Federal statement

Please complete Queen Bee Plumbing's 2021 tax return based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Ignore all AMT calculations and AMT related reporting items. Taylor Queen and Richard Bee have been life-long friends. After nearly a decade of working for that same company, Taylor and Richard decided to venture out on their own and form their own plumbing company called Queen Bee Plumbing. They formed Queen Bee as a limited liability company (LLC). Taylor and Richard each own 50% of the company. nterest is 50% For any 'yes' or 'no' questions on Schedule B, assume the answer is 'no' unless explicitly stated in the facts below. For any 'yes' or 'no' questions on Schedule B, assume the answer is 'no' unless explicitly stated in the facts below. - Queen Bee is a domestic limited liability company. Taylor aod Richard are U.S. citizens and are not related, each owning 50% of the LLC. Both Taylor and Richard are managing members. All of Queen Bee's activities constitute a qualified trade or business, and the salaries and wages expense from the income statement is the same as W-2 wages paid by Queen Bee in 2021. The total unadjusted basis for all assets placed in service for the prior 10 years matches the cost of all assets reported on the balance sheet. Taylor is the Partnership Representative. Both Taylor and Richard are active in the business and work full-time for Queen Bee. Queen Bee does not maintain any inventory. - The debt owed to First National Bank is a non-recourse obligation and neither Taylor nor Richard have guaranteed its repayment (see balance sheet below). This debt is not directly tied to any specific asset but is rather a debt secured against all of the assets of the company (i.e. qualified nonrecourse debt). During the year, Taylor and Richard each contributed $20,000 to the capital of Queen Bee. During the year, Taylor and Richard each received a $60,000 distribution from Queen Bee. MACRS tax depreciation calculated on the Form 4562 (not required for completion) is $95,000. Total Income: 51,132,250 Expenses: Advertising Automobile Expense Depreciation Guaranteed payment-Bee Guaranteed payment-Queen Insurance Expense Interest Expense Meals Office Supplies Payroll Taxes Penalties \& Fines Plumbing supplies Property Taxes Rent Salaries and Wages Telephone $15,000 Travel (no entertainment or meals) Utilities Total Expenses: Net Income: $289,000 Queen Bee Plumbing, LLC Balance Sheet December 31, 2021 Partnership Name: Partnorchin'e Eim. Please complete Queen Bee Plumbing's 2021 tax return based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Ignore all AMT calculations and AMT related reporting items. Taylor Queen and Richard Bee have been life-long friends. After nearly a decade of working for that same company, Taylor and Richard decided to venture out on their own and form their own plumbing company called Queen Bee Plumbing. They formed Queen Bee as a limited liability company (LLC). Taylor and Richard each own 50% of the company. nterest is 50% For any 'yes' or 'no' questions on Schedule B, assume the answer is 'no' unless explicitly stated in the facts below. For any 'yes' or 'no' questions on Schedule B, assume the answer is 'no' unless explicitly stated in the facts below. - Queen Bee is a domestic limited liability company. Taylor aod Richard are U.S. citizens and are not related, each owning 50% of the LLC. Both Taylor and Richard are managing members. All of Queen Bee's activities constitute a qualified trade or business, and the salaries and wages expense from the income statement is the same as W-2 wages paid by Queen Bee in 2021. The total unadjusted basis for all assets placed in service for the prior 10 years matches the cost of all assets reported on the balance sheet. Taylor is the Partnership Representative. Both Taylor and Richard are active in the business and work full-time for Queen Bee. Queen Bee does not maintain any inventory. - The debt owed to First National Bank is a non-recourse obligation and neither Taylor nor Richard have guaranteed its repayment (see balance sheet below). This debt is not directly tied to any specific asset but is rather a debt secured against all of the assets of the company (i.e. qualified nonrecourse debt). During the year, Taylor and Richard each contributed $20,000 to the capital of Queen Bee. During the year, Taylor and Richard each received a $60,000 distribution from Queen Bee. MACRS tax depreciation calculated on the Form 4562 (not required for completion) is $95,000. Total Income: 51,132,250 Expenses: Advertising Automobile Expense Depreciation Guaranteed payment-Bee Guaranteed payment-Queen Insurance Expense Interest Expense Meals Office Supplies Payroll Taxes Penalties \& Fines Plumbing supplies Property Taxes Rent Salaries and Wages Telephone $15,000 Travel (no entertainment or meals) Utilities Total Expenses: Net Income: $289,000 Queen Bee Plumbing, LLC Balance Sheet December 31, 2021 Partnership Name: Partnorchin'e Eim