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Module 8: Portfolio Project

Portfolio Project (125 points)

Important! Read First

Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission.

Option #1: Corporate Tax Returns

Because it is important for accountants to demonstrate the filing requirements for specialized tax returns, for this final project you will be completing a corporate tax return and then analyzing this experience.

Key Components:

1. Use the financial data, below, to complete form 1120.

2. Complete the below Student Template that has the respective tax forms and schedules required to complete the return. Complete all the parts of your respective business tax return for which there is information.

3. In the space at the bottom of the Student Template:

•Show your income tax calculations

•Prepare a write-up on: 1.The purpose of questions on Form 1120 Schedule K with the milestone.)

2. Some challenges (identify three to five), both anticipated and unexpected, you faced when completing the corporate tax return.

3. Solutions you can provide to those challenges.

4. Tax per books has to be calculated:

•In case of Form 1120, and you're preparing Sch. M1 and M2, the federal tax per books is not given to you in the template. Use the income statement income of $71,534 and the federal corporate tax rates to determine the federal tax per books. This is what the tax would be if the IRS used the company's income statement to determine taxable income.

Requirements:

•Submit 1) your tax return template, 2) Income tax calculations, and 3) your write-up about the tax return questions to the drop box identified for that submission.

•Format your submission according to the CSU-Global Guide to Writing and APA Requirements. Note: the Submission box does not accept fillable pdf's. Use the File-->Print-->Print to PDF, to save the pdf as this will allow all information to come through.

•Review the grading rubric in the module folder to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.

Option #2: Partnership Tax Returns

Because it is important for accountants to demonstrate the filing requirements for specialized tax returns, for this final project you will be completing a partnership tax return and then analyzing this experience.

Key Component:

1. Use the financial data from below to complete Form 1065 including Schedule K-1s for each partner.

2. Complete the below Student Template that has the respective tax forms and schedules required to complete the return. Complete all the parts of your respective business tax return for which there is information. Obtain Sch.K-1s from www.irs.gov because they are not in the template.

3. Assume that Bill Bacon and Cathy Cox received the guaranteed payment equally.

4. In the space at the bottom of the template, prepare a write-up on: •The purpose of some questions on Form 1065 Schedule B with the exception of line 1. (You may select a sub-grouping of these questions to complete your milestone.)

•The challenges (identify three to five) you faced, both anticipated and unexpected, when completing the partnership tax return.

•Solutions you can provide to those challenges.

Requirements:

•Submit 1) your tax return template, and 2) your write-up about the tax return questions to the drop box identified for that submission. Note: Save the .docx file as a .pdf when submitting so that all information will be viewable.

•Your paper must be formatted according to the CSU-Global Guide to Writing and APA Requirements.

•Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.

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Explanation & Answer

Attached.

Entity Type:
Sub-Entity Type:
Entity Name:
State of Formation
Entity Start Date

Partnership
General
BADEC
Georgia
4/2/2013

Tax Year Start Date:
Tax Year End Date:

4/2/2013
12/31/2013

Book Maintained By:
Address:

Andrew Anderson
10 Sysco Way Atlanta, GA 30039

Purpose of Entity

Acquire, rehabilitate and resale residential real property.

Allocation of Separately Stated Items (per Partnership Agreement)
Item
Investor
Interest Income
Bill Bacon
Contributions
Cathy Cox
Contributions
Cathy Cox
Net Long-term Capital Gains (Losses) Doris Day
Net Short-term Capital Gains (Losses) Elroy Elders
Interest Income
Farah Fawcett
Qualified Dividends
Gomez Gonzalez
Unqualified Dividends
Andrew Anderson
Real Estate/Housing Credits
Bill Bacon
Tax Exempt Interest Income Items
Cathy Cox
Tax Exempt Interest Income Items
Doris Day

property.

ment)
Percentage
100%
20%
80%
100%
100%
100%
100%
100%
100%
25%
75%

Partnership Agreement of BADEC Partnership
THIS AGREEMENT OF PARTNERSHIP, effective as of 04/02/2014 by and between the undersigned, to wit:
NOW, THEREFORE, IT IS AGREED:
1

Formation

2

Name

3

Term

4

Purpose

5

Meetings

6
7

Capital
Contributions
Value of the
Partnership.

8

Capital Accounts

9

Management

10

Schedule of Sharing of Profits, Losses and Seprately Stated Items. Ordinary Business Income is allocated accord
individual partnership interest. Separately stated items are allocated as follows:

