Based on the information provided, I would like to know the accuracy of the form 1065 information provided and how to calculate "Depreciation (if required, attach form 4562)" and "other deductions (attach statement)"

Home of Harford X Home - OwlNet | X Bb Case Studies - 2( X Tax Form/Return X Discussion Quest X Discussion Quest X P Are you ready to X Mail - Garrett Jar X + X - C plus.pearson.com/courses/goods04306/products/171670/pages/1056?locale=&platformld=1030&Ims=Y * I G M Gmail YouTube Maps Chapter 9: Partnership Formation and Operation GJ - n Search X $155,050 and $4 Dapper and Dons, respectively, on December 30 of the gur- rent year. It made no other property distributions. Financial statements for the current year are presented in Tables C:2-1 and C:2-2. Bob Dapper is the Designated Partnership Q C:9-57 X Representative Prepare a 2020 partnership tax return for Dapper-Dons Partnership. (0 > C:9-58 Healthwise Medical Supplies Company is located at 2400 Second Street, City, ST 12345. Book text - 20 Results The company is a general partnership that uses the calendar year and accrual basis for both book and tax purposes. It engages in the development and sale of specialized surgi- cal tools to hospitals. The employer identification number (EIN) is XX-2022020. The TABLE C: Partnership Balance Sheet for January 1 company formed and began business on January 1, 2012. It has no foreign partners or and December 31, 2020 (Problem C: other foreign dealings. The company is neither a tax shelter nor a publicly traded part- nership. The company has made no distributions other than cash, and no changes in More results on this page Page 23-52 ownership have occurred during the current year. Dr. Bailey is the Designated Partnership Representative. The partnership makes no special elections. Table C:2-3 contains book balance sheet information at the beginning and end of the current year, and Table C:9-4 C: $2,357,000 Returns and allowances (20,000) presents a book income statement for the current year. Other information follows: $2,337,000 Beginning inventory (FIFO method Information on Partnership Formation: Two individuals formed the partnership on January 1, 2012: Dr. Leisa H. Bailey (1200 More results on this page Page 23-51 First Pike, City, ST 12345) and Dr. Thomas J. Firth (3600 Third Blvd., City, ST 12345). For a 30% interest, Dr. Bailey contributed $1.2 million cash. She is an active general part- ner who manages the company. For a 70% interest, Dr. Firth contributed $2.32 million AA 9-50 Corporations Chapter 9 FORM/RETURN cash and 1,000 shares of Fastgrowth, Inc. stock having, at the time of contribution, a PREPARATION C The Dapper-Dons Partnership $480,000 fair market value (FMV) and a $26,000 adjusted basis. Dr. Firth is an active general partner who designs and develops new products. For book purposes, the com- pany recorded the contribution of stock at fair market value. More results on this page Page 23-50 Inventory and Cost of Goods Sold (Form 1125-A): The company uses the periodic inventory method and prices its inventory using the C C 123/03/21 11:51 PM lower of FIFO cost or market. This method conforms to the company's financial accounting treatment of inventories. Only beginning inventory, ending inventory, and More results on this page Page C-1 purchases should be reflected in Schedule A. No other costs or expenses are allocated to cost of goods sold. Assume the company is exempt from the uniform capitalization (UNICAP) rules. See all Line 2 (a) Check (ii) (b)-(d) Not applicable (e) & (f) No X 23-50 1 82.F 4:54 PM Mostly cloudy Q Search P 4/6/2023 12Home of Harford X Home - OwlNet | X Bb Case Studies - 2( X Page 23-51 X Discussion Quest X P Discussion Quest X P Are you ready to X Mail - Garrett Jar X + X - C plus.pearson.com/courses/goods04306/products/171670/pages/1057?locale=&platformld=1030&Ims=Y * I G M Gmail YouTube Maps Chapter 9: Partnership Formation and Operation GJ . Search X TABLE C:9-1 Q C:9-57 Dapper-Dons Partnership Income Statement for the 12 Months Ending December X 31, 2020 (Problem C:9-57) (0 > Sales $2,357,000 Book text - 20 Results Returns and allowances 20,000) $2,337,000 TABLE C: Partnership Balance Sheet for January 1 Beginning