Fill out a Form 1065 and all other appropriate forms for Charter and the related Schedules K-1 for Christy and Dan.

Christy Albright and Dan Ralls formed the Charter Company on 11/30/2012, and chose a tax year ending on 11/30. Charter was formed to operate a restaurant (In the Charter Building at 7848 Pesca Dr., San Francisco, CA 94123) and rent out some space in the restaurant building. Charter elected to be taxed as a partnership, and the income statement for the year ending 11/30/2017 is as follows:

 

Sales

$400,000

COGS

-150,000

Tax-exempt interest

6,000

Interest income

4,000

Dividend income from domestic corporations

5,000

Nonqualified dividend income from foreign corporations

3,000

Gain on sale of equipment

10,000

Depreciation

-30,000

Repairs and maintenance

-7,000

Rent expense

-12,000

Salaries to nonpartners

-60,000

Salaries to partners

-30,000

Income from real estate rentals

100,000

Expenses from real estate rentals (includes $10,000 of book depreciation)

-80,000

Gain on sale of stock (held

20,000

Health Department fines

-2,000

Investment interest expense

-1,000

————————————————————————————————–
Subtotal

$176,000

 

Charter chooses the accrual method of accounting. The equipment sold was an imported oven that had been fully depreciated. It originally cost $4,000 on 5/3/2010 and was sold for $10,000 on 6/9/2017.

 

The tax depreciation amount for the year was $20,000, not including $14,000 of Section 179 expense that Charter chose to take on some equipment they purchased, and not including the $10,000 per year depreciation of the rental real estate, which is included in the $80,000 of costs above. (Note: according to the Form 4562 instructions, the depreciation from the rental activity would not need to be disclosed on Form 4562)

 

All of the $30,000 of guaranteed payments goes to Christy. Assume that 40% of the investment interest expense is nondeductible because it relates to the tax-exempt interest. The stock sold was 1000 shares of Alter Corporation, purchased on 1/20/2017 for $25,000 and sold on 4/10/2017 for $45,000.

 

 

Christy owns 60% of the partnership, and is an active partner. Christy is the Tax Matters Partner. Dan owns 40%, but is a passive, limited partner. During the year Christy was distributed $60,000 and Dan was distributed $40,000. The balance sheet of the partnership is as follows:

 

Beginning

Ending

Cash

$10,000

$77,000

Accounts Receivable

10,000

20,000

Inventory

15,000

10,000

Tax-exempt securities

100,000

100,000

Equipment

90,000

140,000

Accumulated depreciation

-50,000

-66,000

Real estate

700,000

700,000

Accumulated depreciation

-40,000

-60,000

Total assets

835,000

921,000

Accounts payable

10,000

20,000

Mortgages

500,000

500,000

Capital – Christy

195,000

240,600

Capital – Dan

130,000

160,400

—————————————————————————————————-
Total liabilities and capital

$835,000

$921,000

 

All of the $54,000 of equipment purchased this year was restaurant equipment, and was 7-year property eligible for the Section 179 deduction. Aside from the equipment expensed under Section 179, all of the new equipment was depreciated under MACRS. There is no AMT adjustment for depreciation except for the adjustment due to the current year purchases (the net adjustment for prior year purchases was zero). All of the mortgage debt is qualified nonrecourse debt, and none of it is payable in the next year.

 

Fill out a Form 1065 and all other appropriate forms for Charter and the related Schedules K-1 for Christy and Dan. The necessary addresses and TINs are as follows:

 

Christy Albright

5050 Winding Way

San Francisco, CA 94123

SS# 056-36-4498

 

Dan Ralls

3656 Pleasant Ridge

Lincoln, NE 68501

SS# 547-86-1154

 

 

 

Charter Company

7848 Pesca Dr.

San Francisco, CA 94123

EIN 85-4409231

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