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Please use Form 1065 for 2018 and post pictures of the compleated form with all schedules. Thanks!

Chapter9 TAX FORM/RETURN PREPARATION PROBLEMS The Dapper-Dons Partnership was formed ten years ago as a general partnership to cus tom tailor men's clothing. Dapper-Dons is located at 123 Flamingo Drive in City, ST 5432 1. BobDapper manages the busine address is 709 Brumby Way, City, ST, 5432 terest but is not active in the business. His address is 807 Ninth Avenue, City, ST, $4321 The partnership values its inventory using the cost method and did not change the method used during the current year. The partnership uses the accrual method of accounting. The partnership has no foreign partners, no foreign transactions, no interests in foreign trusts, and no foreign financial accounts. This partnership is neither a tax shelter nor a publicly traded partnership. No changes in ownership of partnership interests occurred during the current year. The partnership made cash distributions of $155,050 and $232,576 to Dapper and Dons, respectively, on December 30 of the current year. It made no other property distributions. Financial statements for the current year are presented in Tables C:9-1 and C:9-2. Ignore the U.S. (domestic) production activities deduction. Dapper- Dons, being an eligible small pass-through partnership, uses the small business simplified overall method for reporting these activities (see discussion for Line 13d of Schedules K and K-1 in the Form 1065 instructions) 7 ss and has a 40% capital and profits interest. His ons owns the r aining 60% in- Com with Prepare a current year (2017 for this problem) partnership tax return for Dapper Dons Partnership acer ader DC 1059 1559 Sales Returns and allowances $2,357,000 (20,000) $2,337,000 Degining iwenoy W0mebhool 200,050 624,000 600,000 42,000 12,000 Labor Supplies Other costs Goods available for sale Ending inventory Gross profit Salaries for employees other than partners (W-2 wages) Guaranteed payment for Dapper Utilities expense Depreciation (MACRS depreciation is $74,311) Automobile expense Office supplies expense Advertising expense Bad debt expense Interest expense (all trade- or business-related) Rent expense Travel expense (meals cost $4,050 of this amount) Repairs and maintenance expense Accounting and legal expense Charitable contributions $1,478,050 146,000) (1,332,050) $1,004,950 $51,000 85,000 46,428 49,782 12,085 4,420 85,000 2,100 45,000 7,400 11,020 68,300 3,600 16,400 5,180 1,400 Payroll taxes Other taxes (all trade- or business-related) 494.115 5 510,835 Total expenses Operating profit Other income and losses $ 18,000 Gain on sale of AB stock Loss on sale of CD stock Interest on US Treasury bills for entire year ($80,000 Dr,..dends from 15%-owned dom 5,050 2,000 1231 gain on sale of land? 9 975 e amount 1.000 ace amount Dividends from 15%-owned domestic corporation 11,000 9,975 $ 520,810 Net income Additional Sec. 263A costs of $7,000 for the current year are induded in other costs Ending inventory indudes the appropriate Sec 263A costs, and no further adjustment is needed to properly state cost of sales and inventories for tax purposes The partnership reports a $10,000 positive AMT adjustment for property placed in service after 1986. Dapper-Dons acquired and placed in service $40,000 of rehabilitation expenditures for a certified historical property this on the rehabilitation expenditures already is included in the MACRS depreciation total. year. The ap- d The partnership made all contributions in cash to qualifying chanities he partnership purchased the AB stock as an investment two years ago on December 1 for $40,000 and sold it on June 14 of the current year for $58,000 The partnership purchased the CD stock as an investment on February 15 of the current year for $100,000 and sold it on August 1 for $73,925 9 The partnership used the land as a parking lot for the busness. The partnership purchased the land four March 17 for 530,000 and sold it on August 15 of the current year for $35,050 years ago on aote 001559 Dapper-Dons Partnership Balance Sheet for January 1 and December 31 of the Current Year (Problem C:9-57) Balance January 1 Balance December 31 Assets: Cash Accounts receivable Inventories Marketable securities Building and equipment Minus: Accumulated depreciation Land $ 10,000 72,600 200,050 220,000 374,600 (160,484) 185,000 40,000 150,100 46,000 260,000 465,000 (173,100) 240,000 Total assets 1,128,000 $901,766 Liabilities and equities Accounts payable Accrued salaries payable Payroll taxes payable Sales taxes payable Mortgage and notes payable (current maturit Long-term debt Capital 5 46,000 18,000 7,106 6,560 52,000 275,000 $ 35,000 14,000 3,416 5,200 44,000 210,000 Dapper Dons 236,060 354,090 289,334 434,000 Total