In order to successfully complete this assignment you must:

Complete Prima Donna Partnership Form 1065 and all related schedules. Be sure to attach schedules for any line item, which indicates one is required on the 1065. This includes line items that may require you to create a schedule

that identifies the various items that are included in a line on the return these usually indicate "attach schedule." Other lines will indicate specifically which schedule must be included with the return.

The following assignment is attached.

The Prima Donna Partnership {FEI 92-4?65432} was formed ten years ago as a general partnership to custom tailor women's clothing. Prima Donna is located at 123 Flamingo Drive in Haines City, MO 54321. Mariana Prima manages the business and has a 49% capital and prots interest. Her address is 709 Brumby Way, Haines City, MD 54321 and Still 23145-985. Donna Hart owns the remaining 51% interest but is not active in the business. Her address is 80? Ninth Avenue Haines City, MO 54321 and 55:! 56154-4321. The partnership values its business using the cost method and did not change the method used during the current year. The partnership uses the accrual method of accounting. Because of its simplicity the partnership is not subject to partnership audit procedures. The partnership has no foreign partners, no foreign transactions, no interest in foreign trusts, and no foreign bank accounts. This partnership is neither a tax shelter nor a publicly traded partnership. No changes in ownership of partnership interest occurred during the current year. The partnership made cash distributions of $220,500 and $229,500 to Prime and Hart, respectively, on December 30, 2016. It made no other cash or property distributions during the year. Assume that the business qualies as a US production activity and that its qualied production activity income is $540,000. As an eligible small pass-though partnership, uses the small business simplied overall method for reporting these activities. See the nancial statements for the period that follow.