Description
On January 1, 2010, Natasha Romanoff, an auburn haired beauty, and her friend, Clint Barton opened a lab and small manufacturing facility to make specialized arrows for Hawkeye and to enable work on a serum to cure the effects of gamma radiation on the human body. The two also provide a range of services related to their special talents. After several years, Ms. Romanoff and Mr. Barton, having exhausted their resources and on the brink of a serum break through, decided to take on a partner. The SHIELD Corporation immediately jumped on the chance to further the research of Ms. Romanoff and Mr. Barton; the three entities formed an LLC. The new company decided on the name SHIELD II. All of the original employees stayed with the new LLC and Ms. Romanoff and Mr. Barton retained control of the business with SHIELD II contributing financing. The LLC was officially formed on August 23, 2015.
Unformatted Attachment Preview
Purchase answer to see full attachment
Explanation & Answer
Attached. Please let me know if you have any questions or need revisions.
Running head: PARTNERSHIP FILED RETURNS
Partnership filed Returns
Student's Name
Institutional Affiliation
1
PARTNERSHIP FILED RETURNS
Partnership filed Returns
While practising the trade, an entity is supposed to file the corresponding tax to the IRS,
failure to which the firm receives penalties and goes under possible audit. The IRS will always
investigate firms that practice tax fraud and have the frim pay the penalties applicable in the
given scenarios. Shield 2 gets formed after the initial manufacturing company's founders went
under possible financial trouble, making the partnership formation necessary to save the
partnership. The formation of the partnership under an LLC spells out various rules for filing
returns from the firm to the IRS.
The significant answer in the given task aims to provide the solution to each of the
partnerships bases on LLC interests in the given year ending 31 December 2020. The
determination of the LLC should be based on the regulating laws regarding partnership LLC
bases interests. Shield II is an LLC, meaning that it operates on a limited liability basis. In the
United States, LLC companies operate on a confidential basis targeting partnerships and
corporations. The company structure's adoption makes shield avoid double taxation as when the
firm gets taxed, and no other amount gets deducted from their dividends earned from the
company activity. The company exists as its legal entity, meaning that the members' property
cannot get used to settling company debts.
Simple assumptions regarding to the SHIELD II partnership
Interest = ( income – debts + Cash reserves) * a factor
= (173,463 – 3800+ 23,667) * 3
= (169,663-23,667) *3
2
PARTNERSHIP FILED RETURNS
3
= 145,996 * 3
= 437,998
The 437,998 equals the assumed individual LLC base that the members attainable in the event of
separation. The division of the amount leads to the realization of individual LLC bases.
The IRS tax forms lack various figures and instead gives an assumption, especially regarding the
fact that the information does not say anything about child expenses.
The individuals outlined have no arguable self-employment tax payables
No dependents are making there be a lack of figures for the elements
The filed returns have no spouses meaning the taxed information provided are based on the
provided information. The IRS forms' information is based on the provided data in the statement
of financial position form.
Form
1040 U.S. Individual Income Tax Return 2020
Filing Status
Check only
one box.
(99)
Department of the Treasury—Internal Revenue Service
✔
Single
Married filing jointly
OMB No. 1545-0074
Married filing separately (MFS)
IRS Use Only—Do not write or staple in this space.
Head of household (HOH)
Qualifying widow(er) (QW)
If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child’s name if the qualifying
person is a child but not your dependent ▶
Your first name and middle initial
Your social security number
Last name
Natasha
If joint return, spouse’s first name and middle initial
Romanoff
9 9 9
Last name
Spouse’s social security number
Home address (number and street). If you have a P.O. box, see instructions.
4 9
-
Presidential Election Campaign
Check here if you, or your
spouse if filing jointly, want $3
ZIP code
to go to this fund. Checking a
box below will not change
Foreign postal code your tax or refund.
City, town, or post office. If you have a foreign address, also complete spaces below.
State
Washington, D.C. 20002
Foreign province/state/county
You
At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?
