CORPORATE TAX RETURN NEED HELP-complete the IRS Form 1065 and two accompanying Schedule K-1s (one for each partner) for the fictitious Jamco Turf company. As part of this tax return, you will also need to prepare Schedule D, IRS Form 1125-A

Notes to Income Statement

The salary's total includes guaranteed payments to partners: Jon Jones $200,000, Billy Burt $50,000.

Depreciation for tax purposes: $112,700.

1. $2,500 is allocable to investments. The remainder is related to Jamcos business.
2. $6,000 in fees were incurred in organizing Jamco.
3. Includes $5,000 of premiums for term life insurance on Jon and Billy, for which Jamco is the beneficiary of these policies. In addition, $4,300 of the health insurance premiums (a guaranteed payment) are attributable to coverage for Jon and his family, and $3,900 (a guaranteed payment) are attributable to coverage for Billy and his family.
4. Sold 500 shares of SBUX stock for $35,000 on December 1, 2020. The stock had been purchased by Jon on July 1, 2005 for $20,000 and was contributed by him on February 22, 2020, when it was worth $30,000. Also, on December 1, 2020, sold 100 shares of Grand View, Inc. for $2,000. The stock had been purchased on March 1, 2020 for $3,000. At no time did Jamco own more than 1% of the outstanding stock of these corporations. Assume that the basis for stock was already reported to the IRS, so no Form 8949 is required.
5. Sold a delivery truck on September 23, 2020 for $35,000. The truck had originally been purchased on May 1, 2020 for $33,400. Depreciation taken for book purposes was $7,000. Depreciation taken for tax purposes was $9,350.
6. Jamco owns less than 20% of the outstanding stock of each of these corporations.
7. 

Sales Net Sales Beginning Inventory Purchases Ending Inventory Gross Profit Expenses Operating Income Other Income Net Income Jamco Turf Income Statement for the Year Ended December 31, 2020 Returns and Allowances Salaries (a) Depreciation (b) Advertising Bad Debts Rent Interest (c) Utilities Delivery Expense Office Supplies Repairs and Maintenance Organization Expense (d) Meals Insurance Expense (e) Payroll Taxes 2019 Federal Income Tax Deposits Other Taxes Fines and Penalties (Traffic) Accounting and Legal Charitable Contributions - Red Cross Real Estate Taxes on Investment Land Gain on Sale of Stock (f) Gain on Sale of Delivery Truck (g) Interest on County Tax Exempt Bonds Interest on CDs Dividends from US Corporations (h) 0 4,050,000 4,050,000 (1,700,000) 980,000 75,400 30,000 39,000 100,000 39,500 38,300 34,900 46,200 29,000 6,000 80,000 36,000 113,300 250,000 20,000 1,000 12,000 18,000 800 4,000 8,600 1,100 11,500 5,600 4,700,000 (50,000) 4,650,000 (2,350,000) 2,300,000 1,949,400 350,600 30,800 381,400 Assets Liabilities and Equity Cash Accounts Receivable Jamco Turf Balance Sheet December 31, 2020 Less Allowance for Bad Debts Inventory Tax Exempt Securities Other Current Assets Other Investments Land Buildings Less Accumulated Depreciation Total Assets Accounts Payable Mortgages, Notes Payable in 1 year Jon Jones, Capital Account Billy Burt, Capital Account Jon Jones, Current Account Billy Burt, Current Account Total Liabilities and Equity 300,000 29,000 240,800 75,400 113,000 271,000 1,700,000 17,000 40,000 85,000 70,000 165,400 2,461,400 375,000 185,000 70,000 1,190,000 300,000 200,000 84,840 56,560 2,461,400 Sales Net Sales Beginning Inventory Purchases Ending Inventory Gross Profit Expenses Operating Income Other Income Net Income Jamco Turf Income Statement for the Year Ended December 31, 2020 Returns and Allowances Salaries (a) Depreciation (b) Advertising Bad Debts Rent Interest (c) Utilities Delivery Expense Office Supplies Repairs and Maintenance Organization Expense (d) Meals Insurance Expense (e) Payroll Taxes 2019 Federal Income Tax Deposits Other Taxes Fines and Penalties (Traffic) Accounting and Legal Charitable Contributions - Red Cross Real Estate Taxes on Investment Land Gain on Sale of Stock (f) Gain on Sale of Delivery Truck (g) Interest on County Tax Exempt Bonds Interest on CDs Dividends from US Corporations (h) 0 4,050,000 4,050,000 (1,700,000) 980,000 75,400 30,000 39,000 100,000 39,500 38,300 34,900 46,200 29,000 6,000 80,000 36,000 113,300 250,000 20,000 1,000 12,000 18,000 800 4,000 8,600 1,100 11,500 5,600 4,700,000 (50,000) 4,650,000 (2,350,000) 2,300,000 1,949,400 350,600 30,800 381,400 Assets Liabilities and Equity Cash Accounts Receivable Jamco Turf Balance Sheet December 31, 2020 Less Allowance for Bad Debts Inventory Tax Exempt Securities Other Current Assets Other Investments Land Buildings Less Accumulated Depreciation Total Assets Accounts Payable Mortgages, Notes Payable in 1 year Jon Jones, Capital Account Billy Burt, Capital Account Jon Jones, Current Account Billy Burt, Current Account Total Liabilities and Equity 300,000 29,000 240,800 75,400 113,000 271,000 1,700,000 17,000 40,000 85,000 70,000 165,400 2,461,400 375,000 185,000 70,000 1,190,000 300,000 200,000 84,840 56,560 2,461,400