Form 1065, only Page 1 and Schedule K required
PART II – Tax Return #2, Partnership Return (Type 1065, solely Web page 1 and Schedule Okay required)BackgroundThe Rowdy Enjoyable is a restricted partnership and was shaped on June 1, 2005, by Thomas Kyle, its basic associate, and two different restricted companions after they every contributed an equal amount of money to start out the brand new enterprise. Rowdy Enjoyable is an outside gear retailer centered on promoting out of doors actions gear. Thomas has a 33.33% income and capital curiosity and the restricted companions maintain the remaining 66.66% of the income and capital pursuits. Their income and capital pursuits have remained unchanged because the partnership was shaped. Thomas is actively concerned in managing the enterprise whereas the restricted companions are merely traders.Rowdy Enjoyable is positioned at 8955 Golden Drive, Sunnydale, AZ 34592.The employer identification quantity for Rowdy Enjoyable is 47-8593563.Rowdy Enjoyable makes use of the accrual methodology of accounting and has a calendar 12 months finish.Thomas' handle is 853 Crystal Drive, Sunnydale, AZ 34592.Extra InformationRowdy Enjoyable has whole property of $1,900,000 and whole liabilities of $550,000 in the beginning of the 12 months and whole property of $2,300,00 and whole liabilities of $725,000 on the finish of the 12 months.Partnership liabilities include accounts payable, and Thomas, as basic associate, is legally accountable for paying these liabilities if the partnership doesn't.5 years in the past, Rowdy Enjoyable bought an unique out of doors statue with the intent for show within the retailer. In 2013, the statue was bought. The $15,000 acknowledged acquire from the sale is mirrored within the revenue assertion.For tax functions, Rowdy Enjoyable has persistently elected underneath Part 179 to expense any furnishings or fixtures bought yearly because it was shaped. There isn't any tax foundation in any of its depreciable property. This 12 months, Rowdy Enjoyable expensed $23,000 of indicators and show circumstances for tax functions.On November 20th, Rowdy Enjoyable distributed $90,000 ($30,000 per associate) to the companions.Miscellaneous bills embrace a $1200 high quality for violating a neighborhood ordinance.Rowdy Enjoyable maintains its books utilizing usually accepted accounting ideas.Monetary StatementsRowdy FunIncome StatementFor 12 months ended December 31, 2013Gross sales975,000Gross sales returns and allowances(25,000)Price of products bought(300,000)Gross revenue from operations650,000Different Earnings:Curiosity from Cash Market3,500Acquire on the market of statue15,000Gross revenue668,500Bills:Worker wages(125,000)Curiosity on accounts payable(2,000)Payroll and property taxes(45,000)Provides(26,000)Hire on retail constructing(20,000)Depreciation on furnishings and fixtures(15,400)Promoting(four,000)Assured funds to Thomas Kyle(40,000)Utilities(16,000)Accounting and authorized companies(5,000)Meals and leisure(500)Charitable Contributions(375)Miscellaneous expense(425)Complete bills(299,700)Web Earnings for Books368,800