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Posted: October 20th, 2022
Assignment Choice #2: Partnership Tax Returns
Assignment Choice #2: Partnership Tax Returns
Because 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.
Portfolio_Option2_Financials.xlsx – attached below
Complete the following template that has the respective tax forms and schedules required to complete the return. Complete all of the parts of your respective business tax return for which there is information.
ACT415_Portfolio_Option2_Student_Template.docx – attached below
In 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
Requirements:
Submit 1) your tax return template and 2) your write-up about the tax return questions to the drop box identified for that submission.
Review the grading rubric, which can be accessed from the Course Information page, to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.
| Form 1065
DepartmentoftheTreasury InternalRevenueService |
U.S.ReturnofPartnershipIncome
Forcalendar year2013, or taxyearbeginning , 2013, ending , 20 . aInformation about Form1065 and itsseparateinstructionsisatwww.irs.gov/form1065. |
OMBNo.1545-0099 | ||
| 2013 | ||||
| APrincipal business activity |
Type or Print |
Nameofpartnership | DEmployer identification number | |
| BPrincipal productorservice | Number, street,androomorsuite no.IfaP.O.box,seetheinstructions. | EDatebusiness started | ||
| C Businesscodenumber | Cityortown,stateorprovince,country,andZIPorforeignpostalcode | FTotalassets(seethe instructions) | ||
| $ | ||||
G Checkapplicableboxes: (1) Initialreturn (2) Finalreturn (3) Namechange (4) Address change (5) Amended return
(6) Technicaltermination-alsocheck(1)or(2)
H Checkaccountingmethod: (1) Cash (2) Accrual (3) Other (specify)a
I NumberofSchedules K-1.Attachoneforeachpersonwhowas apartneratanytimeduringthetaxyeara
J CheckifSchedules C andM-3areattached . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Caution. Includeonlytrade orbusinessincomeand expensesonlines1athrough22 below.Seetheinstructionsformore information.
| Income | 1a Grossreceiptsorsales. . . . . . . . . . . . .
b Returnsandallowances . . . . . . . . . . . . |
1a | |||||||||
| 1b | |||||||||||
| c Balance.Subtractline1bfromline1a. . . . . . . . . . . . . . . . . .
2 Costofgoodssold(attachForm 1125-A) . . . . . . . . . . . . . . . . 3 Grossprofit.Subtractline2 fromline1c . . . . . . . . . . . . . . . . . 4 Ordinary income(loss)fromotherpartnerships,estates, andtrusts(attachstatement). . 5 Netfarm profit(loss)(attachSchedule F(Form1040)) . . . . . . . . . . . . 6 Netgain(loss)fromForm 4797, PartII,line17 (attachForm 4797) . . . . . . . . 7 Other income(loss)(attachstatement) . . . . . . . . . . . . . . . . . 8 Total income (loss).Combinelines3 through7 . . . . . . . . . . . . . . |
1c | ||||||||||
| 2 | |||||||||||
| 3 | |||||||||||
| 4 | |||||||||||
| 5 | |||||||||||
| 6 | |||||||||||
| 7 | |||||||||||
| 8 | |||||||||||
| Deductions (seetheinstructionsforlimitations) | 9 Salariesandwages (otherthan topartners)(lessemploymentcredits) . . . . . . .
10 Guaranteedpaymentstopartners . . . . . . . . . . . . . . . . . . . 11 Repairsandmaintenance. . . . . . . . . . . . . . . . . . . . . . 12 Baddebts. . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Taxesandlicenses. . . . . . . . . . . . . . . . . . . . . . . . 15 Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . |
9 | |||||||||
| 10 | |||||||||||
| 11 | |||||||||||
| 12 | |||||||||||
| 13 | |||||||||||
| 14 | |||||||||||
| 15 | |||||||||||
| 16a Depreciation (ifrequired, attachForm 4562). . . . . .
b LessdepreciationreportedonForm 1125-Aand elsewhereonreturn |
16a | ||||||||||
| 16b | 16c | ||||||||||
| 17 Depletion (Donot deductoiland gasdepletion.) . . . . . . . . . . . . .
