Question: please help!! Using the information probided what are the M-1 adjustments journal entries, the ordianry income & seperstlg stated? thank you!! Walk Upright Company Trial
please help!! Using the information probided what are the M-1 adjustments journal entries, the ordianry income & seperstlg stated? thank you!!




Walk Upright Company Trial Balance December 31. 2021 1 Dividends are all qualified dividends 2 Interest income includes $1,760 received on City of Fort Collins, Colorado bonds 3 On April 3, 2021, the 120 shares of common stock in Stick, Inc. were sold. The shares were purchased on November 21, 2007, for $7,825. After the sale, the PS realized the sale had been premature, and repurchased 30 shares on April 26, 2021 for $2,720. 4 Investment interest expense is as rollows: Loan to purchase Fort Collins bonds Loan to buy AT\&T stock Loan to buy IBM stock TOTAL. 2,4454,7937,73814,976 5 All liabilities of the partnershp are recourse loans. 6 Tax depreciation totalled $100,814 for the year. Override this on the tax return. Noneed to onrenare_Form 4562 6 Tax depreciation totalled $100,814 for the year. Override this on the tax return. No need to prepare Form 4562. 7 General information: Walk Upright Company 58 Trekkers Point Fort Collins, Colorado 80521 Tax ID\# 12-3456789 Began operations March 5, 2007 Makes aluminum walking and hiking poles. Business code is 339900 Thomas March owns 70%44 Journey Hwy. Fort Collins 80522 111-11-1111 LucyMarchowns30%90RockyRoad,FortCollins80523222222222 Lucy is the Tax Matters Partner Company uses FIFO and Section 263A rules do not apply. Both partners are General Partners 8 Distributions to the partners were in cash. Walk Upright Company Trial Balance December 31. 2021 1 Dividends are all qualified dividends 2 Interest income includes $1,760 received on City of Fort Collins, Colorado bonds 3 On April 3, 2021, the 120 shares of common stock in Stick, Inc. were sold. The shares were purchased on November 21, 2007, for $7,825. After the sale, the PS realized the sale had been premature, and repurchased 30 shares on April 26, 2021 for $2,720. 4 Investment interest expense is as rollows: Loan to purchase Fort Collins bonds Loan to buy AT\&T stock Loan to buy IBM stock TOTAL. 2,4454,7937,73814,976 5 All liabilities of the partnershp are recourse loans. 6 Tax depreciation totalled $100,814 for the year. Override this on the tax return. Noneed to onrenare_Form 4562 6 Tax depreciation totalled $100,814 for the year. Override this on the tax return. No need to prepare Form 4562. 7 General information: Walk Upright Company 58 Trekkers Point Fort Collins, Colorado 80521 Tax ID\# 12-3456789 Began operations March 5, 2007 Makes aluminum walking and hiking poles. Business code is 339900 Thomas March owns 70%44 Journey Hwy. Fort Collins 80522 111-11-1111 LucyMarchowns30%90RockyRoad,FortCollins80523222222222 Lucy is the Tax Matters Partner Company uses FIFO and Section 263A rules do not apply. Both partners are General Partners 8 Distributions to the partners were in cash
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