Partnership Tax Return INSTRUCTIONS Please use the information below to complete the Form 1065 and the Schedule K-1 for Malcolm Fox only. Blank forms can be found on the IRS site or in Doc Sharing

/in /by

Partnership Tax Return

INSTRUCTIONS

Please use the information below to complete the Form 1065 and the

Schedule K-1 for Malcolm Fox only. Blank forms can be found on the IRS site or in Doc Sharing. Please feel free to use a tax software package if you have one, but be aware that I will not be able to answer specific questions about it.

GENERAL COMPANY INFORMATION

Malcolm Fox and Rhonda Ford are equal partners in MFRF LLP, a small business consulting firm. The partners are not related and are both U.S. citizens. Malcolm Fox lives at 415 Knight Court in Freeport, ME, 04469, with a Social Security number of 123-45-6789. Rhonda Ford lives at 123 Main Street in Freeport, ME, 04469, with a Social Security number of 456-12-4561.

The limited liability partnership uses the cash basis and the calendar year, and it began operation on January 1, 2009. The Federal ID for MFRF LLP is 11-1111111 and the current address is 2835 Harbor View Drive, Freeport, ME, 04469 for.

The partnership placed its $65,000 of furniture and fixtures in service on January 1, 2009. This year, it claimed $8,119 of depreciation expense for tax (line 16a and 16c) and financial purposes. No assets were placed in service in the current year.

On Oct. 15, the partnership sold securities, creating a $4,000 long-term capital loss. Please enter this directly onto schedule K; there is not enough information to create the detail.

Net income per books is $200,900. On January 1, 2012, the partners’ capital accounts equal $120,000 each. No additional capital contributions were made in 2012 and each partner made withdrawals of $120,000 during the year.

MFRF LLP Income Statement

Revenues

Fees collected                             800,000

Dividend income (all qualified)       3,600

Taxable business interest              1,400

Tax-exempt interest                    2,600

Long-term capital loss                  (4,000)

Total revenues                    803,600

Expenses

Accounting fees                           12,000

Advertising                                 5,000

Contribution to United Way           2,000

Depreciation expense                   8,119

Employee salaries                        340,000

Guaranteed payments                  140,000

Entertainment                             2,600

Travel                                        12,000

Equipment rental                         6,000

Office rentals paid                       7,000

Interest expense                         4,000

Insurance premiums                    2,200

Office expense                            20,481

Payroll taxes                               25,600

Utilities                                      15,700

Total expenses                    602,700

MFRF LLP Balance Sheet

Assets                                    January 1, 2012          December 31, 2012

Cash                                  $86,576                     $84,595

Tax-exempt securities          52,000                      52,000

Marketable securities           120,000 76,000

Furniture and equipment        65,000                      65,000

Accumulated depreciation     (36,576)                   (44,695)

Total assets                               $287,000                   $232,900

======                   ======

Liabilities and Equity                   January 1, 2012          December 31, 2012

Nonrecourse debt on

Equipment                          $47,000                     $32,000

Capital, Fox                                120,000                     100,450

Capital, Ford                       120,000                     100,450

Total Liabilities and Equity     $287,000                   $232,900

======                   =======

Certain Cash Contributions for Typhoon Haiyan Relief Effortsin the Philippines Can Be Deducted on Your 2013 Tax ReturnA new law allows you to choose to deduct certain charitable contributionsof money on your 2013 tax return instead of your 2014 return. Thecontributions must have been made after March 25, 2014, and before April15, 2014, for the relief of victims in the Republic of the Philippines affectedby the November 8, 2013, typhoon. Contributions of money includecontributions made by cash, check, money order, credit card, charge card,debit card, or via cell phone.The new law was enacted after the 2013 forms, instructions, andpublications had already been printed. When preparing your 2013 taxreturn, you may complete the forms as if these contributions were made onDecember 31, 2013, instead of in 2014.The contribution must be made to a qualified organization and meet allother requirements for charitable contribution deductions. However, if youmade the contribution by phone or text message, a telephone bill showingthe name of the donee organization, the date of the contribution, and theamount of the contribution will satisfy the recordkeeping requirement.Therefore, for example, if you made a $10 charitable contribution by textmessage that was charged to your telephone or wireless account, a billfrom your telecommunications company containing this informationsatisfies the recordkeeping requirement.
Background image of page 1
 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

.(TCO 8) Which of the following statements is false? (Points :2)A taxpayer can be charged a penalty for the late paymentof taxes if an extension to Fle was granted

/in /by

Please help! i have 20 mins to complete the following attachment..