18 Retirement plans, etc. . . . . . . . . . . . . . . . . . . . . . . . 19 Employeebenefitprograms . . . . . . . . . . . . . . . . . . . . . 20 Other deductions(attachstatement) . . . . . . . . . . . . . . . . . . 21 Total deductions.Addtheamountsshownin thefarrightcolumnforlines9 through20. |
17 | ||||||||||
| 18 | |||||||||||
| 19 | |||||||||||
| 20 | |||||||||||
| 21 | |||||||||||
| 22 Ordinarybusinessincome (loss).Subtractline21 fromline8 . . . . . . . . . | 22 | ||||||||||
|
Sign Here |
Under penalties ofperjury, Ideclare thatIhaveexamined thisreturn, includingaccompanyingschedules andstatements,andtothebestofmy knowledgeandbelief, itis true, correct,andcomplete.Declaration ofpreparer (otherthan generalpartnerorlimitedliabilitycompanymembermanager) is basedonallinformationofwhichpreparer hasanyknowledge.
MaytheIRSdiscussthisreturnwiththe preparer shown below (see instructions) Yes No Signatureofgeneralpartnerorlimitedliabilitycompanymembermanager Date |
||||||||||
| Paid Preparer Use Only | Print/Typepreparer’sname | Preparer’s signature | Date |
Check if self-employed |
PTIN | ||||||
| Firm’sname a | Firm’sEINa | ||||||||||
| Firm’saddressa | Phoneno. | ||||||||||
ForPaperworkReductionAct Notice,seeseparateinstructions. Cat. No.11390Z Form 1065(2013)
| ScheduleB | Other Information | |||||||||
| 1 What typeofentityis filingthisreturn Checktheapplicablebox:
a Domesticgeneralpartnership b Domesticlimitedpartnership c Domesticlimitedliabilitycompany d Domesticlimitedliabilitypartnership e Foreignpartnership f Other a |
Yes | No | ||||||||
| 2 Atanytimeduringthetaxyear,wasanypartnerinthepartnershipadisregardedentity,apartnership(including anentitytreatedasapartnership),atrust,anScorporation,anestate (otherthan anestate ofadeceased partner), oranominee orsimilar person . . . . . . . . . . . . . . . . . . . . . . . . . . . | ||||||||||
| 3 Attheendofthetaxyear:
a Didanyforeignordomesticcorporation,partnership(includinganyentitytreatedasapartnership),trust,ortax- exemptorganization,oranyforeigngovernmentown,directlyorindirectly,aninterestof50%ormoreintheprofit, loss,orcapitalofthepartnershipForrulesofconstructiveownership,seeinstructions.If“Yes,”attachSchedule B-1,InformationonPartnersOwning50%orMoreofthePartnership . . . . . . . . . . . . . . . b Didanyindividualorestateown,directlyorindirectly,aninterestof50%ormoreintheprofit,loss,orcapitalof thepartnershipForrulesofconstructiveownership,seeinstructions.If“Yes,”attachScheduleB-1,Information onPartnersOwning50%orMoreofthePartnership . . . . . . . . . . . . . . . . . . . . |
||||||||||
| 4 Attheendofthetaxyear,didthepartnership:
a Owndirectly20%ormore,orown,directlyorindirectly,50%ormoreofthetotalvotingpowerofallclassesof stock entitled to vote of any foreign or domestic corporation For rules of constructive ownership, see instructions.If“Yes,”complete(i)through(iv)below. . . . . . . . . . . . . . . . . . . . . |
