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aimtobeacpa
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Joined: 10 Dec 2009
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Posted: 24 May 2011 at 21:19 \| IP Logged

i am having some difficulty in completeing partnership form
page 560 wiley
can someone help plz

2)in form 1065 on page 575: other deductions is 20,000:2hat is it?
3)in schedule K-1:part L:how are values 100200 and 169200...

thanks in advance

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aimtobeacpa
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Posted: 27 May 2011 at 02:32 \| IP Logged

anyone?

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Jef2006
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Posted: 27 May 2011 at 12:35 \| IP Logged

Other deduction is advertising expense $20,000. Because it isn't listed item in the form.

$169,200 is the income for the year, which added back the $2,000 licence amoritzation expense which isn't allowed for tax deduction.

I spent time on this question, but don't have my book with me at this moment. hope it helps.

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aimtobeacpa
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Joined: 10 Dec 2009
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Posted: 27 May 2011 at 13:22 \| IP Logged

thanks a lot..
in L part
beg capital account 135000
current year increase 100200
withdrawals and distributions 66000
ending capital acc 169200

these two items i am not able to get it..

__________________
BEC-74,82(lost credit),78
FAR-67,80
AUD-75
REG-68,72,79

Jef2006
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Joined: 16 Mar 2011
Location: United States
Online Status: Offline
Posts: 59

Posted: 27 May 2011 at 14:26 \| IP Logged

look at the income statement in the question, the net income add $2,000 amortization expense ( not deductable), then multiply the partner's interest percentage should be $100,200. which is the partner's current year capital increase.

Hope I remember it right.

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BEC 78
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AUD 94
REG 75 completed within 6mos
Thanks to Becker

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