Tax Return 2 Bright Properties LLC owns real estate that is rented to Bright Operations Inc. The address is 7701 74th Avenue SW, Cedar Rapids, IA 52404. Bright Properties also owns a second building at 3301 Edgewood Road SW, Cedar Rapids, IA 52404. It is leased to a mixture of retail and office tenants. Bright Properties and Bright Operations have the same owners which are: Barry Bright 2121 Unknown PI SW Cedar Rapids, IA 52404 SSN: 333-33-3333 Distribution: $16,000 40% ownership share Brent Bright 3131 Unknown PI SW SSN: 444-44-4444 Distribution: $16,000 40% ownership share Cedar Rapids, IA 52404 Tim Dimm 401 Certain Ave SW Cedar Rapids, IA 52404 SSN: 555-55-5555 Distribution: $8,000 20% ownership share EIN: 22-2222222 Business stat date: 2/1/2013 Cash basis accounting All necessary 1099s were filed Barry is the tax matters partner Both properties were rented all year at fair value Use the 74th Ave address for the LLC business address The return will be sent to the Ogden, UT IRS Service Center All owners are "Other LLC Members No built in gain/loss property is associated with this LLC Comparative Balance Sheets-Tax Basis 2017 2018 Cash 600 1,500,000 300,000) 100,000 1,300,600 9,007 Accumulated depreciation Land (338,462) 100,000 1,270,545 Total Assets 1,197,267 29,311 29,311 14,656 1,270,545 Mortgage payable Member equity-Barry 1,200,000 40,240 40,240 20,120 1,300,600 equity-Brent Member equity-Tim Totals Forms needed: 1065 1065 k-1 (3) 8825 Income Statement-Tax Basis@12/31/18 74th Ave Total Rent 6,00060,000 96,000 3,000 6,00036,000 5,860 23,07715,385 38,462 83,322 12,678 3,000 Insurance Propery taxes Interest 3,516 Total expense Net 25,421 10,579 57,901 2,099 Tax Return 2 Bright Properties LLC owns real estate that is rented to Bright Operations Inc. The address is 7701 74th Avenue SW, Cedar Rapids, IA 52404. Bright Properties also owns a second building at 3301 Edgewood Road SW, Cedar Rapids, IA 52404. It is leased to a mixture of retail and office tenants. Bright Properties and Bright Operations have the same owners which are: Barry Bright 2121 Unknown PI SW Cedar Rapids, IA 52404 SSN: 333-33-3333 Distribution: $16,000 40% ownership share Brent Bright 3131 Unknown PI SW SSN: 444-44-4444 Distribution: $16,000 40% ownership share Cedar Rapids, IA 52404 Tim Dimm 401 Certain Ave SW Cedar Rapids, IA 52404 SSN: 555-55-5555 Distribution: $8,000 20% ownership share EIN: 22-2222222 Business stat date: 2/1/2013 Cash basis accounting All necessary 1099s were filed Barry is the tax matters partner Both properties were rented all year at fair value Use the 74th Ave address for the LLC business address The return will be sent to the Ogden, UT IRS Service Center All owners are "Other LLC Members No built in gain/loss property is associated with this LLC Comparative Balance Sheets-Tax Basis 2017 2018 Cash 600 1,500,000 300,000) 100,000 1,300,600 9,007 Accumulated depreciation Land (338,462) 100,000 1,270,545 Total Assets 1,197,267 29,311 29,311 14,656 1,270,545 Mortgage payable Member equity-Barry 1,200,000 40,240 40,240 20,120 1,300,600 equity-Brent Member equity-Tim Totals Forms needed: 1065 1065 k-1 (3) 8825 Income Statement-Tax Basis@12/31/18 74th Ave Total Rent 6,00060,000 96,000 3,000 6,00036,000 5,860 23,07715,385 38,462 83,322 12,678 3,000 Insurance Propery taxes Interest 3,516 Total expense Net 25,421 10,579 57,901 2,099