||||||||||
|
(i)NameofCorporation |
(ii)Employer Identification
Number(ifany) |
(iii)Countryof
Incorporation |
(iv)Percentage
OwnedinVotingStock |
|||||||
| b Owndirectlyaninterest of20%ormore,orown,directlyorindirectly,aninterest of50%ormoreintheprofit,loss, orcapitalinanyforeignordomesticpartnership(includinganentitytreatedasapartnership)orinthebeneficial interestofatrustForrulesofconstructiveownership,seeinstructions.If“Yes,”complete(i)through(v)below. . | ||||||||||
|
(i)NameofEntity |
(ii)Employer Identification Number (ifany) | (iii)Typeof
Entity |
(iv)Countryof
Organization |
(v)Maximum Percentage Ownedin Profit,Loss,orCapital | ||||||
|
5 DidthepartnershipfileForm8893,ElectionofPartnershipLevelTaxTreatment,oranelectionstatementunder section6231(a)(1)(B)(ii)forpartnership-leveltaxtreatment,thatisineffectforthistaxyearSeeForm8893for more details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
Yes | No | ||||||||
| 6 Doesthepartnershipsatisfyallfourofthefollowingconditions
a Thepartnership’stotalreceiptsforthetaxyearwerelessthan $250,000. b Thepartnership’stotalassetsattheendofthetaxyearwerelessthan $1 million. c SchedulesK-1 arefiledwith thereturnandfurnishedto thepartnersonorbefore theduedate(including extensions)forthepartnershipreturn. d Thepartnershipis notfilingandis notrequired tofileSchedule M-3 . . . . . . . . . . . . . . . If“Yes,”thepartnershipisnotrequiredtocompleteSchedulesL,M-1,andM-2;ItemFonpage1ofForm1065; orItem L onSchedule K-1. |
||||||||||
| 7 Isthispartnershipapubliclytradedpartnershipasdefinedin section469(k)(2). . . . . . . . . . . . | ||||||||||
| 8 Duringthetaxyear,did thepartnership haveanydebt that wascancelled, wasforgiven,orhadtheterms modifiedsoastoreducetheprincipalamountofthedebt . . . . . . . . . . . . . . . . . . | ||||||||||
| 9 Hasthispartnershipfiled,orisitrequiredtofile,Form8918,MaterialAdvisorDisclosureStatement,toprovide informationonanyreportabletransaction. . . . . . . . . . . . . . . . . . . . . . . . | ||||||||||
| 10 Atanytimeduringcalendaryear2013,didthepartnershiphaveaninterestinorasignatureorotherauthorityoverafinancial accountinaforeigncountry(suchasabankaccount,securitiesaccount,orotherfinancialaccount)Seetheinstructionsfor exceptionsandfilingrequirementsforFinCENForm114,ReportofForeignBankandFinancialAccounts (FBAR)(formerlyTDF
90-22.1). If“Yes,”enterthenameofthe foreign country.a |
||||||||||
Form 1065(2013)
| ScheduleB | Other Information (continued) | ||
|
11 Atanytimeduringthetaxyear,did thepartnershipreceiveadistribution from,orwasitthegrantorof,or transferorto,aforeigntrustIf“Yes,” thepartnershipmayhavetofileForm3520,AnnualReturnToReport Transactions With ForeignTrusts andReceiptofCertainForeignGifts.Seeinstructions . . . . . . . . . |
Yes | No | |
| 12a Isthepartnershipmaking,orhaditpreviously made (andnotrevoked),asection754 election . . . . . .
