utal fiaunitues drhd equity $2,363,200 2,564,100 During 2018, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2018 (if the final 2018 Form 1120 is not available, see if a draft 2018 Form 1120 is available on the IRS website). PROBLEM 5-PARTNERSHIP (FORM 1065) n Ross (111-11-1112) Oscar Omega (222-22-2222) Clark and &im Kardigan (444-44-4444 ROCK serves as agent and manager for prominent musicians in the Los Angeles area. are equal active members in ROCK the Ages LL (The LLC's Federal ID number is 55-5555555) It uses the cash basis and the calendar year and began operations on January 1, 2005, Its current address is 6102 Wilshire Bouleyard Suite 2100, Los Angeles, CA. 90036. ROCK was the force behind such music icons as Rhiannon, Burgundy Six, Elena Gomez, Tyler Quick, Queen Bey and Bruno Mercury and has had a very profitable year. The following information was taken from the LLC's income statement for the current year Revenues Fees and cammissions Taxable interest income from bank deposits Tax-exempt interest Net gain on stock sales $4,800,000 1,600 3,200 4,000 $4,808,800 Total revenues Expenses Advertising and public relations Charitable contributions Section 179 expense Employee W-2 wages Guaranteed payment (services), Ryan Ross, office $ 380,000 28,000 20,000 1,000,000 800,000 600,000 200,000 320,000 132,000 80,000 10,000 52,000 200,000 92,000 54,800 53,968,800 manager Guaranteed payment (services), other members Business meals subject to 50% disallowance Travel Legal and accounting fees Office rentals paid Interest expense on operating line of credit Insurance premiums Office expense Payroll taxes Utilities Total expenses utal fiaunitues drhd equity $2,363,200 2,564,100 During 2018, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2018 (if the final 2018 Form 1120 is not available, see if a draft 2018 Form 1120 is available on the IRS website). PROBLEM 5-PARTNERSHIP (FORM 1065) n Ross (111-11-1112) Oscar Omega (222-22-2222) Clark and &im Kardigan (444-44-4444 ROCK serves as agent and manager for prominent musicians in the Los Angeles area. are equal active members in ROCK the Ages LL (The LLC's Federal ID number is 55-5555555) It uses the cash basis and the calendar year and began operations on January 1, 2005, Its current address is 6102 Wilshire Bouleyard Suite 2100, Los Angeles, CA. 90036. ROCK was the force behind such music icons as Rhiannon, Burgundy Six, Elena Gomez, Tyler Quick, Queen Bey and Bruno Mercury and has had a very profitable year. The following information was taken from the LLC's income statement for the current year Revenues Fees and cammissions Taxable interest income from bank deposits Tax-exempt interest Net gain on stock sales $4,800,000 1,600 3,200 4,000 $4,808,800 Total revenues Expenses Advertising and public relations Charitable contributions Section 179 expense Employee W-2 wages Guaranteed payment (services), Ryan Ross, office $ 380,000 28,000 20,000 1,000,000 800,000 600,000 200,000 320,000 132,000 80,000 10,000 52,000 200,000 92,000 54,800 53,968,800 manager Guaranteed payment (services), other members Business meals subject to 50% disallowance Travel Legal and accounting fees Office rentals paid Interest expense on operating line of credit Insurance premiums Office expense Payroll taxes Utilities Total expenses
