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One hundred percent of the outstanding membership of Foxtrot Company, LLC (the Company), which was...

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Accounting

One hundred percent of the outstanding membership of Foxtrot Company, LLC (the Company), which was formed on January 1, 2022, is owned by Haywood Dawson. The Company owns and rents commercial real estate to unrelated parties. In connection with your completion of Mr. Dawsons tax returns for 2022, he brings you the following 2022 trial balance for the Company.

FOXTROT COMPANY, LLC
TRIAL BALANCE
12/31/2022
PARTICULARS DEBITS CREDITS
CASH 600,000.00
RENTAL 2,678,000.00
ACCUMULATED DEPRECIATION 75,000.00
DEPOSITS 125,000.00
MORTGAGE PAYABLE 1,500,000.00
MEMBERSHIP INTEREST 1,000,000.00
RENTS 750,000.00
DEPRECTIATION 75,000.00
INTEREST EXP 70,000.00
UTILITIES 2,500.00
INSURANCE 3,000.00
REAL ESTATE TAXES 16,000.00
ADVERTISING 1,000.00
SNOW REMOVAL 1,000.00
LAWN CARE 2,000.00
SECURITY 1,500.00
3,450,000.00 3,450,000.00

Required

Prepare the necessary tax form for presentation of this information to the IRS. Ignore any other taxable income or deductions that Mr. Dawson may have. Please show your work.

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