Partnership tax problem - do the tax return of partnership

Reference no: EM131477675

Partnership Tax Problem -

Using the attach file, do the tax return of partnership.

FORM 1065 - U.S. RETURN OF PARTNERSHIP INCOME

Two individuals are engaged in business as partners under the firm name of Bilco Products. The address of the partnership is 131 Mill St., Chicago, Illinois 60600. The partners are George A. Morgan, 789 N. Code Drive, Chicago, Illinois 60600, and Malcolm Williams, 58 Forest Drive, Chicago, Illinois 60600. Williams devotes all his time to the partnership. Morgan, who is also the tax matters partner, devotes one-fourth of his time, but his capital account is larger. At the beginning of the 2016 tax year it was $63,674; Williams' was $23,674. The partners share all income and losses equally after guaranteed payments and the interest on Morgan's excess capital investment.

During 2016, Mr. Williams contributed land to the partnership worth $120,000, for which he had an adjusted basis of $70,000. The partners have agreed that Mr. Williams will be taxed on the first $50,000 of gain if the land is sold, Mr. Morgan contributed $120,000 in cash to the partnership during 2016. The partnership has no nonrecourse loan,

The partnership is on the calendar-year, accrual basis. It was formed on January 2, 1987. It is engaged in the manufacture of toys. The partnership's business code number is 339900. Mr. Morgan and Mr. Williams are both general partners and they are not related. The partnership employed Robert A. Landers, 1212 Lenix, Chicago, Illinois 60600, to prepare its return, which is filed on April 11, 2017. The preparer's tax identification number is P00330124. The partnership's employer identification number is 21-8253431. Mr. Morgan's social security number is 360-92-4501, and Mr. Williams' number is 364-02-4752. All applicable Form(s) 1099 were filed for 2016.

Attachment:- Partnership Tax Problem.rar

Reference no: EM131477675

Questions Cloud

Memory location that you can use to store a value : Which of the following is NOT a component of a variable declaration statement?is a named memory location that you can use to store a value.

What major advantage does the discounted payback : Can a project be acceptable based on the discounted payback period but be unacceptable using the NPV method? Why or why not?

What are the atom densities : Assuming that the density of the water for this fuel mixture is the same as for pure water and assuming that ep = 0.8:

Difference between an absolute and a relative measure : Under what conditions will the discounted payback method result in the same accept /reject decisions as the NPV?

Partnership tax problem - do the tax return of partnership : Partnership Tax Problem - Using the attach file, do the tax return of partnership. The partnership is on the calendar-year, accrual basis

Impedance and power factor in the system : The real power is 1500W, and the apparent power is 2500 VA. Find the impedance and power factor in the system.

Circular opening that has a diameter : A sound wave with a frequency of 12.5 kHz emerges through a circular opening that has a diameter of 0.194 m.

What is the relationship between npv and pi : What is the relationship between NPV and PI? Under what circumstances do these techniques give the same accept-reject decision?

Create a plan for tom to identify leadership style inventory : Create a plan for Tom to identify his leadership style inventory. What kinds of obstacles must he overcome in order to find success in his new CEO role.

User Account

All Pages