PARTNERSHIP TAX RETURN PROBLEM
Question # 00519141
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Updated on: 04/28/2017 11:05 AM Due on: 04/28/2017
PARTNERSHIP TAX RETURN PROBLEM
Required:
• For 2015, complete Aspen Ridge limited partnership's page 1 of Form 1065; complete Schedule K on page 4 of Form 1065; complete lines 1 and 2 of the Analysis of Net Income (Loss) at the top of page 5 of Form 1065; and complete Schedules M-1 and M-2 at the bottom of page 5 of Form 1065. Finally, complete Mark Sullivan's Schedule K-1. • Form 4562 for depreciation is not required. Include any tax depreciation or Section 179 expense on the appropriate line of page 1 of Form 1065 or Schedule K. • If any information is missing, use reasonable assumptions to fill in any gaps. • The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms. Facts: The Aspen Ridge limited partnership was formed on April 1, 2009, by Mark Sullivan, its general partner, and two other limited partners when they each contributed an equal amount of cash to start the new enterprise. Aspen Ridge is an outdoor equipment retailer selling camping, fishing, skiing, and other outdoor gear to the general public. Mark has a 33.33% profits, loss, and capital interest and the limited partners hold the remaining 66.66% of the profits, loss, and capital interests. Their profits, loss, and capital interests have remained unchanged since the partnership was formed. Mark is actively involved in managing the business while the limited partners are simply investors. • Aspen Ridge is located at 1065 North 365 South, Ogden, Utah 84401. • The employer identification number for Aspen Ridge is 85-8976654. • Aspen Ridge uses the accrual method of accounting and has a calendar year-end. • Mark's address is 543 Wander Lane, Holliday, Utah 84503 and his Social Security number is 445-27-3484. The following is Aspen Ridge's 2015 income statement for books:
PARTNERSHIP TAX RETURN Required:
• For 2015, complete Aspen Ridge limited partnership's page 1 of Form 1065; complete Schedule K on page 4 of Form 1065; complete lines 1 and 2 of the Analysis of Net Income (Loss) at the top of page 5 of Form 1065; and complete Schedules M-1 and M-2 at the bottom of page 5 of Form 1065. Finally, complete Mark Sullivan's Schedule K-1. • Form 4562 for depreciation is not required. Include any tax depreciation or Section 179 expense on the appropriate line of page 1 of Form 1065 or Schedule K. • If any information is missing, use reasonable assumptions to fill in any gaps. • The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms. Facts: The Aspen Ridge limited partnership was formed on April 1, 2009, by Mark Sullivan, its general partner, and two other limited partners when they each contributed an equal amount of cash to start the new enterprise. Aspen Ridge is an outdoor equipment retailer selling camping, fishing, skiing, and other outdoor gear to the general public. Mark has a 33.33% profits, loss, and capital interest and the limited partners hold the remaining 66.66% of the profits, loss, and capital interests. Their profits, loss, and capital interests have remained unchanged since the partnership was formed. Mark is actively involved in managing the business while the limited partners are simply investors. • Aspen Ridge is located at 1065 North 365 South, Ogden, Utah 84401. • The employer identification number for Aspen Ridge is 85-8976654. • Aspen Ridge uses the accrual method of accounting and has a calendar year-end. • Mark's address is 543 Wander Lane, Holliday, Utah 84503 and his Social Security number is 445-27-3484. The following is Aspen Ridge's 2015 income statement for books:
PARTNERSHIP TAX RETURN Required:
- For 2015, complete Aspen Ridge limited partnership's page 1 of Form 1065; complete Schedule K on page 4 of Form 1065; complete lines 1 and 2 of the Analysis of Net Income (Loss) at the top of page 5 of Form 1065; and complete Schedules M-1 and M-2 at the bottom of page 5 of Form 1065. Finally, complete Mark Sullivan's Schedule K-1.
- Form 4562 for depreciation is not required. Include any tax depreciation or Section 179 expense on the appropriate line of page 1 of Form 1065 or Schedule K.
- If any information is missing, use reasonable assumptions to fill in any gaps.
- The forms, schedules, and instructions can be found at the IRS Web site (irs.gov). The instructions can be helpful in completing the forms.
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Rating:
/5
Solution: PARTNERSHIP TAX RETURN PROBLEM