Kristie is a 35% partner in the KKM Partnership. During the current year, KKM reported the following:
Fantastic news! We've Found the answer you've been seeking!
Question:
Kristie is a 35% partner in the KKM Partnership. During the current year, KKM reported the following: gross sales 480,000 Office expenses 30,000 long term capital gain 18,000 Guaranteed payments to each partner 35,000 Interest Income 15,000 Distribution to partner Kristie 20,000 charitable contribution 14,000 Payment of Partner Megan Tax bills 12,000 Wages to employees 45,000 Sales Returns and Allowance 5,000
Required:
a). Prepare F-1065 (page 1)
b). Prepare the Schedule K.
c). Prepare the Schedule K-1 for Kristie
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
Posted Date: