Pass Through Assignment

To complete this assignment, read the information below and then complete the 2017 partnership tax return (form 1065) including the K-1s, and both individuals 2018 1040 by hand.

Scenario

Craft Beer Brewing Partnership

Revenues	681,000
Office Rent	28,000
COGS	198,000
Salaries	238,000
ST Gain on Sale of Stock	100,000
LT Loss on Sale of Stock	500,000
Contributions to Charities	60,000
Investment Expenses	6,000

Friends Dan and Lisa are each partners in the beer brewing partnership above.

Dan owns 3%

Lisa owns 6%

Additional Information about Dan (not including partnership info)

Married, 1 child

Wages from job = $18,000

Wages from wifes job = $31,000

Additional Information about Lisa (not including partnership info)

Single, no children

Wages from job = 130,000

Sold stock held LT at a gain of 25,000

Paid state taxes of 8,900

Paid qualified mortgage interest of 10,000

Questions to complete:

1065, page 1

Line 1:

Line 3:

Line 8:

Line 21:

Line 22:

1065, page 4 (Schedule K)

Line 1:

Line 8:

Line 13a:

Line 13b:

Line 16b:

Line 18a:

Line 20b:

Dans Schedule K-1, Part III

Line 1:

Line 8:

Line 18a:

Lisas K-1

Line 1:

Line 13a:

Line 13k:

Line 20b:

Dans 1040

Line 1:

Line 2b:

Line 6:

Line 7:

Line 8:

Line 9:

Line 10:

Schedule 1, Line 17:

Lisas 1040

Line 6:

Line 7:

Line 8:

Line 9:

Line 10:

Schedule 1, Line 13: