Question
Tax Return Problem: Partnership Instructions: Please help AAA Fast Plumbing's 2014 tax return based upon the facts presented below. If required information is missing, use
Tax Return Problem: Partnership
Instructions:
Please help
AAA Fast Plumbing's 2014 tax return based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps.Ignore all AMT calculations and AMT related reporting items.
Michael Rodriguez and Devontae Johnson have been life-long friends.Both Michael and Devontae started to work for the same national plumbing repair company immediately after graduating from technical college.After nearly a decade of working for that same company, Michael and Devontae decided to venture out on their own and form their own plumbing company called AAA Fast Plumbing Repair (AAA).They formed AAA as a limited liability company (LLC).Michael and Devontae each own 50% of the company.The company has been successful primarily based upon reputation and the fact that AAA is available 24 hours a day, seven days a week.Although AAA charges a premium for after normal business hour calls, most of its competitors will not perform services past 9 p.m. and, as a result, AAA finds itself often as one of the only available choices for middle of the night emergencies.
AAA has several employees and, as a result of implementing technology solutions to aid in its call dispatch program, AAA has been able to expand its service area to now include a three-county area instead of just one.
Is 1065 the correct form for this assignment?
Thank you
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