Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns

Question:

Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership's first year of operation is 2012. Emily and James divide income and expenses equally. The partnership name is J&S Barbers, it is located at 1023 Broadway, New York, NY 10004, and its Federal ID number is 95-676767. The 2012 financial statements for the partnership are presented below.

J&S Barbers Income Statement

for the Year Ended December 31, 2012

Gross income from operations.........................................................$371,600

Deductions:

Salaries to employees......................................................................94,000

Payroll taxes.................................................................................10,000

Supplies.......................................................................................9,000

Rent...........................................................................................45,000

Depreciation...................................................................................5,100

Short-term capital loss.......................................................................2,000

Charitable contributions........................................................................500

Net income................................................................................$206,000

Partners' withdrawals (each partner) ..................................................$ 80,000

Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social

Emily lives at 456 E. 70th Street, New York, NY 10006, and James lives at 436 E. 63rd Street, New York, NY 10012.
Required:
Complete Emily and James' Form 1065, Schedules K-1, and any other appropriate schedule(s) you need from pages 10-27 to 10-36 to complete J&S Barbers' tax return. Do not fill in Schedule D for the capital loss, Form 4562 for depreciation, or Schedule B-1 related to ownership of the partnership. Make realistic assumptions about any missing data.

Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...

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Related Book For  answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Question Posted: December 01, 2016 08:17:45