Assignment 3 Pass-Through Assignment To complete this assignment, read the information below and then complete the 2021 partnership tax return (form 1065) including the individual K-1s, and both individuals' 2021 1040 & 1040 Schedule 1 by hand. The tax forms themselves will not be turned in or graded, but you must complete them in order to answer the questions on Canvas, which will be graded. Please refer to the flow-through exercise we do to assist you in completing this assignment. The questions that must be answered are shown below, but must be completed on Canvas in order to receive credit. For fill-in-the-blank questions, enter whole numbers only, with no commas, periods, or symbols. This assignment has 35 questions and 35 points. All questions are weighted equally. This assignment may be completed individually, or with one other student. If completed in pairs, BOTH students must enter their answers in their own Canvas account in order to receive credit. These questions must be answered on Canvas by the deadline in order to receive credit. If you have extenuating circumstances, please let me know with ample time before the deadline so we can make alternate arrangements. Outside of extenuating circumstances, late assignments will not be accepted because solutions will be posted following the deadline. Scenario Craft Beer Brewing Partnership Revenues 740,000 Office Rent 45,000 COGS 249,000 Salaries 280,000 ST Gain on Sale of Stock 120,000 LT Loss on Sale of Stock 550,000 Contributions to Charities | 68,000 Friends Dan and Lisa are each partner in the beer brewing partnership above. O Dan owns 3% o Lisa owns 6% Additional Information about Dan (not including partnership info) o Married, 1 child o Wages from job = $25,000 o Wages from wife's job = $40,000 Additional Information about Lisa (not including partnership info) o Single, no children o Wages from job = 142,000 O Sold stock held LT at a gain of 30,000 O Paid state taxes of 10,000 o Paid qualified mortgage interest of 10,000 Questions to complete on Canvas 1065, page 1 Line la: Line 3: Line 8: Line 21: Line 22: 1065, page 4 (Schedule K) Line 1: Line 8: Line 13a: Line 13b: Line 17a: Line 18a: Line 20b: Dan's Schedule K-1 Line 1: Line 8: Line 18a: Lisa's K-1 Line 1: Line 13a: Line 14: Line 20: Dan's 1040 Line 1: Line 2b: Line 9: Line 11: Line 12a: Line 13: Line 14: Schedule 1, Line 5: Lisa's 1040 Line 9: Line 11: Line 12a: Line 13: Line 15: Schedule 1, Line 5: Other Questions 1. By how much does Dan's AGI increase because of the partnership activities? 2. By how much does Lisa's taxable income decrease because of the partnership activities? Assignment 3 Pass-Through Assignment To complete this assignment, read the information below and then complete the 2021 partnership tax return (form 1065) including the individual K-1s, and both individuals' 2021 1040 & 1040 Schedule 1 by hand. The tax forms themselves will not be turned in or graded, but you must complete them in order to answer the questions on Canvas, which will be graded. Please refer to the flow-through exercise we do to assist you in completing this assignment. The questions that must be answered are shown below, but must be completed on Canvas in order to receive credit. For fill-in-the-blank questions, enter whole numbers only, with no commas, periods, or symbols. This assignment has 35 questions and 35 points. All questions are weighted equally. This assignment may be completed individually, or with one other student. If completed in pairs, BOTH students must enter their answers in their own Canvas account in order to receive credit. These questions must be answered on Canvas by the deadline in order to receive credit. If you have extenuating circumstances, please let me know with ample time before the deadline so we can make alternate arrangements. Outside of extenuating circumstances, late assignments will not be accepted because solutions will be posted following the deadline. Scenario Craft Beer Brewing Partnership Revenues 740,000 Office Rent 45,000 COGS 249,000 Salaries 280,000 ST Gain on Sale of Stock 120,000 LT Loss on Sale of Stock 550,000 Contributions to Charities | 68,000 Friends Dan and Lisa are each partner in the beer brewing partnership above. O Dan owns 3% o Lisa owns 6% Additional Information about Dan (not including partnership info) o Married, 1 child o Wages from job = $25,000 o Wages from wife's job = $40,000 Additional Information about Lisa (not including partnership info) o Single, no children o Wages from job = 142,000 O Sold stock held LT at a gain of 30,000 O Paid state taxes of 10,000 o Paid qualified mortgage interest of 10,000 Questions to complete on Canvas 1065, page 1 Line la: Line 3: Line 8: Line 21: Line 22: 1065, page 4 (Schedule K) Line 1: Line 8: Line 13a: Line 13b: Line 17a: Line 18a: Line 20b: Dan's Schedule K-1 Line 1: Line 8: Line 18a: Lisa's K-1 Line 1: Line 13a: Line 14: Line 20: Dan's 1040 Line 1: Line 2b: Line 9: Line 11: Line 12a: Line 13: Line 14: Schedule 1, Line 5: Lisa's 1040 Line 9: Line 11: Line 12a: Line 13: Line 15: Schedule 1, Line 5: Other Questions 1. By how much does Dan's AGI increase because of the partnership activities? 2. By how much does Lisa's taxable income decrease because of the partnership activities