Complete a form 1065 for Hansen Food Storage and a K-1 for each partner. Scan the 1065
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Complete a form 1065 for Hansen Food Storage and a K-1 for each partner. Scan the 1065 and K-1s together A few notes: Each partner will need a K-1. Partner Capital is the same formula as equity Beginning Equity +Contributions +Net Income (Partner Share) -Withdraws = Ending Equity You share income based on your equity percentage. All items on Schedule K on Form 1065 will transfer to Form K-1 in each partner's individual percentage. Your Balance Sheet on the last page of Form 1065 should Balance.
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South-Western Federal Taxation 2019 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337702966
22nd Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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