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a a C:9-57 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 current year 2018 for this problem) partnership tax return for Dapper Dons Partnership 9-50 10:05 Partnership Formation and Operation Corporations 9-51 TABLE C-9-1 Dapper Dons Partnership Income Statement for the 12 Months Ending December 31 of the Current Year Problem C9-57) 52,357,600 Returns and allowances 52137.000 Beginning inventory (FIR) method 551,000 Goochsalable for sale Ending inventory Gross profit Salaries for employees other than partners (W-2 wage) Guaranteed payment for Dapper Utilities experie Depreciation MACRS depreciation 574,311 Automobile esperse Office supplies expense Advertising expense Bad debt expense Interest expense Gall business related Travel expense meals cost 14.050 of this amount) Repairs and maintenance expense Accounting and legal expense Charitable contributions Payroll taxes Other as all trade or business related Total expenses Operating profil Other income and losses Gain on sale of AB stock Loss on sale of CD stock Sec. 123 gain on sale of land Interest on US Treasury bills for entire year 50,000 face amount) Dividends from 15%-owned domestic corporation Net income 55101535 55201 The are a 10.000 AM dir DOMACS depredallion on opetuss uded the MACOS The pat h the December 1 0.000 The arreship be the land na preglet the business. The March 1.000 and on August 15 of the s e purchased the land SSS 9-51 hapter 9 TABLE C:9-2 Dapper-Dons Partnership Balance Sheet for January 1 and December 31 of the Current Year (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 52,000 275,000 236,060 354,090 289,334 434,000 $1,128,000 $901,766 * Short-term investments, 580,000 of which are Treasury bills acquired in the current year TABLE C:9-3 Healthwise Medical Supplies Company-Book Balance Sheet Information Problem C:9-58) January 1, 2018 Debit Credit December 31, 2018 Debit Credit Account Cash Accounts receivable Inventory Investment in municipal bonds Investment in corporate stock Equipment $ 950.900 756,000 1,400,000 50,000 480,000 1,600,000 $1,062,760 840,000 1,680,000 50,000 2,300,000 9-52 a a C:9-57 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 current year 2018 for this problem) partnership tax return for Dapper Dons Partnership 9-50 10:05 Partnership Formation and Operation Corporations 9-51 TABLE C-9-1 Dapper Dons Partnership Income Statement for the 12 Months Ending December 31 of the Current Year Problem C9-57) 52,357,600 Returns and allowances 52137.000 Beginning inventory (FIR) method 551,000 Goochsalable for sale Ending inventory Gross profit Salaries for employees other than partners (W-2 wage) Guaranteed payment for Dapper Utilities experie Depreciation MACRS depreciation 574,311 Automobile esperse Office supplies expense Advertising expense Bad debt expense Interest expense Gall business related Travel expense meals cost 14.050 of this amount) Repairs and maintenance expense Accounting and legal expense Charitable contributions Payroll taxes Other as all trade or business related Total expenses Operating profil Other income and losses Gain on sale of AB stock Loss on sale of CD stock Sec. 123 gain on sale of land Interest on US Treasury bills for entire year 50,000 face amount) Dividends from 15%-owned domestic corporation Net income 55101535 55201 The are a 10.000 AM dir DOMACS depredallion on opetuss uded the MACOS The pat h the December 1 0.000 The arreship be the land na preglet the business. The March 1.000 and on August 15 of the s e purchased the land SSS 9-51 hapter 9 TABLE C:9-2 Dapper-Dons Partnership Balance Sheet for January 1 and December 31 of the Current Year (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 52,000 275,000 236,060 354,090 289,334 434,000 $1,128,000 $901,766 * Short-term investments, 580,000 of which are Treasury bills acquired in the current year TABLE C:9-3 Healthwise Medical Supplies Company-Book Balance Sheet Information Problem C:9-58) January 1, 2018 Debit Credit December 31, 2018 Debit Credit Account Cash Accounts receivable Inventory Investment in municipal bonds Investment in corporate stock Equipment $ 950.900 756,000 1,400,000 50,000 480,000 1,600,000 $1,062,760 840,000 1,680,000 50,000 2,300,000 9-52