INSTRUCTIONS Please use the information below to complete the Form 1065 for Malcolm Fox only. Blank forms can be found on the IRS site or Doc Sharing….
INSTRUCTIONSPlease use the information below to complete the Form 1065 for Malcolm Fox only. Blank forms can be found on the IRS site or Doc Sharing. Please feel free to use a tax software package if you have one, but be aware that I will not be able to answer specific questions about it. GENERAL COMPANY INFORMATIONMalcolm Fox and Rhonda Ford are equal partners in MFRF LLP, a small business consulting firm. The partners are not related and are all U.S. citizens. Malcolm Fox lives at 415 Knight Court in Freeport, ME, 04469, with a Social Security number of 123-45-6789. Rhonda Ford lives at 123 Main Street in Freeport, ME, 04469, with a Social Security number of 456-12-4561.The limited liability partnership uses the cash basis and the calendar year and began operation on January 1, 2009. The Federal ID for MFRF LLP is 11-1111111 and the current address is 2835 Harbor View Drive, Freeport, ME, 04469 for. The partnership placed its $65,000 of furniture and fixtures in service on January 1, 2009. This year, it claimed $8,119 of depreciation expense for tax (line 16a and 16c) and financial purposes. No assets were placed in service in the current year.On Oct. 15, the partnership sold securities, creating a $4,000 long term capital loss. Please enter this directly onto schedule K; there is not enough information to create the detail.Net income per books is $200,900. On January 1, 2012, the partners’ capital accounts equal $120,000 each. No additional capital contributions were made in 2012 and each partner made withdrawals of $120,000 during the year. MFRF LLP Income StatementRevenuesFees collected800,000Dividend income (all qualified)3,600 Taxable business interest1,400Tax-exempt interest2,600Long-term capital loss(4,000)Total revenues803,600ExpensesAccounting fees12,000Advertising5,000Contribution to United Way2,000Depreciation expense8,119Employee salaries340,000Guaranteed payments140,000Entertainment2,600Travel12,000Equipment rental6,000Office rentals paid7,000Interest expense4,000Insurance premiums2,200Office expense20,481Payroll taxes25,600Utilities15,700Total expenses602,700MFRF LLP Balance SheetAssetsJanuary 1, 2012December 31, 2012Cash$86,576$84,595Tax-exempt securities 52,000 52,000Marketable securities 120,000 76,000 Furniture and equipment 65,000 65,000Accumulated depreciation (36,576) (44,695)Total assets $287,000$232,900============Liabilities and EquityJanuary 1, 2012December 31, 2012Nonrecourse debt on Equipment$47,000$32,000Capital, Fox120,000100,450Capital, Ford120,000100,450Total Liabilities and Equity$287,000$232,900=============
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