inventory (FIFO method) $ 200,050 and December 31, 2020 (Problem C: Purchases 624,000 Labor (W-2 wages) 600,000 Other costs 54,000 More results on this page Page 23-52 Goods available for sale $1,478,050 Ending inventory (146,000) (1,332,050) C: $2,357,000 Returns and allowances (20,000) Gross profit $ 1,004,950 $2,337,000 Beginning inventory (FIFO method Salaries for employees other than partners (W-2 wages) $51,000 Guaranteed payment to Dapper for services 85,000 46,428 More results on this page Page 23-51 Utilities expense Depreciation 49,782 Automobile expense 12,085 AA 9-50 Corporations Chapter 9 FORM/RETURN Office supplies expense 4,420 Advertising expense 85,000 PREPARATION C The Dapper-Dons Partnership Bad debt expense 2 , 100 Interest expense (all business-related) 45,000 More results on this page Page 23-50 Rent expense 7,400 Travel expense (meals cost $4,050 of this amount) 11,020 Repairs and maintenance expense 68,300 C C 123/03/21 11:51 PM Accounting and legal expense 3,600 Charitable contributions 16,400 Payroll taxes 5, 180 More results on this page Page C-1 Other taxes (all trade- or business-related) 1,400 Total expenses 494, 115 See all Operating profit $ 510,835 Other income and losses: Gain on sale of AB stocks $ 18,000 X 23-51 1 82.F P 4:57 PM 12 Mostly cloudy Q Search W 4/6/2023Home of Harf X Home - OwlN X Bb Case Studies X Page 23-51 X Channels X P Discussion Q X P Discussion Qu X P Are you ready x o Mail - Garrett X V X - C plus.pearson.com/courses/goods04306/products/171670/pages/1057?locale=&platformld= 1030&Ims=Y * I G M Gmail YouTube Maps Chapter 9: Partnership Formation and Operation G J . n 46,428 Depreciation 49 , 782 Automobile expense 12,085 Office supplies expense 4,420 Advertising expense 85,000 Bad debt expense 2, 100 (0 > Interest expense (all business-related) 45,000 Rent expense 7,400 Travel expense (meals cost $4,050 of this amount) 11,020 O Repairs and maintenance expense 68,300 Accounting and legal expense 3 , 600 Charitable contributions 16,400 Payroll taxes 5, 180 Other taxes (all trade- or business-related) 1,400 Total expenses 494, 115 EJ Operating profit $ 510,835 Other income and losses Gain on sale of AB stock $ 18,000 Loss on sale of CD stockd (26,075 Sec. 1231 gain on sale of land 5,050 Interest on tax-exempt municipal bonds 2.000 AA Dividends from 15%-owned domestic corporation 11,000 9,975 Net income $ 520,810 a Tax basis and book basis numbers are the same amount. The partnership made all contributions in cash to qualifying charities. The partnership purchased the AB stock as an investment two years ago on December 3 for $40,000 and sold it on June 16 of the current year for $58,000. The partnership purchased the CD stock as an investment on February 13 of the current year for $100,000 and sold it on August 3 for $73,925. The partnership used the land as a parking lot for the business. The partnership purchased the land four years ago on March 17 for $30,000 and sold it on August 13 of the current year for $35,050 X 23-51 83OF Partly sunny Q Search P X W 5:10 PM 4/6/2023Home of Harf X Home - OwIN X Bb Case Studies X Page 23-52 X Channels X P Discussion Q X Discussion Qu X P Are you ready X Mail - Garrett X V X - C plus.pearson.com/courses/goods04306/products/171670/pages/1058?locale=&platformld=1030&Ims=Y * I G M Gmail YouTube Maps Chapter 9: Partnership Formation and Operation G J . n TABLE C:9-2 Dapper-Dons Partnership Balance Sheet for January 1 and December 31, 2020 (Problem C:9-57)a (0 > Balance Balance January 1 December 31 O Assets: Cash $ 10,000 $ 40,000 Accounts receivable 72,600 150, 100 Inventories 200,050 146,000 Marketable securities 220,000 260,000 EJ Building and equipment 337,434 465,000 Minus: Accumulated depreciation (123,318) (173, 100) Land 185,000 240,000 Total assets $901,766 $1, 128,000 Liabilities and equities: Accounts payable $ 35,000 $ 46,000 AA Accrued salaries payable 14,000 18,000 Payroll taxes payable 3,416 7,106 Sales taxes payable 5,200 6,560 Mortgage and notes payable (current maturities) 44,000 52,000 Long-term debt 210,000 275,000 Capital: Dapper 236,060 289,334 Dons 354,090 434,000 Total liabilities and equities $901,766 $1, 128,000 a Tax basis and book basis numbers are