Jim's Auto Body $($Inc$.,$ or LLC$)1122$ Sesame StreetNew York, NY$,10002$EIN $90-1234567$Dated incorporated January $1$st$,2010$Jim Jameson$8701$ Electric AvenueNew York, NY$,10002$SSN: $123-45-6789$ Jim Jameson took on Fred as a partner for the LLC$.$Fred owns $50\%$ of all profits, losses, and capital. You do not have to complete Part $2$ K$,$ L$,$ or M on the$1065$ Schedule K$-1($there is not enough information provided$).$ $$4,500$ salary expense is officer's compensation for the corporation and guaranteed payment to partners for the LLC$.$ $$55,000$ equipment is $7-$year property in its $5$th year of service and was placed into service in the middle of the year, thus using the half$-$year convention. Use the correct table from the IRS$-$Publication $946$:How to Depreciate Propertyto determine the tax deductible depreciation. Form $4562$ is not required. Jim made four quarterly estimated tax payments of $$800$ each over the course of the year. In accordance with IRS instructions: "Corporations with total receipts and total assets at the end of the tax year less than $$250,000$ are not required to complete Schedules L$,$ M$-1,$ and M$-2"($Internal Revenue Service, n$.$d$.).$ This also applies to the LLC$.$ For the $1065$ Schedule K$-1,$ you will not have enough information to fill out Part $2$ K$,$ L$,$ and M