Taxation I - Tax Case #2 - Part 1 K&K, LLC Read all of this information first before you start the case to get an overview and understanding of the case. Go to www.irs gov and search/save the following forms OR use the forms provided in the Tax Cases folder in Blackboard and must have 2021 forms Form 1065 2021) 5 pages) Schedule K-1 Form 1065) (2021 you'll need two, there are 2 partners, do not need the instructions pares) Form 4562 (2021 (Page 1 only required for this case) On January 1, 2021, LLC Members Karma Kettle and Konnor Kingston form the K&K LLC to develop unimproved real estate and sell the improved lots LLC information: 2021 will be their initial Form 1065filing check initial return on top of para Federal ID a 34-1214562 Address for the LLC 555 loy Road, City, OH 44444 Boxes A & B business code is 237210, principal business activity is Development and principal product or services Real Estate. This is the initial return, accrual basis partnership Karma and Kettle are equal partners in all aspects of the partnership on each These are the only two partners Line top of pare Also, be sure you have completed Boxes, and on top of page 11 And be sure NOT to the dates on the very Lop this is a calendar year2021 tax return The partnership develops real estate, so they purchased undeveloped properties for $500.000 which is inventory to the partnership. There are 20 lots to be doned and sold PERS a recap of the cost of the lots inventory al purchase price in 2071500.000 Land development Cold 2021 25.000 Additional development costs to be paid in 2002, epid in 20211213,000 Total and invented.co 20 lost $577.000 Les indiety form 112. Indschi Rashed 18.000 Eu Cost of Gods sold in 2 fm 1059.000 - 100% + + Taxation 1 - Tax Case #2 - Part 1 K&K LLC 12/31/2021 LINE #: Ordinary Income Page 1 forms provide Sales 412,000 259,000 .065 (2021) (5 Cost of Goods Sold 7 wo, there are: Gross Profit ? Page 1 only rec Total Income (Loss) 10 Guaranteed Payments