Phoenix Medical Worksheet
Week 5: Prepare Form 1065:
1. You are provided with the financial reports (2 year balance sheet and current year profit and loss in Microsoft® Excel) along with the supplemental information that provides the details required to prepare a tax return for your new tax client – Phoenix Medical, LLC.
2. Fill out pages 1 through 5 of Form 1065 – US Return of Partnership Income. Include as many details as you can. Utilize the PDF Form 1065 provided and consult the form instructions where needed.
3. Utilizing the “Member Detail” tab in the spreadsheet calculate the beginning capital and ending capital for each member.
4. Utilizing, your capital account calculations and the information below, fill out the PDF Schedule K-1 (Form 1065) provided.
5. Upload the completed tax return, K-1s, and capital account work paper to the assignment tab.
Supplemental information for Phoenix Medical, LLC.
FORM 1065 Information:
Page 1 Information:
Calendar year ending 12/31/2014:
Phoenix Medical, LLC.
1122 Three Ave.
Phoenix, AZ 85001
A. Business Activity Code: 621111
B. Business Activity: Medical
C. Product or Services: Skin Care
D. EIN: 24-5678901
E. Date Incorporated: 3/27/2006
Schedule B Page 2 & 3 Information:
Q2. Individuals account for 100% ownership.
Q3. No changes in ownership in 2014.
Q4. The LLC is not a 20% or greater owner in any other entity.
Schedule K-1 Information:
A. Member information is included on the “member detail” tab of the spreadsheet. Calculate beginning and ending capital for each member.
C. The return will be efiled (not delivered to an IRS processing center)
D. This is not a PTP.
- Each member is an individual (line I):
6241 East Circle
26091 Largo Street
6 White Dove Drive
- Laura is the member-manager.
- Since inception, the ownership as shared equally (33.33%) in all profit, loss, and distributions.
- The business loan has been personally guaranteed by the members.
- The books are tax basis.
- No built-in gains or losses.
- This solution has not purchased yet.
- Submitted On 30 Jul, 2018 11:54:54