Ab sold stock for 11000 on 2112 that was purchased on 2104

Reference no: EM13573267

Prepare a Form 1065 and appropriate schedules for AB Custom Saddles for tax year 2012 based upon the following facts:AB Custom Saddles is a Domestic LLC formed on 1/1/2004. It has assets of $125,000. Employer,ID #41-678910. It is located at 1601 Mill Road, Windriver, MN 56300. Business code *1234567.

AB has two equal owners, Alan Anderson, SSN 555-00-2211, address: 1112 Broadway Ave., Minneapolis, MN 56011. Alan works full-time for AB and is paid a guaranteed payment of $30,000 per year. His capital account and basis going into 2012 were both $10,000. And Bradley Bailey, SSN 470-31-0202, 1000 3rd St., Windom, MN 56011. He also has a basis and capital account of $10,000 going into 2012.

AB distributed $5,000 in cash, $2500 to each Alan and Bradley in 2012.

Business information:
Income from sales $175,000
Cost of goods sold 38,000
Rent expense 4,000
Telephone expense 2,000
Advertising 3,000
Salaries to non-owners 27,000
Taxes 2,400
Depreciation from previous years (Line 17 4562) 1,000
Repairs 1,000

AB sold stock for $11,000 on 2/1/12 that was purchased on 2/1/04 for $7,000.AB sold a machine that was fully depreciated on 3/1/12 for $4,000.AB bought and placed in service a used machinefor $8,000 on June 1, 2012 and wants to expense the entire amount in 2012 if possible.Complete part L of the K-1 for each partner.

Reference no: EM13573267

Questions Cloud

The allowance for doubtful accounts balance at the : the chs company has provided the following information bull accounts receivable written-off as uncollectible during

You expect a share of stock to pay dividends of 190 235 : you expect a share of stock to pay dividends of 1.90 2.35 and 3.00 in each of the next 3 years. you believe the stock

It requires you to demonstrate first and foremost your : it requires you to demonstrate first and foremost your in-depth critical understanding of course material social

The company has 490000 shares of stock outstanding and they : bauer softwares currentbalance sheet shows total common equity of 5125000. the company has 490000 shares of stock

Ab sold stock for 11000 on 2112 that was purchased on 2104 : prepare a form 1065 and appropriate schedules for ab custom saddles for tax year 2012 based upon the following factsab

At the beginning of the year the firm purchased new : 1.the beginning balance of ppampe is 50000 in 2014 and the beginning balance is shown as 80000 in 2015 .2. the firm

Considered alone which of the following would increase a : considered alone which of the following would increase a companys current ratio?a.an increase in accounts payableb.an

Prepare the journal entry to eliminate the over- or : the predetermined overhead allocation rate for forsythe inc. is based on estimated direct labor costs of 400000 and

Present the balance sheet in common-size form round your : problem 13-11a common-size statements and financial ratios for creditors lo1 lo3 lo4modern building supply sells

User Account

All Pages