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The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is...

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Accounting

The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $11,400 and $4,600, respectively, and the partnership did not have any liabilities. During the current year, the partnership reported the following results from operations:

Net sales $ 699,000
Cost of goods sold 520,000
Operating expenses 192,000
Short-term capital loss 1,800
Tax-exempt interest 3,600
1231 gain 7,600

On the last day of the year, the partnership distributed $4,600 each to Lance and Francesca.

d-1. Using the information generated in answers parts a through c, prepare TimpRiderss page 1 and Schedule K to be included with its Form 1065 for the current year.

Visit the IRS website and download Form 1065 and Schedule K. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save."

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