Question

schedule 1065:

schedule k:

k1:

เว 1065 PG 1 Schedule K Schedule K1 U.S. Return of Partnership Income For calendar year 2018, or tax year beginning2018, ending20 Go to www.irs powForn 1065 for instructions and the lstest Information Form 1065 Department of the Treassury Intemal Revenue Service A Principal business actvity OMB No. 1545-0123 2018 D Employer identification number Name of Partnershi no. Ifa P.O. box, see Instructions. E Date business started 8 Principal product or service Number, street, and room or suile Ciy or town, stateor province, country, and ZP or postal cooe C Business code number F Total assets (see instructions) Check oppiatble bonesPnai Rae Change Aess Change (1) Initial Reluml Ru) Change G Check applicable boxes H Check accounting method 1 Number of Schedules K-1. Aftach one for each person who was a partner at any time during the tax year (5) Amended Return (2) Final Reurn (2) Aconual (1) Cash (3) Other (specity) Check if Schedules C and M-3 are attached J Caution: Include only trade or business income and expenses on lines 1a through 22 below. See instructions for more Information. nces ta Gross receipts or sales b Retums and alowances c Balance Subtract line 1b from line 1a 2Cost of goods sold (aftach Form 1125-A) 3 Gross profit Suberact line 2 from line te 1b 1e Ordinary income (loss) from other parinerships, estates, and trusts (attach statemen 5 Net farm proftt (loss) (attach Schedule F (Form 1040) 6 Net gain (oss) from Form 4797, Part line 17 (attach Form 4797) 7 Other income (loss) (aftach statement) 8 Total income (loss) Combine lines 3 through 9 Salaries and wages (other than to partners)ess employment credits) 10 Guaranteed payments to partners 11 Repairs and maintenance 12 Bad debls 13 Rent 12

Answer 1

Answer:

Schedule 1065
	Name of partnership		Blue Bell
I	Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year	I	3
1a	Gross receipts or sales: 1a.	1a	470,000
2	Cost of goods sold (attach for 1125-A)	2	410,000
10	Guaranteed payments to partners	10	3,000
20	Other deductions (attach statement)	20	70,000
Schedule K
1	Ordinary business income (loss) (Page 1 line 22)	1	(13,000)
4	Guaranteed payments	4	3,000
9a	Net long term capital gain (loss) (attach Schedule D (Form 1065))	9a	2,400
10	Net section 1231 gain (loss) (attach form 4797)	10	900
13a	Contribution	13a	300
14a	Net earnings (loss) from self-employment	14a	(10,000)
18a	Tax-exempt interest income	18a	300
Schedule K-1
1	Ordinary business income (loss)	1	(4,333)
4	Guaranteed payments	4	3,000
B	Partnership name, address, city, state and zip code	B	Bluebell
D	Check if this is publically trended partnership (PTP)	D
9a	Net long term capital gain (loss)	9a	800
F	Partner’s name address, city, state and zip code	F	Deanne
10	Net section 1231 gain (loss)	10	300
18	Tax exempt income and nondeductible expenses	18	100
G	General partner or LLC – Limited partner or other LLC	G	General Partner
I1	What type of entity is this partner?	I1	Individual
J	Partner’s share of profit, loss and capital gain (see instruction)
	Profit beginning-------------------------------------------------------------------------------------		33.33%
	Profit ending-----------------------------------------------------------------------------------------		33.33%
	Loss beginning----------------------------------------------------------------------------------------		33.33%
	Loss ending--------------------------------------------------------------------------------------------		33.33%
	Capital beginning-------------------------------------------------------------------------------------		33.33%
	Capital ending-----------------------------------------------------------------------------------------		33.33%
13A	Other deductions	13A	100
K	Partner’s shares and liabilities
	Nonrecourse beginning-----------------------------------------------------------------------------
	Nonrecourse ending---------------------------------------------------------------------------------
	Qualified Nonrecourse financing beginning---------------------------------------------------
	Qualified Nonrecourse financing ending-------------------------------------------------------		21,000
	Recourse beginning----------------------------------------------------------------------------------
	Recourse ending--------------------------------------------------------------------------------------
14A	Self-employment earnings (loss)	14A	(1,333)
L	Partner’s capital account analysis
	Beginning capital account		110,000
	Current year increase (decrease)		(3,233)
	Tax basis		Check(select)
M	Did the partner contribute property with a built-in gain or loss?	M	No