Below are the assignment instructions:

Project Parameters: On November 1, 2000 Ira Keyes and Mary Yellen formed Comparative Advantage, Ltd, to sell high-end consulting services to people trying to make their pets Instagam stars. Pertinent information regarding Comparative Advantage, Ltd. is as follows: 1) 2) 3) 4) 5) 6) 7) 8) 9) Comparative's business address is 5555 Nevermind, Dr., Charlotte, NC. 20631. Its telephone number is (5 55)5 55-221 1, and its email address is jlbrtny aiaolconr The employer identication number is 1 1-11 1 112, and the principal business activity code is 453910. Ira owns 50% and Mary 50% of the company, and they are both full-time employees and officers of the company. They each paid $2,500,000 for their interests in the company when it was formed. No subsequent investments have been made. Ira's Social security number is 12345-6788, Mary's social security number is 123-45-6787. Comparative is an accrual method, calendar year taxpayer. It uses the straight line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. The company's average receipts for the prior three years were $3,000,000. The company had an accumulated NOL at the beginning of the year equal to $1,000,000. The NOL was generated during 2021. During the year the company made $300,000 of cash distributions to its owners. The entity has no foreign owners, and doesn't engage in any international activity. 10) The company did not pay any 1099 contractors for the year. 11) If the return is asking a yeso question and the transaction or activity is not mentioned in the problem, assume the answer is no. The Appendix provides the book Income Statement and Balance Sheet for Comparative 's 2022 fiscal year. Required: Prepare the 2022 tax return for Comparative Advantage, Ltd. as if it is organized as a General Partnership. 1) 2) 3) 4) 5) 6) 7) You are required to prepare the 2022 form 1065 pages 1-5. No other sub-schedules are required. If something on those pages is not relevant for this company you can leave it blank. You do not have to complete schedule M3 even though the assets are over $10,000,000. Prepare the Schedule K-l for Ira. The salaries paid to Ira and Mary are considered guaranteed payments for services performed. All partners are jointly and severally liable for any partnership debt. Ira is considered the Partnership's Representative and the General Partner and uses the address and telephone number of the company as his address. The partnership agreement states all allocable items will be split equally between the partners. You can assume the beginning book capital accormt balance is split equally between the partners and is equal to the beginning tax basis capital account balance. Please download all appropriate fillable pdf forms from the IRS website and ll them out. If you feel like something in the above facts is ambiguous, include a page at the end of the return listing any assumptions that you made in its preparation. IF ORGANIZED AS A PARTNERSHIP Income Statement Income FYE 12731 Gross Sales 4,000,000 Dividends from Investments in less more than 20% but less than 60% Owned U.S. Corporations 63,750 Interest om In-State Municipal Bonds 30,000 Interest om Certicates of Deposit 20,000 Net capital loss on investments held for longer than a year (15,000) Total Income 4,098,750 Expenses Guranteed Payments Ira 4 15 ,0 00 Mary 310,000 725,000 Other Salary 825,000 Taxes (State, Local and Payroll) 240,000 Utilities 140,000 Business Loan Interest 226,000 Advertising 62,000 Rental Expense 1 15,000 Depreciation 96,000 Charitable Contributions (Cash) 42,000 Business Meals 60,000 Total Expenses 2,531,000 Net Income 1,567,750 \f