Hands on Exercise 5

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651111
Schedule K-1 (Form 1065)
Department of the Treasury Internal Revenue Service year beginning ending

2011
For calendar year 2011, or tax

Part III Partner’s Share of Current Year Income, Deductions, Credits, and Other Items 1 Ordinary business income (loss) 15 Credits

Final K-1

Amended K-1

OMB No. 1545-0099

Jan Dec

, 2011 , 20

103,300
2 3 4 5 6a 6b 7 Net rental real estate income (loss) Other net rental income (loss) 16 Foreign transactions

11

Partner’s Share of Income, Deductions, ▶ See back of form and separate instructions. Credits, etc. Part I
A B

3,000
Guaranteed payments

Information About the Partnership

Partnership’s employer identification number

70,000
Interest income

11-1111111
Partnership’s name, address, city, state, and ZIP code

700
Ordinary dividends

MFRF, LLP 2835 Harbor View Drive Freeport, ME 04469

1800
Qualified dividends Royalties Net short-term capital gain (loss) Net long-term capital gain (loss) 17 Alternative minimum tax (AMT) items

C D

IRS Center where partnership filed return 8 Check if this is a publicly traded partnership (PTP) 9a

Part II
E F

Information About the Partner
9b

2,000
Collectibles (28%) gain (loss) Unrecaptured section 1250 gain Net section 1231 gain (loss) Other income (loss) 18 Tax-exempt income and nondeductible expenses

Partner’s identifying number

123-45-6789
Partner’s name, address, city, state, and ZIP code 9c 10 11 "

Partner 1: Malcolm Fox 415 Knight Court Freeport, ME 04469
G H I J
"

A

1,300

General partner or LLC member-manager Domestic partner

Limited partner or other LLC member Foreign partner 19 Distributions

What type of entity is this partner?

Limited Liability Partner (LLP)

12 13

Section 179 deduction Other deductions

Partner’s share of profit, loss, and capital (see instructions): Beginning Ending Profit Loss Capital

50 50 50

% % %

50 50 50

% % %

C

1,000

20

Other information

K

Partner’s share of liabilities at year end: Nonrecourse Recourse . . . . . . . . . . . . . . $ $ $

16000

14

Self-employment earnings (loss)

Qualified nonrecourse financing

A
C
120,000 19,550
)

175,800
400,000

L

Partner’s capital account analysis: Beginning capital account . . . . . . $ $ $ $ ( $ Section 704(b) book Capital contributed during the year Current year increase (decrease) Withdrawals & distributions Ending capital account . Tax basis Other (explain) . . .

*See attached statement for additional information.

100,450

GAAP

M

Did the partner contribute property with a built-in gain or loss? " No Yes If “Yes,” attach statement (see instructions)

For Paperwork Reduction Act Notice, see Instructions for Form 1065.

For IRS Use Only

Cat. No. 11394R

Schedule K-1 (Form 1065) 2011

Schedule K-1 (Form 1065) 2011

Page

2

This list identifies the codes used on Schedule K-1 for all partners and provides summarized reporting information for partners who file Form 1040. For detailed reporting and filing information, see the separate Partner’s Instructions for Schedule K-1 and the instructions for your income tax return. 1. Ordinary business income (loss). Determine whether the income (loss) is passive or nonpassive and enter on your return as follows. Report on See the Partner’s Instructions Passive loss Passive income Schedule E, line 28, column (g) Nonpassive loss Schedule E, line 28, column (h) Nonpassive income Schedule E, line 28, column (j) 2. Net rental real estate income (loss) See the Partner’s Instructions 3. Other net rental income (loss) Net income Schedule E, line 28, column (g) Net loss See the Partner’s Instructions 4. Guaranteed payments Schedule E, line 28, column (j) 5. Interest income Form 1040, line 8a 6a. Ordinary dividends Form 1040, line 9a 6b. Qualified dividends Form 1040, line 9b Schedule E, line 3b 7. Royalties 8. Net short-term capital gain (loss) Schedule D,...
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