other items and amounts attach statement Credits 15b 150 15d 15e 151 16c 160 16h Foreign Transactions Other 16 161 160 16p 169 17a 170 176 170 170 171 180 18 18c Altemative (AMT) Items Other Information Minimum Tax 2.000 2025 347,626 19 19 20 20b 11.000 Fom 1065 000 Fom 105220 Page 5 Analysis of Net Income (Loss) 1 Net Income foss). Combine Schedule K, lines 1 through 11. From the result, subtract the sum of Schedule K, lines 12 through 130, and 16p 1 BOSS 2 Analysis by Corporate Individual Individual M Partnership M Exempt partner type passive Organization Nomine/Other . General partners 293.334 312.500 Limited partners ScheduleL Balance Sheets per Books Beginning of tes year End of tax year Assets d) 1 Cash 2a Trade notes and accounts receivable 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 for persons related to partners b Mortgage and real estate loans 8 Other investments (attach statement) 9a Buildings and other depreciable assets bless accumulated depreciation 10a Depletable assets b Less accumulated depletion 11 Landnet of any amortization) 12a Intangible assets (amortizable only bless accumulated amortization 13 Other assets attach statement 14 Total assets 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 for persons related to partners Mortgages, notes, bonda payable in 1 year or more 20 Other abilities attach statement) 21 Partners' capital accounts 22 Total abilities 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 1 Net income foss) per books 520,810 6 Income recorded on books this year not included 2 Incomencluded on Schedule Kines 1,236. Schedule the through 11 hem 5. 6. 7. 8. 9. 10 and 11. not recorded on a Tax-exempt interest books this year (emise 3 Guaranteed payments (other than health 7 Deductions included on Schedule Klines Insurance 35.000 1 through 130 and 160. not charged 4 Expenses recorded on books this year against book income this year itemize not included on Schedule Kines 1 a Depreciations through 13d, and 16 litemize Depreciations 8 Add lines and 7 b Travel and entertainment 9 Income oss Analysis of Net Income 5 Add lines through 4 Lossline 1. Subtract lines from line 5 605 35 Schedule M-2 Analysis of Partners' Capital Accounts 1 Balance at beginning of year 6 Distributions a Cash 2 Capital contributed a Cash Property Property 7 Other decrease teme 3 Net income foss) per books 4 Other increases (temize 8 Add lines 6 and 7 5 Add lines 1 through 9 Balance and from time 5 Form 106502