habilities and equities $901,766 $1,128,000 acer Chapter9 TAX FORM/RETURN PREPARATION PROBLEMS The Dapper-Dons Partnership was formed ten years ago as a general partnership to cus tom tailor men's clothing. Dapper-Dons is located at 123 Flamingo Drive in City, ST 5432 1. BobDapper manages the busine address is 709 Brumby Way, City, ST, 5432 terest but is not active in the business. His address is 807 Ninth Avenue, City, ST, $4321 The partnership values its inventory using the cost method and did not change the method used during the current year. The partnership uses the accrual method of accounting. The partnership has no foreign partners, no foreign transactions, no interests in foreign trusts, and no foreign financial accounts. This partnership is neither a tax shelter nor a publicly traded partnership. No changes in ownership of partnership interests occurred during the current year. The partnership made cash distributions of $155,050 and $232,576 to Dapper and Dons, respectively, on December 30 of the current year. It made no other property distributions. Financial statements for the current year are presented in Tables C:9-1 and C:9-2. Ignore the U.S. (domestic) production activities deduction. Dapper- Dons, being an eligible small pass-through partnership, uses the small business simplified overall method for reporting these activities (see discussion for Line 13d of Schedules K and K-1 in the Form 1065 instructions) 7 ss and has a 40% capital and profits interest. His ons owns the r aining 60% in- Com with Prepare a current year (2017 for this problem) partnership tax return for Dapper Dons Partnership acer ader DC 1059 1559 Sales Returns and allowances $2,357,000 (20,000) $2,337,000 Degining iwenoy W0mebhool 200,050 624,000 600,000 42,000 12,000 Labor Supplies Other costs Goods available for sale Ending inventory Gross profit Salaries for employees other than partners (W-2 wages) Guaranteed payment for Dapper Utilities expense Depreciation (MACRS depreciation is $74,311) Automobile expense Office supplies expense Advertising expense Bad debt expense Interest expense (all trade- or business-related) Rent expense Travel expense (meals cost $4,050 of this amount) Repairs and maintenance expense Accounting and legal expense Charitable contributions $1,478,050 146,000) (1,332,050) $1,004,950 $51,000 85,000 46,428 49,782 12,085 4,420 85,000 2,100 45,000 7,400 11,020 68,300 3,600 16,400 5,180 1,400 Payroll taxes Other taxes (all trade- or business-related) 494.115 5 510,835 Total expenses Operating profit Other income and losses $ 18,000 Gain on sale of AB stock Loss on sale of CD stock Interest on US Treasury bills for entire year ($80,000 Dr,..dends from 15%-owned dom 5,050 2,000 1231 gain on sale of land? 9 975 e amount 1.000 ace amount Dividends from 15%-owned domestic corporation 11,000 9,975 $ 520,810 Net income Additional Sec. 263A costs of $7,000 for the current year are induded in other costs Ending inventory indudes the appropriate Sec 263A costs, and no further adjustment is needed to properly state cost of sales and inventories for tax purposes The partnership reports a $10,000 positive AMT adjustment for property placed in service after 1986. Dapper-Dons acquired and placed in service $40,000 of rehabilitation expenditures for a certified historical property this on the rehabilitation expenditures already is included in the MACRS depreciation total. year. The ap- d The partnership made all contributions in cash to qualifying chanities he partnership purchased the AB stock as an investment two years ago on December 1 for $40,000 and sold it on June 14 of the current year for $58,000 The partnership purchased the CD stock as an investment on February 15 of the current year for $100,000 and sold it on August 1 for $73,925 9 The partnership used the land as a parking lot for the busness. The partnership purchased the land four March 17 for 530,000 and sold it on August 15 of the current year for $35,050 years ago on aote 001559 Dapper-Dons Partnership Balance Sheet for January 1 and December 31 of the Current Year (Problem C:9-57) Balance January 1 Balance December 31 Assets: Cash Accounts receivable Inventories Marketable securities Building and equipment Minus: Accumulated depreciation Land $ 10,000 72,600 200,050 220,000 374,600 (160,484) 185,000 40,000 150,100 46,000 260,000 465,000 (173,100) 240,000 Total assets 1,128,000 $901,766 Liabilities and equities Accounts payable Accrued salaries payable Payroll taxes payable Sales taxes payable Mortgage and notes payable (current maturit Long-term debt Capital 5 46,000 18,000 7,106 6,560 52,000 275,000 $ 35,000 14,000 3,416 5,200 44,000 210,000 Dapper Dons 236,060 354,090 289,334 434,000 Total habilities and equities $901,766 $1,128,000 acer

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