4) (10 points) Calculate the global cash flow (total cash available for debt service, prior to...

  

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4) (10 points) Calculate the global cash flow (total cash available for debt service, prior to debt payments) for 2020 given the information provided from the personal tax return and the related business tax return schedules. Form 1040 / Schedule 1 Key Data: Wages & Salaries (1040, Line 1) Other Income (1040, Line 8) Total Income $54,000 $314,000 $368,000 Rental RE / S-Corp/etc (Schedule 1, Line 5) $314,000 Schedule E, Part 2: Passive Income and Loss (g) Passive loss allowed (attach Form 8582 if required) (h) Passive income from Schedule K-1 A АВС, LLC 200,000 B. JKL, LLC 114,000 D 29a Totals 314,000 Form 1065 (ABC, LLC): 863,000 1a Gross receipts or sales. b Returns and allowances c Balance. Subtract line 1b from line 1a. Cost of goods sold (attach Form 1125-A) Gross profit. Subtract line 2 from line 1c 4 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) Net farm profit (loss) (attach Schedule F (Form 1040) Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (loss) (attach statement) 8 1a 1b 1c ৪63.000 2 2 222,000 3 3 641,000 4 5 5 6. 7 7 Total income (loss). Combine lines 3 through 7 Salaries and wages (other than to partners) (less employment credits) Guaranteed payments to partners. Repairs and maintenance. Bad debts. 8 641,000 294.000 10 10 20,000 11 11 12 12 13 Rent. 13 40,000 14 Taxes and licenses 14 Interest (see instructions). 16a Depreciation (if required, attach Form 4562). b Less depreciation reported on Form 1125-A and elsewhere on return Depletion (Do not deduct oil and gas depletion.) Retirement plans, etc. . Employee benefit programs Other deductions (attach statement) Total deductions. Add the amounts shown in the far right column for lines 9 through 20 Ordinary business income (loss). Subtract line 21 from line 8 15 15 32,000 16a 16b 16c 55,000 17 17 18 18 19 19 20 20 21 21 441,000 22 22 200,000 Income Deductions (see instructons for limitations) Form 1065 (JKL, LLC): 277,000 1a Gross receipts or sales. b Returns and allowances c Balance. Subtract line 1b from line 1a. Cost of goods sold (attach Form 1125-A) Gross profit. Subtract line 2 from line 1c . Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) Net farm profit (loss) (attach Schedule F (Form 1040) Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (loss) (attach statement) Total income (loss). Combine lines 3 through 7 Salaries and wages (other than to partners) (less employment credits) Guaranteed payments to partners Repairs and maintenance. Bad debts. Rent. 1a 1b 1c 277,000 2 2 3 3 4 4 6 6 7 8. 8. 277,000 9 110,000 10 10 11 11 12 12 13 13 24,000 14 Taxes and licenses 14 Interest (see instructions) . 16a Depreciation (if required, attach Form 4562). b Less depreciation reported on Form 1125-A and elsewhere on return Depletion (Do not deduct oil and gas depletion.) Retirement plans, etc. . Employee benefit programs Other deductions (attach statement) Total deductions. Add the amounts shown in the far right column for lines 9 through 20 22 Ordinary business income (loss). Subtract line 21 from line 8 15 15 8,000 16a 16b 16c 21,000 17 17 18 18 19 19 20 20 21 21 163,000 22 114,000 Form 1065 K-1 (ABC, LLC): Form 1065 K-1 (JKL, LLC): Final K-1 Amended Part II Partner's Share of Deductions, Credit 1 Ordinary businesa ncome fons 200,000 2 Net rental eal estate income os 2020 Schedule K-1 Part III Partner's Share of Deductions, Credi ! Ordinary bunina ncome to 114,000 Schedule K-1 2020 (Form 1065) Department of the Treaury terral Pevenue Service (Form 1065) Department of the Treasury veemal Fervene Servioe For calendar yea 2000, or ta yar For calendar year 2000, or ta year 2020 ding 2020 na 2 Net ental ealstate income o beging Partner's Share of Income, Deductions, Credits, etc. Partner's Share of Income, Deductions, Credits, etc. 3 Omer net rental ncome os 3 Other net rental income fos See separate instructions. See separata inatrucetions. PartI Information About the Partnership da Gurarteed payments for vces Part I Information About the Partnership A Partrarhp's epyer identeation number 4 Quaranteed paments for service 20,000 6 Quranteed payments for capital Partership's employer identification number 6 Guvanteed payments or capta . Partrenhip'a name, addresa, cty, state, and ZP code АВС, LC B Partrerstip's rame, addresa, cty, state, and ZIP cod JKL, LLC 4 Total guaranteed payments 4e Tota guaranteed payments 19 Distributions 19 Distributions 88,000 65,000 SOLUTION: Personal CF Source: Cash Flow ($) Business