11

Books of
Accounts

12

Annual
Accounting

13

Bank Account

14

15
16
16a

Broker Account

No
Compensation
Additional
Partners
Transfers to a
Trust

16b

Removal of a
Partner

17

Termination of
Partnership

18

Voluntary
Withdrawal

19
20
21
21a
21b
21c
21d
21e

Death or
Incapacity of a
Partner
Terms of
Payment
Forbidden Acts

Partnership Agreement of BADEC Partnership

EMENT OF PARTNERSHIP, effective as of 04/02/2014 by and between the undersigned, to wit:
EFORE, IT IS AGREED:
The undersigned hereby form a General Partnership in accordance with and subject to the laws of the State of
Georgia.
The name of the partnership shall be BADEC.
The partnership shall begin on 04/02/2014 and shall continue until December 31, 2014 of the same year and
thereafter from year to year unless earlier terminated as hereinafter provided.
Acquire, rehabilitate and resale residential real property.
Periodic meetings shall be held as determined by the partnership.
The partners may make capital contributions to the partnership on the date of each periodic meeting in such
amounts as the partnership shall
The current value of the assets of the partnership less the current value of the liabilities of the partnership
(hereinafter referred as to value of the partnership) shall be determined as of the time of securities market close on
the
last Friday
of each
A capital
account
shall month.
be maintained in the name of each partner. Any increase or decrease in the value of the

partnership on any valuation date shall be credited or debited, respectively, to each partner’s capital account in
proportion to the sum of all partner capital accounts on that date. Any other method of valuating each partner’s
capital account may be substituted for this method, provided the substituted method results in exactly the same
valuation as previously provided herein. Each partners capital contribution to, or capital withdrawal from, the
partnership,
credited, in
orthe
debited,
respectively,
to that partner’s
capital
Each partnershall
shallbe
participate
management
and conduct
of the affairs
of account.
the partnership in proportion to the
value of his/her capital account. Except as otherwise determined, all decisions shall be made by the partners
whose capital accounts total a majority of the value of the capital accounts of all the partners.
ule of Sharing of Profits, Losses and Seprately Stated Items. Ordinary Business Income is allocated according to
ual partnership interest. Separately stated items are allocated as follows:
Interest Income are allocated 100% to Investor
Contributions are allocated 20% to Bill Bacon
Contributions are allocated 80% to Cathy Cox
Net Long-term Capital Gains (Losses) are allocated 100% to Doris Day
Net Short-term Capital Gains (Losses) are allocated 100% to Elroy Elders
Interest Income are allocated 100% to Farah Fawcett
Qualified Dividends are allocated 100% to Gomez Gonzalez
Unqualified Dividends are allocated 100% to Andrew Anderson
Real Estate/Housing Credits are allocated 100% to Bill Bacon
Tax Exempt Interest Income Items are allocated 25% to Cathy Cox
Tax Exempt Interest Income Items are allocated 75% to Doris Day
All separateely stated items that are not addressed in this section of the agreement are allocated according
to individual partnership interests
Books of account of the transactions of the partnership shall be kept and at all times be available and open to
inspection and examination by any partner. Books will be kept on the accrual accounting method on a calendar
year basis. Partner Andrew Anderson will maintain the partnership books and serve as addressee of partnership
matters.
Each calendar year, a full and complete account of the condition of the partnership shall be made to the partners.
The partnership may select a bank for the purpose of opening a bank account. Funds in the bank account shall be
withdrawn by checks signed by any partner designated by the partnership.

None of the partners of this partnership shall be a broker. However, the partnership may select a broker and enter
into such agreements with the broker as required for the purchase or sale of securities. Securities owned by the
partnership shall be held in the partnership name unless another name shall be designated by the partnership. Any
corporation or transfer agent called upon to transfer any securities to or from the name of the partnership shall be
entitled to rely on instructions or assignments signed by any partner without inquiry as to the authority of the
person(s) signing such instructions or assignments, or as to the validity of any transfer to or from the name of the
partnership. At the time of a transfer of securities, the corporation or transfer agent is entitled to assume (1) that
the partnership is still in existence, and (2) that this Agreement is in full force and effect and has not been amended
No partner shall be compensated for services rendered to the partnership, except reimbursement for expenses.
Additional partners may be admitted at any time, upon the unanimous consent of all the partners, so long as the
number of partners does not exceed twenty-five (25).
A partner may, after giving written notice to the other partners, transfer his/her interest in the partnership to a
revocable living trust of which he/she is the grantor and sole trustee.
Any partner may be removed by agreement of the partners whose capital accounts total a majority of the value of
all partner’s capital accounts. Written notice of a meeting where removal of a partner is to be considered shall
include a specific reference to this matter. The removal shall become effective upon payment of the value of the
removed partner’s capital account, which shall be in accordance with the provisions on full withdrawal of a partner
noted
in paragraphs
20. Thebyvote
action shall
bepartners
treated as
receipt
of request
for withdrawal.
The partnership
may18
beand
terminated
agreement
of the
whose
capital
accounts
total a majority in value of
the capital accounts of all the partners. Written notice of the meeting where termination of the partnership is to be
considered shall include a specific reference to this matter. The partnership shall terminate upon a majority vote of
all partner’s capital accounts. Written notice of the decision to terminate the partnership shall be given to all the
partners. Payment shall than be made of all the liabilities of the partnership and a final distribution of the remaining
assets either in cash or in kind, shall promptly be made to the partners or their personal representatives in
proportion
eachwith...


Anonymous
Excellent resource! Really helped me get the gist of things.

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