Question 1.1.(TCO 8) Which of the following statements is false? (Points :2)A taxpayer can be charged a penalty for the late paymentof taxes if an extension to Fle was granted.The interest charged on the late payment of taxes isdeductible on the federal tax return.The penalty for late Fling and late payment of taxes is 5%of the balance of tax due with the return for each month it isdelinquent.A taxpayer who can establish a reasonable cause for thelate Fling of his or her tax return will not be charged a late Flingpenalty.Question 2.2.(TCO 8) Peter did not extend or Fle his 2013 federal tax return until December 3, 2014.liability was $5,000; the return showed a net refund due of $750. He Fled late because heVegas with his old fraternity buddies. What amount of late-Fling penalty will he owe for theyear? (Points : 2)$2,500$150$0$75Question 3.3.(TCO 8) Mr. and Mrs. ±ields Fled a complete and accurate return for 2014 on April 14, 20the statute of limitations expire for their 2013 return? (Points : 2)April 15, 2019April 15, 2018August 15, 2016October 14, 2015Question 4.4.(TCO 8) Which of the following is generally considered an indication that Benjamin has cfraud? (Points : 2)Benjamin made major addition errors.Benjamin’s business records and documents were destroyed in a ²ood.Benjamin does not have any receipts for large deductions taken on his tax return.Benjamin employed a CPA to prepare his tax return.Question 5.5.(TCO 8) Which of the following statements concerning the innocent spouse rule is (are)2)The rule is used to relieve one spouse of an additional tax liability assessed upon a joi
Background image of page 1
 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

HomeworkSuppose the Atlanta Falcons purchased a new set of goal posts for $20,000 each.

/in /by

If you can please help me with my homework assignment i dont really understand. Please find the attachment

thanks.

ACCT216Week 5 HomeworkSuppose the Atlanta Falcons purchased a new set of goal posts for $20,000 each. The Falconsexpect the goal posts to have a useful life of ±ve years and a salvage value of $1,000 each whenthey sell them to a local high school.Required:1.Compute the ±rst years deprecia²on using the following methods:a.Straight-lineb.Double-declining balance2.Suppose the team depreciates the asset based on number of goals scored. The teaman²cipates goals to be 40 in the ±rst year, 46 in the second year, 38 in the third, 50 inthe fourth when they win the Super Bowl, and 45 in the ±³h year. Compute their±rst year deprecia²on using the units-of-produc²on method.3.Which method do you think is the most representa²ve of accurate deprecia²on ofthe goal posts?
Background image of page 1
 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

scenario in Ethics Case (page 2). Your memo (not more than one page long) must be typed and reflect a professional presentation

/in /by

scenario in Ethics

Case (page 2). Your memo (not more than one page long) must be typed and

reflect a

professional presentation. You will write the memo to Ginger Delatte, who will be playing the

role of a Senior Manager in the CPA firm auditing Q Graphics.

For clarification, Q Graphics is deciding how to finance the purchase of the machine from a

Swiss firm.

MEMO FORMAT: Microsoft Word offers standard templates for a “to-from” memo or you can

use your own format. However, each memo must have the following.

 Heading

o To: Ginger Delatte, Senior Manager

o From:

o Date:

o Re: A general description of the issue(s) the memo addresses

 Text. This should a) briefly describe the purpose of the memo, i.e., the issue that is being

addressed and b) answer the questions. Consider the Easton textbook your source of

authoritative guidance regarding US GAAP.

REQUIREMENTS: Prepare a “to-from” memo to answer the questionsin the scenario in EthicsCase (page 2). Your memo (not more than one page long) must be typed andrefect aproFessional presentation. You will write the memo to Ginger Delatte, who willbe playing therole oF a Senior Manager in the CPA ±rm auditing Q Graphics.²or clari±cation, Q Graphics is deciding how to ±nance the purchase oF themachine From aSwiss ±rm.MEMO FORMAT: Microsoft Word o±ers standard templates for a “to-from” memo or you canuse your own format. However, each memo must have the following. Headingo To: Ginger Delatte, Senior Managero From:o Date:o Re: A general description of the issue(s) the memo addresses Text. This should a) brie²y describe the purpose of the memo, i.e.,the issue that is beingaddressed and b) answer the questions. Consider the Eastontextbook your source ofauthoritative guidance regarding US GAAP.Ethics CaseQ Graphics is a privately held company specializing in package labels.Representatives oF the±rm have just returned From Switzerland, where Swiss ±rm is manuFacturinga custom-madehigh speed, color labeling machine. Con±dence is high that the new machinewill help rescueBricker From sharply declining pro±tability. Q’s chieF operating o³cer, DonBenson, has beenunder ±re For not reaching the company’s perFormance goals oF achieving arate oF return onassets oF at least 12%.The aFternoon oF his return From Switzerland, Benson called Susan Sharp intohis o³ce. Susan isQ’s Controller.Benson: I wish you had been able to go. We have some accounting issues toconsider.
 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"