the same amount. Includes stocks, some of which were sold in the current year, and tax-exempt municipal bonds acquired in the current year. TABLE C:9-3 Healthwise Medical Supplies Company-Book Balance Sheet Information X 23-52 83OF 5:11 PM Partly sunny Q Search P W 4/6/2023C:9-57 1 | | Chegg C The Day @ TAX FOR | | Chegg C The X C The Day | PARTNE | The Day C Post an | Alice an | | Chegg | The Day C C:9-571 | The Day + X F - C chegg.com/homework-help/questions-and-answers/dapper-dons-partnership-formed-ten-years-ago-general-partnership-custom-tailor-men-s-cloth-q17516507?trackid=820bf33c846c... LC * I G M Gmail YouTube Maps This solution was written by a subject matter expert. It's designed to help students like you learn core concepts. Anonymous answered this 820 answers Microsoft 365 Easily manage and secure the Ps find the Forms 1125A, Schedue D, Form 1065 Pgs 1,2,3 as under devices that connect your data SCHEDULE D (Form 1085) Capital Gains and Losses Attach to Form 1065 or Form 8985. esco to list your transactions for lines 1b, 2, 3, ab, 0, and 10. 2016 odule D For 1065 and its separate Instructions is at www.irs/goviform1065. PartI Short-Term Capital Gains and Losses-Assets Held One Year or Les ifructions for how to figure the amounts to ortor on the Try now > Who may be assior to complete if you round Totals for all which you have no au owever, If you choose to report all those tran on Form 8040, leave this line blank and go to line 1b DX 1b Totals for all transactions reported on Form() 8040 with GE Appliances Box B chocked ox C checked decreases case 4 Short-tom capital gain from Installment s mont salas from Form 0252, Ina 26 or 37 . handle time Short-form capital gain or foes) from like-kind excha sPartnership's share of hier short-form capita by 12%. Not short-term capital gain or (loss). Part II Long-Term Capital Gains and Los its Held More Than One Year Learn how howmuchones for how to figure the amounts to antor on th Angie Corbett may be assior to complete If you round off cants to Viren Shah salesforce which you have no adjustments (sao Instructions) m Born, leave this ine blank and on GE APPLIANCES Box D chocked reported on Form() 8040 with Totals for al transactions reported on Form(;) 8040 wi Totals for all transactions reported on Form(s) 8040 with Box F chocked. - 11 Long-term capital gain from Install mont salon from Form 0252, Ino 20 or 37 . . . 12 Long-term capital gain or (loss) from Ika-kind axchanges from Form 8824 sametarps share of net long-term capeal gain goss, Including spock 14 Capital gain distributions (306 Instructions) . . . . . . . . . (loss). Combine lines Ba through 14 In column (). Enter here and zodue K, Ina 9a or 11 . m 1125-A Cost of Goods Sold (Rev. October 2016) OMB No. 1545-0123 Department of the Treasury Attach to Form 1120, 1120-C, 1120-F. 1120S, 1065, or 1065-B. media_ba9_ba93b....xml A C_9-57 TAX FOR..html media_a64_a64e6....xml tax act 2.xml A media_ba9_ba93b....xml Failed - Forbidden Failed - Forbidden Show all Failed - Forbidden X Failed - Forbidden 1 83OF Partly sunny Q Search T P 5:17 PM 4/6/2023 6C:9-57 1 | | Chegg C The Day | TAX FOR | | Chegg C The X C The Day PARTNE | The Dap | Post an | Alice an @ | Chegg C The Day C C:9-571 | The Day + X F - C chegg.com/homework-help/questions-and-answers/dapper-dons-partnership-formed-ten-years-ago-general-partnership-custom-tailor-men-s-cloth-q17516507?trackid=820bf33c846c... [ * * I G M Gmail YouTube Maps which you have no ad on Form 8040, leave this line blank and go to line 8b DD X b Totals for all transactions reported on Form(s) 8049 salesforce Box F checked. 11 Long-term capital gain from Instalin salon from Form 0252, Ino 20 or 37 . . pital gain or (loss) from like-kind axchanges from Form capital gains [ones), from other partnerships, estates, and trusts WOW 14 Capital gain distributions (add Instructions ooo ooo - - - Paperwork Reduc like Kellogg's with Customer 360. Form 1125-A Cost of Goods Sold See how (Rev. October 2016 OMB No. 1545-0123 Department of the Treasury Attach to For 20, 1120-C, 1120-F, 1120S, 1065, or 1065-B. Internal Revenue Service Information about Form 1125-A and its instructions is at www.irs.gov/form1125a. Name Employer identification number ID X Dapper-Dons Partnership L'Oreal increased 1 Inventory at beginning of year 200050 Purchases 62400 service agent Cost of labor Additional section 263A costs (attach 7000 satisfaction VOUAWN Other costs (attach schedule) 47000 1478050 by 70%. Total. Add lines 1 through 5 . Inventory at end of year 146000 00 Cost of goods sold. Subtract line 7 from line 6. Enter here and on Form 1120, page 1, line 2 or the Learn how appropriate line of your tax return. See instructions . 