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Wita Caddoan and Sapat Illiniwek (SSN 444-14-1414) are equal partners in the newly formed Cahokia Partnership. Cahokia is located at 40 Rainy Street, Collinsville, IL

Wita Caddoan and Sapat Illiniwek (SSN 444-14-1414) are equal partners in the newly formed Cahokia Partnership. Cahokia is located at 40 Rainy Street, Collinsville, IL 62234. Cahokia's employee identification number is 44-4444444. During 2020, the partnership began operations and had the following income and expenses:

Gross income from operations$255,600
Deductions:
Salaries to employees$168,000
Rent12,000
Payroll taxes6,100
Depreciation9,250
Charitable contributions (to 50 percent organizations)1,500
Cash withdrawals ($25,000 for each partner)50,000
The partnership's balance sheet is as follows:
Cahokia Partnership Balance Sheet as of December 31, 2020
Assets:
Cash$27,000
Accounts receivable10,000
Land115,000
Building$115,000
Less: accumulated depreciation(9,250)105,750
Total Assets$257,750
Liabilities and Partners' Capital:
Accounts payable$29,750
Mortgage payable187,750
Partners' capital (includes $31,500 originally contributed, $15,750 by each partner)40,250
Total Liabilities and Partners' Capital$257,750

Required: Complete page 1 of the Form 1065, Schedules K, L, M-1 and M-2 for the Cahokia Partnership and the Schedule K-1 for Robert Conrad.

  • Enter all amounts as positive numbers, except for a "loss". If required, enter a "loss" as a negative number on the tax form.
  • If an amount box does not require an entry or the answer is zero, enter "0".
  • Assume all debt is recourse debt.

Complete Form 1065, page 1 for Malus Valley.

Form1065 Department of the Treasury Internal Revenue ServiceU.S. Return of Partnership Income For calendar year 2020, or tax year beginning _ _ _ _ , 2020, ending _ _ _ , 20_ _ _ . ?Go towww.irs.gov/Form1065for instructions and the latest information.OMB No. 1545-0123
2020

APrincipal business activityType or PrintName of partnershipDEmployer identification number
Cahokia Partnership44-4444444
BPrincipal product or serviceNumber, street, and room or suite no. If a P.O. box, see instructions.EDate business started
40 Rainy Street01/01/2020
CBusiness code numberCity or town, state or province, country, and ZIP or foreign postal codeFTotal assets (see instructions)
Collinsville, IL 62234$fill in the blank a51510f93077fdd_1

GCheck applicable boxes:(1)? Initial return(2)? Final return(3)? Name change(4)? Address change
(5)? Amended return
HCheck accounting method:(1)? Cash(2)? Accrual(3)? Other (specify)?
INumber of Schedules K-1. Attach one for each person who was a partner at any time during the tax year?fill in the blank a51510f93077fdd_2
JCheck if Schedules C and M-3 are attached . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .??
KCheck if partnership:(1)? Aggregated activities for section 465 at-risk purposes(2)? Grouped activities for section 469 passive activity purposes
Caution:Includeonlytrade or business income and expenses on lines 1a through 22 below. See instructions for more information.

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