Utilize the included resources complete tax form 1065

Assignment Help Financial Accounting

Reference no: EM131240357

Utilize the included resources,completetax Form 1065.

Just schedule K, Attached are balance sheets, Tax P&L, Book P&L (all in spreadsheet), instructions (word doc), the began form 1065, and a comparable form 1120 for comparison.

Prepare Form 1065:

1. You are provided with the financial reports (2 year balance sheet and current year profit and loss in Microsoft® Excel) along with the supplemental information that provides the details required to prepare a tax return for your new tax client - Phoenix Medical, LLC.

2. Fill out pages 1 through 5 of Form 1065 - US Return of Partnership Income. Include as many details as you can. Utilize the PDF Form 1065 provided and consult the form instructions where needed.

3. Utilizing the "Member Detail" tab in the spreadsheet calculate the beginning capital and ending capital for each member.

4. Utilizing, your capital account calculations and the information below, fill out the PDF Schedule K-1 (Form 1065) provided.

5. Upload the completed tax return, K-1s, and capital account workpaper to the assignment tab.

Supplemental information for Phoenix Medical, LLC.

FORM 1065 Information:

Page 1 Information:
Calendar year ending 12/31/2014:
Company Name:

Phoenix Medical, LLC.
1122 Three Ave.
Phoenix, AZ 85001

A. Business Activity Code: 621111
B. Business Activity: Medical
C. Product or Services: Skin Care
D. EIN: 24-5678901
E. Date Incorporated: 3/27/2006
H. Cash

Schedule B Page 2 & 3 Information:
Q2. Individuals account for 100% ownership.

Q3. No changes in ownership in 2014.

Q4. The LLC is not a 20% or greater owner in any other entity.

Q5. No.

Q6d. No.

Q7-17. No.

Q18. Yes.

Q19-20. No

Schedule K-1 Information:

1. Member information is included on the "member detail" tab of the spreadsheet. Calculate beginning and ending capital for each member.

C. The return will be efiled (not delivered to an IRS processing center)
D. This is not a PTP.
F. Each member is an individual (line I):

1	Laura	Daybrea K	6241 East Circle	San Diego	CA	9213	867-79-3192	I	X
2	Chris	Dante	26091 Largo Street	Anaheim	CA	9282	867-99-3192	I
3	Domenic	Milford	6 White Dove Drive	Los Angeles	CA	9006	867-00-3192	I

G. Laura is the member-manager.
J. Since inception, the ownership as shared equally (33.33%) in all profit, loss, and distributions.
K. The business loan has been personally guaranteed by the members.
L. The books are tax basis.
M. No built-in gains or losses.

Attachment:- Form-1065.rar

Attachment:- phoenix-medical-data-.rar

Attachment:- F1120-Return--6---1-.rar

Reference no: EM131240357

Questions Cloud

Calculate the cash collection for december : Calculate the cash collection for December. Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box. For example, if your answer is $12.345 then enter as 12.35 in the answer box.

Discuss the issue of the inclusion of the fema : Identify the five strategic goals of the Department of Homeland Security (DHS) and discuss their relative importance. Which goals are the most significant and why? Support your response with your readings from Chapter 4 and the Homeland Security s..

Prepare a report to the ceo : You are to prepare a report to the CEO which will go to the company board as a briefing document. The briefing document must have sufficient background supporting data to give the CEO confidence about the result, but only the executive summary wil..

What can be achieved by rivalry of neural network : What animal group will a bat be assigned to by the network modeled in the Example 02 program?

Utilize the included resources complete tax form 1065 : Utilize the included resources,completetax Form 1065. - You are provided with the financial reports along with the supplemental information that provides the details required to prepare a tax return for your new tax client - Phoenix Medical, LLC.

Is there any limit to the number of neuron input signals : Does a neuron having all negative input values always generate a negative output signal? Is there any limit to the number of neuron input signals?

How can you make a neuron to favor one of its inputs : How can you make a neuron to favor one of its inputs (e.g., make the color of a flower more important than its fragrance)?

Do you feel that the 4th amendment is being violated : Understanding the powers given to the federal government to search, seize, and survey under the USA PATRIOT Act, do you feel that the 4th Amendment is being violated?

Publish an application to one of the major app stores : 1) Research and detail the steps needed in order to publish an application to one of the major App stores. These stores include the Mac App Store, the Windows Store, Google Play, or iOS App Store.

User Account

All Pages