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Presentation/PPT
27/08/2022
Partnership Tax Return
INSTRUCTIONS
Please use the information below to complete the Form 1065 and the Schedule K-1 for Malcolm Fox only. Blank forms can be found on the IRS site or Doc Sharing. Please feel free to use a tax software package if you have one, but be aware that I will not be able to answer specific questions about it.
GENERAL COMPANY INFORMATION
Malcolm Fox and Rhonda Ford are equal partners in MFRF LLP, a small business consulting firm. The partners are not related and are all U.S. citizens. Malcolm Fox lives at 415 Knight Court in Freeport, ME, 04469, with a Social Security number of 123-45-6789. Rhonda Ford lives at 123 Main Street in Freeport, ME, 04469, with a Social Security number of 456-12-4561.
The limited liability partnership uses the cash basis and the calendar year and began operation on January 1, 2009. The Federal ID for MFRF LLP is 11-1111111 and the current address is 2835 Harbor View Drive, Freeport, ME, 04469 for.
The partnership placed its $65,000 of furniture and fixtures in service on January 1, 2009. This year, it claimed $8,119 of depreciation expense for tax (line 16a and 16c) and financial purposes. No assets were placed in service in the current year.
On Oct. 15, the partnership sold securities, creating a $4,000 long term capital loss. Please enter this directly onto schedule K; there is not enough information to create the detail.
Net income per books is $200,900. On January 1, 2012, the partners’ capital accounts equal $120,000 each. No additional capital contributions were made in 2012 and each partner made withdrawals of $120,000 during the year.
MFRF LLP Income Statement
Revenues
Fees collected 800,000
Dividend income (all qualified) 3,600
Taxable business interest 1,400
Tax-exempt interest 2,600
Long-term capital loss (4,000)
Total revenues 803,600
Expenses
Accounting fees 12,000
Advertising 5,000
Contribution to United Way 2,000
Depreciation expense 8,119
Employee salaries 340,000
Guaranteed payments 140,000
Entertainment 2,600
Travel 12,000
Equipment rental 6,000
Office rentals paid 7,000
Interest expense 4,000
Insurance premiums 2,200
Office expense 20,481
Payroll taxes 25,600
Utilities 15,700
Total expenses 602,700
MFRF LLP Balance Sheet
Assets January 1, 2012 December 31, 2012
Cash $86,576 $84,595
Tax-exempt securities 52,000 52,000
Marketable securities 120,000 76,000
Furniture and equipment 65,000 65,000
Accumulated depreciation (36,576) (44,695)
Total assets $287,000 $232,900
====== ======
Liabilities and Equity January 1, 2012 December 31, 2012
Nonrecourse debt on
Equipment $47,000 $32,000
Capital, Fox 120,000 100,450
Capital, Ford 120,000 100,450
Total Liabilities and Equity $287,000 $232,900
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