One hundred percent of the outstanding membership of Foxtrot Company, LLC (the Company), which was...
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Accounting
One hundred percent of the outstanding membership of Foxtrot Company, LLC (the Company), which was formed on January 1, 2022, is owned by Haywood Dawson. The Company owns and rents commercial real estate to unrelated parties. In connection with your completion of Mr. Dawsons tax returns for 2022, he brings you the following 2022 trial balance for the Company.
FOXTROT COMPANY, LLC
TRIAL BALANCE
12/31/2022
PARTICULARS
DEBITS
CREDITS
CASH
600,000.00
RENTAL
2,678,000.00
ACCUMULATED DEPRECIATION
75,000.00
DEPOSITS
125,000.00
MORTGAGE PAYABLE
1,500,000.00
MEMBERSHIP INTEREST
1,000,000.00
RENTS
750,000.00
DEPRECTIATION
75,000.00
INTEREST EXP
70,000.00
UTILITIES
2,500.00
INSURANCE
3,000.00
REAL ESTATE TAXES
16,000.00
ADVERTISING
1,000.00
SNOW REMOVAL
1,000.00
LAWN CARE
2,000.00
SECURITY
1,500.00
3,450,000.00
3,450,000.00
Required
Prepare the necessary tax form for presentation of this information to the IRS. Ignore any other taxable income or deductions that Mr. Dawson may have. Please show your work.
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