8 1332050 Barbara Lavernos qa Check all methods used for valuing closing inventory: Nicolas Hieronimus () Cost 71) Lower of cost or market alesforce L'OREAL (ili) Other (Specify method used and attach explanation.) b Check if there was a writedown of subnormal goods . ..... c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) d If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed under LIFO . 9d e If property is produced or acquired for resale, do the rules of section 263A apply to the entity? See instructions Yes No f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If "Yes," attach explanation Yes Form 1065 U.S. Return of Partnership Income CNI Na. 1545-0123 formation about Form 1065 and its separate instructions is at www.irs.goviform 1065. 2015 ST. 54321 Chock application boxes: (1) [ tribal rohum () [2 Prat ronum (3) [ Name change ( Address change (5) ( Amandad return media_ba9_ba93b...xml C_9-57 TAX FOR...html media_a64_a64e6....xml tax act 2.xml media_ba9_ba93b....xml A Show all X Failed - Forbidden Failed - Forbidden Failed - Forbidden Failed - Forbidden 1 83OF P 5:17 PM Partly sunny Q Search T 4/6/2023 6C:9-57 1 | | Chegg C The Day @ TAX FOR | | Chegg C The X The Day C PARTNE C The Dap | Post an C Alice an | | Chegg C The Day C C:9-571 | The Day + X F - C chegg.com/homework-help/questions-and-answers/dapper-dons-partnership-formed-ten-years-ago-general-partnership-custom-tailor-men-s-cloth-q17516507?trackid=820bf33c846c... [ x * I G M Gmail YouTube Maps 9a Check all methods used for valuing closing inventory: @) Cost DX (1) Lower of cost or market ifi) Other (Specify method used and attach explanation.) L'Oreal increased b Check if there was a writedown of subnormal goods service agent C Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) d If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed satisfaction under LIFO . 9d e If property is produced or acqu or acquired for resale, do the rules of section 263A apply to the entity? See instructions Yes No by 70%. Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If "Yes," attach explanation . . Yes No Learn how Barbara Lavernos Nicolas Hieronimus Tom 1065 U.S. Return of Partnership Income ONE NO. 1345-0123 salesforce ation about Form 1065 and its separate instructions is at www. 2015 L'OREAL Men's Clothing Tafor 123 Flamingo Drive In Cty ST. 54321 1.128.000 DD X Chock application boxes: Him A Pra mom () [ Name change (4) Address change (5) ) Aman L'Oreal increased EX Accrual other (podty Check It Schodulos C and M.3 are amachod one for each person who was a partner at any time during the tax y service agent include only trade or business Income and exporises on thes to through 22 bol as for more In satisfaction sold (attach Form 1125 A) 233700 by 70%. 1332060 de tract ina 2 from Ine ic - poss farzach Schedule F (Form 1040) from Form 4797. Part II, Ino 17 (attach Form 4797) Learn how Combre ingets it Barbara Lavernos other than to partner Nicolas Hieronimus salesforce L'OREAL axes and licenses . creciation reported on Form 1125 A and b 74311 74311 ation (Do not deduct oil and gas depletion ructions ismuch statom Reductions. Add the amounts sho business income fossil subtract Inolz Sign Here by 3072. Paid Preparer Use Only aporwork Fladuction Act Notice, soo separate instruction D Snipping Tool ... X chedule B Other Information What type of entity is filing this return? Chock the applicable box YoS NO Screenshot copied to clipboard and saved media_ba9_ba93b....xml tax act 2.xml Select here to mark up and share the image C_9-57 TAX FOR...html media_a64_a64e6....xml A media_ba9_ba93b....xml Failed - Forbidden Failed - Forbidden Failed - Forbidden Failed - Forbidden 1 83OF 5:17 PM Partly sunny Q Search T P 4/6/2023 6