Partnership Tax Return Problem 1
Hello:
This assignment is to complete a few sections of the 2021 Form 1065 and the Schedule K-1 for a Limited partnership. The 2022 forms aren’t available yet, so my professor has asked that we use the 2021 forms and apply the 2022 rules. Below are the instructions for the assignment.
- For 2022, complete Aspen Ridge limited partnership’s page 1 of Form 1065; complete Schedule K on page 4 of Form 1065; complete lines 1 and 2 of the Analysis of Net Income (Loss) at the top of page 5 of Form 1065; and complete Schedules M-1 and M-2 at the bottom of page 5 of Form 1065 (you may skip Schedule L). Finally, complete Mark Sullivan’s Schedule K-1.
- Form 4562 for depreciation and Schedule D for capital gains are not required. Include any tax depreciation or §179 expense on the appropriate line of page 1 of Form 1065 or Schedule K.
- If any information is missing, use reasonable assumptions to fill in the gaps.
- The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms.
I’ve also provided copies of the instructions as well as the needed tax forms.
Thank you for your help!!
Matt Gabele
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