Throughout the past couple of years, ROCK has actually taken advantage ofbonus depreciation and also § 179 deductions and fully remodeledthe premises and upgraded its leaseorganize improvements. This year,ROCK wrapped up its reversion with the purchase of $20,000 of officefurniture for which it will certainly claim a § 179 deduction. (Forsimplicity, assume that ROCK uses the same cost recoextremely methodsfor both taxation and also financial functions.) Tright here is no depreciationadjustment for alternate minimum taxes objectives.
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ROCK invests a lot of its excess cash in non-dividend-payingexpansion stocks and tax-exempt securities. During the year, the LLCsold 2 securities. On June 15, 2015, ROCK purchased 1,000 sharesof Tech, Inc., stock for $100,000; it sold those shares on December15, 2015, for $80,000. On March 15, 2014, ROCK purchased 2,000shares of BioLabs, Inc., stock for $136,000; it marketed those sharesfor $160,000 on December 15, 2015. These transactions were reportedto the IRS on Forms 1099–B; ROCK"s basis in these shareswas reported.
Net income per books is $840,000. The firm"s activities do notconstitute “qualified manufacturing activities” for functions of the§ 199 deduction. On January 1, 2015, the members" capitalaccounts equaled $200,000 each. No extra capital contributionswere made in 2015. In enhancement to their guaranteed payments, eachmember withdrew $250,000 cash in the time of the year. The LLC"s balancesheet as of December 31, 2015, is as follows:
Assume that all debt is mutual equally by the members. Eachmember has actually personally guaranteed the debt of the LLC.
The business code for “Agents and Managers for Artists,Athletes, Entertainers, and Other Public Figures” is 711410. TheLLC"s Form 1065 was ready by Ryan Ross and also sent to the Ogden, UTIRS Service Center. All members are energetic in LLC operations.
Prepare Form 1065, pages 1, 4, and also 5, for ROCK the Ages LLCmaking use of taxes basis indevelopment for Schedules L and M–2.
If you are using tax rerevolve preparation software, prepare Form4562 and also Schedule D.
Prepare Schedule K–1 for Ryan Ross, 15520 W. Earlkid Street,Pacific Palisades, CA 90272.
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