Wita Caddoan and Sapat Illiniwek (SSN 444-14-1414) are equal partners in the newly formed Cahokia Partnership. Cahokia is located at 40 Rainy Street, Collinsville, IL 62234. Cahokia's employee identification number is 44-4444444. During 2020, the partnership began operations and had the following income and expenses:

Gross income from operations	$255,600
Deductions:
	Salaries to employees	$168,000
	Rent	12,000
	Payroll taxes	6,100
	Depreciation	9,250
	Charitable contributions (to 50 percent organizations)	1,500
Cash withdrawals ($25,000 for each partner)	50,000
The partnership's balance sheet is as follows:

Cahokia Partnership Balance Sheet as of December 31, 2020

Assets:
	Cash		$27,000
	Accounts receivable		10,000
	Land		115,000
	Building	$115,000
	Less: accumulated depreciation	(9,250)	105,750
	Total Assets		$257,750
Liabilities and Partners' Capital:
	Accounts payable		$29,750
	Mortgage payable		187,750
	Partners' capital (includes $31,500 originally contributed, $15,750 by each partner)		40,250
	Total Liabilities and Partners' Capital		$257,750

Required: Complete page 1 of the Form 1065, Schedules K, L, M-1 and M-2 for the Cahokia Partnership and the Schedule K-1 for Robert Conrad.

• Enter all amounts as positive numbers, except for a "loss". If required, enter a "loss" as a negative number on the tax form.
• If an amount box does not require an entry or the answer is zero, enter "0".
• Assume all debt is recourse debt.

Complete Form 1065, page 1 for Malus Valley.

Form1065 Department of the Treasury Internal Revenue Service	U.S. Return of Partnership Income For calendar year 2020, or tax year beginning _ _ _ _ , 2020, ending _ _ _ , 20_ _ _ . ?Go towww.irs.gov/Form1065for instructions and the latest information.	OMB No. 1545-0123
2020

A	Principal business activity	Type or Print	Name of partnership	D	Employer identification number
		Cahokia Partnership		44-4444444
B	Principal product or service	Number, street, and room or suite no. If a P.O. box, see instructions.	E	Date business started
		40 Rainy Street		01/01/2020
C	Business code number	City or town, state or province, country, and ZIP or foreign postal code	F	Total assets (see instructions)
		Collinsville, IL 62234		$fill in the blank a51510f93077fdd_1

G	Check applicable boxes:	(1)	? Initial return	(2)	? Final return	(3)	? Name change	(4)	? Address change
		(5)	? Amended return
H	Check accounting method:	(1)	? Cash	(2)	? Accrual	(3)	? Other (specify)?
I	Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year?	fill in the blank a51510f93077fdd_2
J	Check if Schedules C and M-3 are attached . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .??
K	Check if partnership:	(1)	? Aggregated activities for section 465 at-risk purposes	(2)	? Grouped activities for section 469 passive activity purposes
Caution:Includeonlytrade or business income and expenses on lines 1a through 22 below. See instructions for more information.

Transcribed Image Text:

Income Income

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Here is the completed Form 1065 Schedules K L M1 and M2 and Schedule K1 for the Cahokia Partnership ... View the full answer