prepare a 2021 partnership return

Operational Facts: - The partnership made distributions of $750,000 according to interest 50% - James, 25\% - Mark, 25% - Michelle - Sold the following securities: Return Corp Purchased 10/01/19 for $50,000 sold 05/01/21 for $75,000 Intel Corp Purchased 03/01/21 for $25,000 sold 12/1/21 for $60,000 - Guaranteed Service Payments: James $275,000 Michelle $200,000 - Purchase of Equipment Note Ending Accumulated Depreciation on Balance Sheet equals beginning Accumulated Depreciation plus ending depreciation and Sec179 Marvel would like to use either Sec 179 or special/bonus depreciation - Purchased on 07/01/21 Computers (3 yr) for $250,000 - Purchased os 12/01/21 Equipment (7yr ) for $350,000 Income Items \begin{tabular}{cr} Gross Receipts & $29,000,000.00 \\ Interest Income & 12,000.00 \\ Ordinary Dividends & 27,000.00 \\ Qualified Dividends & 21,500.00 \\ Tax-exempt Interest & 7,000.00 \\ Capital Gains & 60,000.00 \\ \hline Total Income & $29,127,500.00 \\ \hline \end{tabular} Expense Items Salaries&WagesPurchasesFuelSuppliesToolsRents7,500,000.0013,100,000.00500,000.002,750,000.00600,000.00350,000.00 Depreciation Advertising Payroll Taxes Real Estate Taxes Charitable Contributions Retirement Plans Employees Benefits Legal \& Professional Meals 50\% Limitation Other 100% Meals Insurance Freight Expense 30,000.00 250,000.00 13,000.00 45,000.00 525,000.00 200,000.00 325,000.00 150,000.00 100,000.00 560,000.00 35,000.00 Total Expenses 27,033,000.00 Balance Sheet 12/31/2021 Beginning of Assets Cash Tax-exempt Securities Year$500,000.0045,000.00EndofYear$545,000.00 Other Assets 250,000.00175,000.00 Building \& Other Depreci Asset Accum Depreciation 10,000,000.0010,600,000.00 (10,000,000.00) Land 800,000.00800,000.00 Total Assets $1,595,000.00 Liabilities 8 Capital Line of Credit $195,000.00$195,000.00 Loan from Partner 100,000.00100,000.00 Capital Accounts: James Master Mark Casio Michelle Maugus 650,000.00325,000.00325,000.00$1,595,000.00