Standard
Deduction
Were born before January 2, 1956
(1) First name
If more
than four
dependents,
see instructions
and check
here ▶
• Single or
Married filing
separately,
$12,400
• Married filing
jointly or
Qualifying
widow(er),
$24,800
• Head of
household,
$18,650
• If you checked
any box under
Standard
Deduction,
see instructions.
Spouse:
Are blind
Dependents (see instructions):
Standard
Deduction for—
Yes
Spouse
✔
No
Someone can claim:
You as a dependent
Your spouse as a dependent
Spouse itemizes on a separate return or you were a dual-status alien
Age/Blindness You:
Attach
Sch. B if
required.
1 2
Apt. no.
1600 Philadelphia Ave
Foreign country name
-
(2) Social security
number
Last name
Was born before January 2, 1956
(4) ✔ if qualifies for (see instructions):
Child tax credit
Credit for other dependents
(3) Relationship
to you
1
Wages, salaries, tips, etc. Attach Form(s) W-2
2a
3a
4a
Tax-exempt interest .
Qualified dividends .
IRA distributions . .
5a
6a
7
0
Pensions and annuities . .
5a
b Taxable amount .
0
Social security benefits . .
6a
b Taxable amount .
Capital gain or (loss). Attach Schedule D if required. If not required, check here
.
Other income from Schedule 1, line 9 . . . . . . . . .
Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income
Adjustments to income:
From Schedule 1, line 22 . . . . . . . . . . . .
8
9
10
a
.
.
.
.
.
.
2a
3a
4a
.
.
.
.
0
0
0
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1
45,000
1,200
900
45,000
.
.
.
.
.
.
.
.
.
.
.
.
2b
3b
4b
.
.
.
.
.
.
.
.
.
.
.
.
.
▶
5b
6b
7
46,200
47,100
47,100
.
.
.
.
.
.
.
.
.
8
9
47,100
47,100
b Taxable interest
.
b Ordinary dividends .
b Taxable amount . .
.
.
Is blind
▶
173,463
0
. .
10a
Charitable contributions if you take the standard deduction. See instructions
10b
Add lines 10a and 10b. These are your total adjustments to income . . . .
.
.
.
.
▶
10c
173,463
11
12
13
Subtract line 10c from line 9. This is your adjusted gross income . .
Standard deduction or itemized deductions (from Schedule A)
. .
Qualified business income deduction. Attach Form 8995 or Form 8995-A
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
▶
.
.
11
12
13
168,753
0
0
14
15
Add lines 12 and 13 . . . . . . . . . . . . . . . .
Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
14
15
0
168,753
b
c
For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 11320B
Form
1040 (2020)
Page 2
Form 1040 (2020)
16
17
Tax (see instructions). Check if any from Form(s): 1
8814
Amount from Schedule 2, line 3
. . . . . . . .
.
18
19
20
Add lines 16 and 17 . . . . . . . .
Child tax credit or credit for other dependents
Amount from Schedule 3, line 7
. . . .
.
.
.
900
0
47,100
.
.
.
.
.
.
.
.
.
21
22
23
47,100
46,200
0
.
.
▶
24
46,200
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
21
22
23
Add lines 19 and 20 . . . . . . . . . . . . . . .
Subtract line 21 from line 18. If zero or less, enter -0- . . . . .
Other taxes, including self-employment tax, from Schedule 2, line 10
.
.
.
.
.
.
.
.
.
.
.
.
24
25
.
.
.
.
.
.
.
.
.
.
.
.
a
Add lines 22 and 23. This is your total tax
Federal income tax withheld from:
Form(s) W-2 . . . . . . . . .
.
.
.
.
.
.
.
.
.
b
c
d
Form(s) 1099 . . . . . .
Other forms (see instructions) .
Add lines 25a through 25c . .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
25b
25c
. . .
.
.
.
.
.
25d
2020 estimated tax payments and amount applied from 2019 return .
Earned income credit (EIC) . . . . . . . . . . . . .
Additional child tax credit. Attach Schedule 8812 . . . . . .
.
.
.
.
.
.
.
. .
47,100
0
26
0
0
32
33
34
47,100
0
0
35a
0
37
46,200
.
.
.
.
.
.
.
.
.
.
.
.
...