Seeinstructionsfordetailsregarding asection754 election. b Didthepartnershipmakeforthistaxyearanoptionalbasisadjustmentundersection743(b)or734(b)If“Yes,” attachastatementshowingthecomputationandallocationofthebasis adjustment.Seeinstructions . . . . c Isthepartnershiprequiredtoadjustthebasisofpartnershipassetsundersection743(b)or734(b)becauseofa substantialbuilt-inloss(asdefinedundersection743(d)) orsubstantialbasisreduction(asdefinedundersection 734(d))If“Yes,”attachastatementshowingthecomputationandallocationofthebasisadjustment.Seeinstructions |
|||
| 13 Checkthisboxif,duringthecurrentorpriortaxyear,thepartnershipdistributedanypropertyreceivedina like-kind exchangeorcontributed suchproperty toanotherentity(otherthandisregardedentitieswholly- ownedbythepartnershipthroughoutthetaxyear) . . . . . . . . . . . . . . . . . . .a | |||
| 14 Atanytimeduringthetaxyear,did thepartnershipdistribute toanypartneratenancy-in-common orother undividedinterestin partnershipproperty . . . . . . . . . . . . . . . . . . . . . . . . | |||
| 15 IfthepartnershipisrequiredtofileForm8858,InformationReturnofU.S.PersonsWithRespectToForeign
Disregarded Entities,enterthenumberofForms 8858 attached.Seeinstructionsa |
|||
| 16 DoesthepartnershiphaveanyforeignpartnersIf“Yes,” enterthenumberofForms8805,ForeignPartner’s
InformationStatementofSection1446 WithholdingTax,filedforthispartnership.a |
|||
| 17 EnterthenumberofForms8865,ReturnofU.S.PersonsWithRespecttoCertain Foreign Partnerships, attached tothisreturn.a | |||
| 18a Didyoumake anypaymentsin 2013 thatwouldrequireyoutofileForm(s)1099 Seeinstructions . . . . .
b If“Yes,”didyouorwillyoufilerequired Form(s)1099. . . . . . . . . . . . . . . . . . . . |
|||
| 19 Enter the number of Form(s)5471, Information Return of U.S. Persons With Respect To Certain Foreign
Corporations,attachedtothisreturn.a |
|||
| 20 Enterthenumberofpartners thatareforeigngovernments under section892. a | |||
Designationof TaxMattersPartner (seeinstructions)
Enterbelowthegeneralpartnerormember-manager designatedasthetaxmatterspartner(TMP)forthetaxyearofthisreturn:
Nameof designated TMP
IftheTMPisan entity,name
ofTMPrepresentative
Address of designated TMP
Identifying numberofTMP
Phonenumber ofTMP
Form 1065(2013)
| ScheduleK | Partners’ DistributiveShare Items | Total amount | ||||||
|
Income(Loss) |
1 Ordinary business income(loss)(page1, line22). . . . . . . . . . . . .
2 Netrentalrealestate income(loss)(attachForm 8825) . . . . . . . . . . . |
1 | ||||||
| 2 | ||||||||
| 3a Other grossrentalincome(loss) . . . . . . . .
b Expensesfromotherrentalactivities(attachstatement) |
3a | |||||||
| 3b | ||||||||
| c Other netrentalincome(loss).Subtractline3bfromline3a . . . . . . . . .
4 Guaranteedpayments . . . . . . . . . . . . . . . . . . . . . 5 Interest income . . . . . . . . . . . . . . . . . . . . . . . . 6 Dividends: a Ordinary dividends. . . . . . . . . . . . . . . . . |
3c | |||||||
| 4 | ||||||||
| 5 | ||||||||
| 6a | ||||||||
| b Qualifieddividends . . . . . . | 6b | |||||||
| 7 Royalties . . . . . . . . . . . . . . . . . . . . . . . . . .
8 Netshort-termcapitalgain(loss)(attachSchedule D(Form1065)) . . . . . . . 9a Netlong-termcapitalgain(loss)(attachSchedule D(Form1065)) . . . . . . . |
7 | |||||||
| 8 | ||||||||
| 9a | ||||||||
| b Collectibles(28%)gain(loss) . . . . . . . . .
c Unrecapturedsection1250 gain(attachstatement) . . |
9b | |||||||
| 9c | ||||||||
| 10 Netsection1231 gain(loss)(attachForm 4797) . . . . . . . . . . . . .
