The Rite-Way Plumbing Co. began business March 1, 2008 in Sarasota. Its business address is 124 Division Lane, Sarasota, FL 33645. Its employer identification number is 69-3456789. Its principal business activity is plumbing installation and repair and its business code number is 238220. It files its income tax returns on the calendar-year basis.

The business was formed as a limited partnership by two brothers, John Henry (SSN 555-55-5555) and James Henry (SSN 666-66-6666), who work full-time in the business, and their father Tom Henry (SSN 888-88-8888), the limited partner. The brothers each have a 25% interest in the income, loss, and capital of the business while their father owns a 50% interest in income, loss, and capital, but takes no active interest in the business other than as that of an investor.

At the end of 2011, its operations showed cash gross receipts of $1,240,000 and the following cash expenditure items:

Salaries and wages (excluding John and James) $378,000

Repairs and Maintenance 2,000

Rent 28,000

Taxes and Licenses 38,000

Advertising 3,000

Pension Plans (excluding John and James) 15,000

Health/Dental Insurance 16,000

Material Purchases 220,000

Truck Expense 45,000

Insurance (excluding health/dental) 65,000

Legal/Professional Fees 3,000

Office Expenses 6,000

Utilities/Telephone 8,000

Meals/Entertainment 4,000

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