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PARTNERSHIP TAX RETURN PROBLEM 2 Required: Using the information provided below, complete Arlington Building Supply's (ABS) 2011 Form 1065 and...
PARTNERSHIP TAX RETURN PROBLEM 2Required:Using the information provided below, complete Arlington Building Supply's (ABS) 2011 Form 1065 and Schedule D. Also complete Jerry Johnson and Steve Stillwell's Schedule K-1.Form 4562 for depreciation is not required. Use the amount of tax depreciation and §179 expense provided in the income statement and the information in #4 below to complete the appropriate lines on the first page and on Schedule K of Form 1065.Page C-21Form 4797 for the sale of trade or business property is not required. Use the amount of gain and loss from the sale of the truck and forklifts in the income statement and the information provided in #4 and #5 below to complete the appropriate lines on the first page and on Schedule K of Form 1065.If any information is missing, use reasonable assumptions to fill in any gaps.The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms.