11 Other income(loss)(seeinstructions) Typea |
10 | |||||||
| 11 | ||||||||
|
Deductions |
12 Section179 deduction(attachForm 4562) . . . . . . . . . . . . . . .
13a Contributions . . . . . . . . . . . . . . . . . . . . . . . . b Investment interestexpense . . . . . . . . . . . . . . . . . . . c Section59(e)(2)expenditures: (1)Typea (2)Amounta d Other deductions(seeinstructions) Typea |
12 | ||||||
| 13a | ||||||||
| 13b | ||||||||
| 13c(2) | ||||||||
| 13d | ||||||||
| Self- Employ- ment | 14a Netearnings(loss)fromself-employment . . . . . . . . . . . . . . . b Grossfarmingorfishingincome . . . . . . . . . . . . . . . . . . c Grossnonfarmincome . . . . . . . . . . . . . . . . . . . . . | 14a | ||||||
| 14b | ||||||||
| 14c | ||||||||
|
Credits |
15a Low-incomehousingcredit(section42(j)(5)) . . . . . . . . . . . . . . b Low-incomehousingcredit(other) . . . . . . . . . . . . . . . . . c Qualifiedrehabilitationexpenditures(rentalrealestate)(attachForm 3468) . . . . d Other rentalrealestate credits(seeinstructions) Typea
e Other rentalcredits(seeinstructions) Typea f Other credits(seeinstructions) Typea |
15a | ||||||
| 15b | ||||||||
| 15c | ||||||||
| 15d | ||||||||
| 15e | ||||||||
| 15f | ||||||||
|
ForeignTransactions |
16a NameofcountryorU.S.possessiona
b Grossincomefromallsources. . . . . . . . . . . . . . . . . . . c Grossincomesourcedatpartnerlevel . . . . . . . . . . . . . . . . Foreigngrossincomesourcedatpartnershiplevel d Passivecategorya e Generalcategoryaf Other a Deductionsallocatedandapportionedatpartnerlevel g Interest expenseahOther . . . . . . . . . . a Deductionsallocatedandapportionedatpartnershipleveltoforeignsourceincome i Passivecategorya j Generalcategoryak Other a l Totalforeigntaxes (check one):a Paid Accrued . . . . . . . . m Reductionin taxes availableforcredit(attachstatement) . . . . . . . . . . n Other foreigntaxinformation(attachstatement) . . . . . . . . . . . . . |
|||||||
| 16b | ||||||||
| 16c | ||||||||
| 16f | ||||||||
| 16h | ||||||||
| 16k | ||||||||
| 16l | ||||||||
| 16m | ||||||||
| Alternative
Minimum Tax |
17a Post-1986depreciationadjustment . . . . . . . . . . . . . . . . . b Adjustedgainorloss . . . . . . . . . . . . . . . . . . . . . . c Depletion (otherthan oilandgas) . . . . . . . . . . . . . . . . . . d Oil,gas,andgeothermal properties—grossincome . . . . . . . . . . . . e Oil,gas,andgeothermal properties—deductions . . . . . . . . . . . . . f Other AMTitems(attachstatement) . . . . . . . . . . . . . . . . . | 17a | ||||||
| 17b | ||||||||
| 17c | ||||||||
| 17d | ||||||||
| 17e | ||||||||
| 17f | ||||||||
|
Other Information |
18a Tax-exemptinterestincome. . . . . . . . . . . . . . . . . . . . b Other tax-exemptincome . . . . . . . . . . . . . . . . . . . . c Nondeductibleexpenses. . . . . . . . . . . . . . . . . . . . .