CF Source Cash Flow ($) DeductionS see instructions for imitations) Income 4) (10 points) Calculate the global cash flow (total cash available for debt service, prior to debt payments) for 2020 given the information provided from the personal tax return and the related business tax return schedules. Form 1040 / Schedule 1 Key Data: Wages & Salaries (1040, Line 1) Other Income (1040, Line 8) Total Income $54,000 $314,000 $368,000 Rental RE / S-Corp/etc (Schedule 1, Line 5) $314,000 Schedule E, Part 2: Passive Income and Loss (g) Passive loss allowed (attach Form 8582 if required) (h) Passive income from Schedule K-1 A АВС, LLC 200,000 B. JKL, LLC 114,000 D 29a Totals 314,000 Form 1065 (ABC, LLC): 863,000 1a Gross receipts or sales. b Returns and allowances c Balance. Subtract line 1b from line 1a. Cost of goods sold (attach Form 1125-A) Gross profit. Subtract line 2 from line 1c 4 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) Net farm profit (loss) (attach Schedule F (Form 1040) Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (loss) (attach statement) 8 1a 1b 1c ৪63.000 2 2 222,000 3 3 641,000 4 5 5 6. 7 7 Total income (loss). Combine lines 3 through 7 Salaries and wages (other than to partners) (less employment credits) Guaranteed payments to partners. Repairs and maintenance. Bad debts. 8 641,000 294.000 10 10 20,000 11 11 12 12 13 Rent. 13 40,000 14 Taxes and licenses 14 Interest (see instructions). 16a Depreciation (if required, attach Form 4562). b Less depreciation reported on Form 1125-A and elsewhere on return Depletion (Do not deduct oil and gas depletion.) Retirement plans, etc. . Employee benefit programs Other deductions (attach statement) Total deductions. Add the amounts shown in the far right column for lines 9 through 20 Ordinary business income (loss). Subtract line 21 from line 8 15 15 32,000 16a 16b 16c 55,000 17 17 18 18 19 19 20 20 21 21 441,000 22 22 200,000 Income Deductions (see instructons for limitations) Form 1065 (JKL, LLC): 277,000 1a Gross receipts or sales. b Returns and allowances c Balance. Subtract line 1b from line 1a. Cost of goods sold (attach Form 1125-A) Gross profit. Subtract line 2 from line 1c . Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) Net farm profit (loss) (attach Schedule F (Form 1040) Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (loss) (attach statement) Total income (loss). Combine lines 3 through 7 Salaries and wages (other than to partners) (less employment credits) Guaranteed payments to partners Repairs and maintenance. Bad debts. Rent. 1a 1b 1c 277,000 2 2 3 3 4 4 6 6 7 8. 8. 277,000 9 110,000 10 10 11 11 12 12 13 13 24,000 14 Taxes and licenses 14 Interest (see instructions) . 16a Depreciation (if required, attach Form 4562). b Less depreciation reported on Form 1125-A and elsewhere on return Depletion (Do not deduct oil and gas depletion.) Retirement plans, etc. . Employee benefit programs Other deductions (attach statement) Total deductions. Add the amounts shown in the far right column for lines 9 through 20 22 Ordinary business income (loss). Subtract line 21 from line 8 15 15 8,000 16a 16b 16c 21,000 17 17 18 18 19 19 20 20 21 21 163,000 22 114,000 Form 1065 K-1 (ABC, LLC): Form 1065 K-1 (JKL, LLC): Final K-1 Amended Part II Partner's Share of Deductions, Credit 1 Ordinary businesa ncome fons 200,000 2 Net rental eal estate income os 2020 Schedule K-1 Part III Partner's Share of Deductions, Credi ! Ordinary bunina ncome to 114,000 Schedule K-1 2020 (Form 1065) Department of the Treaury terral Pevenue Service (Form 1065) Department of the Treasury veemal Fervene Servioe For calendar yea 2000, or ta yar For calendar year 2000, or ta year 2020 ding 2020 na 2 Net ental ealstate income o beging Partner's Share of Income, Deductions, Credits, etc. Partner's Share of Income, Deductions, Credits, etc. 3 Omer net rental ncome os 3 Other net rental income fos See separate instructions. See separata inatrucetions. PartI Information About the Partnership da Gurarteed payments for vces Part I Information About the Partnership A Partrarhp's epyer identeation number 4 Quaranteed paments for service 20,000 6 Quranteed payments for capital Partership's employer identification number 6 Guvanteed payments or capta . Partrenhip'a name, addresa, cty, state, and ZP code АВС, LC B Partrerstip's rame, addresa, cty, state, and ZIP cod JKL, LLC 4 Total guaranteed payments 4e Tota guaranteed payments 19 Distributions 19 Distributions 88,000 65,000 SOLUTION: Personal CF Source: Cash Flow ($) Business CF Source Cash Flow ($) DeductionS see instructions for imitations) Income