(Solution) 1065 Form Department Of The Treasury Internal Revenue Service U. Return Of Partnership Income For Calendar Year 2013, Or Tax Year Beginning A C... | Snapessays.com


(Solution) 1065 Form Department of the Treasury Internal Revenue Service U. Return of Partnership Income For calendar year 2013, or tax year beginning a C...


******The tax form has already been filled out but a double check would be nice ******PART 1Because it is important for accountants to demonstrate the filing requirements for specialized tax returns, for this final project you will be completing a partnership tax return and then analyzing this experience.Key Component: Use the financial data from the following file to complete Form 1065.PART 2In the space at the bottom of the template, show your income tax calculations and prepare a write-up on some questions contained within the tax return. Look at the information on Form 1065 Schedule B. With the exception of line 1, discuss the purpose of these questions. (You may select a sub-grouping of these questions to complete your milestone). What are some challenges (identify three to five), both anticipated and unexpected, when completing the partnership tax return? What solutions can you provide to those challenges?Form

 

1065

 

Department of the Treasury

 

Internal Revenue Service

 

U.S. Return of Partnership Income

 

For calendar year 2013, or tax year beginning

 

, 2013, ending

 

, 20

 

.

 

a

 

Information about Form 1065 and its separate instructions is at

 

www.irs.gov/form1065

 

.

 

OMB No. 1545-0099

 

20

 

13

 

A

 

Principal business activity

 

Type

 

or

 

Print

 

Name of partnership

 

BADEC

 

D Employer identification number

 

B

 

Principal product or service

 

Number, street, and room or suite no. If a P.O. box, see the instructions.

 

10 Sysco Way Atlanta,

 

E

 

Date business started

 

04/02/2014

 

C

 

Business code number

 

City or town, state or province, country, and ZIP or foreign postal code

 

GA 30039

 

F

 

Total assets (see the

 

instructions)

 

$

 

G

 

Check applicable boxes:

 

(1)

 

Initial

 

return

 

(2)

 

Final return

 

(3)

 

Name change

 

(4)

 

Address change

 

(5)

 

Amended return

 

(6)

 

Technical termination - also check (1) or (2)

 

H

 

Check accounting method:

 

(1)

 

Cash

 

(2)

 

Accrual

 

(3)

 

Other (specify)

 

a

 

I

 

Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year

 

a

 

J

 

Check if Schedules C and M-3 are attached

 

.

 

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.

 

Caution.

 

Include

 

only

 

trade or business income and expenses on lines 1a through 22 below. See the instructions for more information.

 

Income

 

1a

 

Gross receipts or sales .

 

.

 

.

 

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.

 

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b

 

Returns and allowances

 

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.

 

.

 

.

 

.

 

.

 

.

 

1a

 

100,000

 

100,000

 

1b

 

c

 

Balance. Subtract line 1b from line 1a .

 

.

 

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.

 

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2

 

Cost of goods sold (attach Form 1125-A)

 

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3

 

Gross profit. Subtract line 2 from line 1c .

 

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4

 

Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) .

 

.

 

5

 

Net farm profit (loss) (attach Schedule F (Form 1040))

 

.

 

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6

 

Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797)

 

.

 

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.

 

7

 

Other income (loss) (attach statement)

 

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8

 

Total income (loss).

 

Combine lines 3 through 7

 

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.

 

1c

 

2

 

3

 

100,000

 

4

 

5

 

6

 

7

 

8

 

100,000

 

Deductions

 

(see the instructions for limitations)

 

9

 

Salaries and wages (other than to partners) (less employment credits)

 

.

 

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10

 

Guaranteed payments to partners .

 

.

 

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.

 

.

 

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11

 

Repairs and maintenance .

 

.

 

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12

 

Bad debts .

 

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13

 

Rent .

 

.

 

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14

 

Taxes and licenses .

 

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15

 

Interest .

 

.

 

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.

 

.

 

9

 

10

 

10,000

 

11

 

5,500

 

12

 

13

 

1,500

 

14

 

500

 

15

 

16a

 

Depreciation (if required, attach Form 4562)

 

.

 

.

 

.

 

.

 

.

 

.

 

b

 

Less depreciation reported on Form 1125-A and elsewhere on return

 

16a

 

2,066

 

2,066

 

16b

 

16c

 

17

 

Depletion

 

(Do not deduct oil and gas depletion.)

 

.

 

.

 

.

 

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.

 

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.

 

.

 

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18

 

Retirement plans, etc. .

 

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.

 

.

 

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19

 

Employee benefit programs .

 

.

 

.

 

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.

 

.

 

.

 

.

 

.

 

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20

 

Other deductions (attach statement)

 

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21

 

Total deductions.

 

Add the amounts shown in the far right column for lines 9 through 20 .

 

17

 

18

 

19

 

20

 

21

 

19,566

 

22

 

Ordinary business income (loss).

 

Subtract line 21 from line 8

 

.

 

.

 

.

 

.

 

.

 

.

 

.

 

.

 

.

 

22

 

80,434

 

Sign

 

Here

 

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my

 

knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than general partner or limited liability company member manager)

 

is based on all information of which preparer has any knowledge.

 

May the IRS discuss this return with the

 

preparer shown below

 

(see

 

instructions)?

 

Yes

 

No

 

Signature of general partner or limited liability company member manager

 

Date

 

Paid

 

Preparer

 

Use Only

 

Print/Type preparer’s name

 

Preparer’s signature

 

Date

 

Check

 

if

 

self-employed

 

PTIN

 

Firm’s name

 

a

 

Firm's EIN

 

a

 

Firm’s address

 

a

 

Phone no.

 

For Paperwork Reduction Act Notice, see separate instructions.

 

Cat. No. 11390Z

 

Form

 

1065

 

(2013)

 

F

 

F

 


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