19a Distributionsofcash andmarketable securities . . . . . . . . . . . . . b Distributionsofotherproperty . . . . . . . . . . . . . . . . . . . 20a Investment income. . . . . . . . . . . . . . . . . . . . . . . b Investment expenses . . . . . . . . . . . . . . . . . . . . . . c Other itemsandamounts(attachstatement) . . . . . . . . . . . . . . |
18a | ||||||
| 18b | ||||||||
| 18c | ||||||||
| 19a | ||||||||
| 19b | ||||||||
| 20a | ||||||||
| 20b | ||||||||
Form 1065(2013)
Analysisof NetIncome(Loss)
| 1 Netincome(loss).CombineScheduleK,lines 1through11.Fromtheresult,subtractthesumof
Schedule K, lines12 through13d,and16l . . . . . . . . . . . . . . . . . . |
1 |
|||||||||||||
| 2 Analysisby partnertype:
a Generalpartners b Limitedpartners |
(i)Corporate |
(ii)Individual
(active) |
(iii)Individual
(passive) |
(iv)Partnership |
(v)Exempt
Organization |
(vi)
Nominee/Other |
||||||||
| ScheduleL | Balance Sheets perBooks | Beginning oftaxyear | Endoftaxyear | |||||||||||
| Assets (a) | (b) | (c) | (d) | |||||||||||
| 1 Cash . . . . . . . . . . . . .
2a Tradenotesandaccountsreceivable. . . b Lessallowance forbaddebts . . . . . 3 Inventories . . . . . . . . . . . 4 U.S.governmentobligations . . . . . 5 Tax-exemptsecurities . . . . . . . 6 Other currentassets(attachstatement) . . 7a Loans topartners(orpersonsrelatedtopartners) b Mortgageandrealestate loans . . . . 8 Other investments(attachstatement). . . 9a Buildingsandotherdepreciableassets . . b Lessaccumulateddepreciation . . . . 10a Depletable assets . . . . . . . . . b Lessaccumulateddepletion . . . . . 11 Land (netofanyamortization) . . . . . 12a Intangible assets(amortizableonly) . . . b Lessaccumulatedamortization . . . . 13 Other assets(attachstatement) . . . . 14 Totalassets . . . . . . . . . . . Liabilitiesand Capital 15 Accountspayable . . . . . . . . . 16 Mortgages,notes,bondspayable in lessthan 1 year 17 Other currentliabilities (attachstatement) . 18 Allnonrecourse loans. . . . . . . . 19a Loans frompartners(orpersonsrelatedtopartners) b Mortgages,notes,bondspayable in1yearormore 20 Other liabilities (attachstatement). . . . 21 Partners’ capitalaccounts . . . . . . 22 Totalliabilities andcapital . . . . . . |
||||||||||||||
| ScheduleM-1 | Reconciliationof Income(Loss)perBooksWithIncome(Loss)perReturn | |||||||||||||
Note.Schedule M-3may berequired insteadofSchedule M-1(seeinstructions).
| 1 Netincome(loss)perbooks. . . .
2 IncomeincludedonScheduleK,lines1,2,3c, 5,6a,7,8,9a,10,and11,notrecordedon booksthisyear(itemize): 3 Guaranteed payments (other than healthinsurance) . . . . . . . 4 Expenses recordedonbooksthisyear notincludedonSchedule K,lines1 through13d,and16l(itemize): a Depreciation $ b Travelandentertainment $ 5 Addlines1 through4 . . . . . . |
6 Incomerecordedonbooksthisyearnotincluded onSchedule K,lines 1through11 (itemize):
a Tax-exemptinterest$
7 DeductionsincludedonScheduleK,lines 1 through 13d, and 16l, not charged againstbookincomethisyear(itemize): a Depreciation $
8 Addlines6 and7 . . . . . . . . 9 Income (loss)(Analysisof Net Income (Loss),line1).Subtractline8fromline5 . |
||||
| ScheduleM-2 | Analysisof Partners’ CapitalAccounts | ||||
| 1 Balanceatbeginningofyear . . .
2 Capitalcontributed: aCash . . . b Property . . 3 Netincome(loss)perbooks. . . . 4 Other increases(itemize): 5 Addlines1 through4 . . . . . . |
6 Distributions: aCash . . . . . .
b Property . . . . . 7 Other decreases(itemize):
8 Addlines6 and7 . . . . . . . . 9 Balance atend ofyear.Subtractline8fromline5 |
||||
Form 1065(2013)
In the space that follows, show corporate income tax calculations and provide the written requirements of the assignment.
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