Week 6: Form 1065 Tax Return Simulation
1. TRP.10.01
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Instructions
Form 1065
Form 8949
Schedule D
Form 4562
Federal Statements
Schedule K-1
Statement A-QBI Pass-through Entity Reporting
Instructions
Question Content Area
Note: This problem is for the 2020 tax year.
Ryan Ross (111-11-1112), Oscar Omega (222-22-2223), Clark Carey (333-33-3334), and Kim Kardigan (444-44-4445) are equal active members in ROCK the Ages LLC. ROCK serves as agents and managers for prominent musicians in the Los Angeles area. The LLC's Federal ID number is 55-5555556. It uses the cash basis and the calendar year and began operations on January 1, 2008. Its current address is 6102 Wilshire Boulevard, Suite 2100, Los Angeles, CA 90036. ROCK was the force behind such music icons as Adrianna Venti, Drake Malone, Elena Gomez, Tyler Quick, Queen Bey, and Bruno Mercury and has had a very profitable year. The following information was taken from the LLC's income statement for the current year.
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Revenues
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Fees and commissions
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$4,800,000
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Taxable interest income from bank deposits
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1,600
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Tax-exempt interest
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3,200
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Net gain on stock sales
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4,000
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Total revenues
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$4,808,800
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Expenses
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Advertising and public relations
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$380,000
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Charitable contributions
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28,000
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Section 179 expense
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20,000
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Employee salaries and wages
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1,000,000
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Guaranteed payment (services), Ryan Ross, office manager
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800,000
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Guaranteed payment (services), other members
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600,000
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Business meals, subject to 50% disallowance
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200,000
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Travel
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320,000
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Legal and accounting fees
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132,000
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Office rentals paid
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80,000
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Interest expense on operating line of credit
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10,000
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Insurance premiums
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52,000
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Office expense
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200,000
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Payroll taxes
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92,000
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Utilities
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54,800
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Total expenses
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$3,968,800
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Recently, ROCK has taken advantage of bonus depreciation and § 179 deductions and fully remodeled the premises and upgraded its leasehold improvements. This year, ROCK wrapped up its remodel with the purchase of $20,000 of office furniture for which it will claim a § 179 deduction. (For simplicity, assume that ROCK uses the same cost recovery methods for both tax and financial purposes.) There is no depreciation adjustment for alternative minimum tax purposes.
ROCK invests much of its excess cash in non-dividend-paying growth stocks and tax-exempt securities. During the year, the LLC sold two securities. On June 15, 2020, ROCK purchased 1,000 shares of Tech, Inc., stock for $100,000; it sold those shares on December 15, 2020, for $80,000. On March 15, 2019, ROCK purchased 2,000 shares of BioLabs, Inc., stock for $136,000; it sold those shares for $160,000 on December 15, 2020. These transactions were reported to the IRS on Forms 1099–B; ROCK's basis in these shares
was reported.
Net income per books is $840,000. On January 1, 2020, the members' capital accounts equaled $200,000 each. No additional capital contributions were made in 2020. In addition to their guaranteed payments, each member withdrew $250,000 cash during the year. All contributions and distributions have been in cash, so the LLC has no net unrecognized § 704(c) gain or loss. The LLC's balance sheet as of December 31, 2020, is as follows.
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Beginning
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Ending
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Cash
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$444,000
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$??
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Tax-exempt securities
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120,000
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120,000
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Marketable securities
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436,000
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300,000
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Leasehold improvements, furniture, and equipment
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960,000
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980,000
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Accumulated depreciation
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(960,000)
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(980,000)
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Total assets
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$1,000,000
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$??
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Operating line of credit
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$200,000
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$160,000
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Capital, Ross
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200,000
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??
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Capital, Omega
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200,000
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??
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Capital, Carey
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200,000
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??
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Capital, Kardigan
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200,000
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??
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Total liabilities and capital
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$1,000,000
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$??
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The firm's activities do not constitute "qualified production activities" for purposes of the § 199 deduction. (Note that the § 179 deduction is a business-related expense.) The LLC’s UBIA (unadjusted basis immediately after acquisition) equals the total original cost of all leasehold improvements, or $980,000.
All debt is shared equally by the members. Each member has personally guaranteed the debt of the LLC. All members are active in LLC operations. The business code for the entity is 711410.
Complete the 2020 Form 1065 for ROCK the Ages LLC with appropriate forms and schedules. Prepare Schedule K–1 for Ryan Ross.
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If an amount box does not require an entry or the answer is zero, enter "0".
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Enter all amounts as positive numbers, unless otherwise instructed.
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If required, round amounts to the nearest dollar.
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Make realistic assumptions about any missing data.
Form 1065
Question Content Area
a. Prepare the 2020 Form 1065, pages 1, 4, and 5, for ROCK the Ages LLC using tax basis information for Schedules L and M–2.
If required, use the minus sign to indicate a loss.
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Form
1065
Department of the Treasury Internal Revenue Service
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U.S. Return of Partnership Income
For calendar year 2020, or tax year beginning _ _ _ _ , 2020, ending _ _ _ _ , 20 _ _ _.
► Go
www.irs.gov/Form1065
for instructions and the latest information.
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OMB No. 1545-0123
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2020
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A
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Principal business activity
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Type or Print
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ROCK the Ages LLC
6102 Wilshire Boulevard Suite 2100
Los Angeles, CA 90036
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D
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Employer identification no
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Musician Agents
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55-5555556
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B
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Principal product or service
Agent Services
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E
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Date business started
1/01/2008
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C
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Business code number
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F
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Total assets (see instructions)
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711410
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$
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fill in the blank e66966ff0fe306d_1
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G
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Check applicable boxes:
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(1) ☐
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Initial return
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(2) ☐
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Final return
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(3) ☐
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Name change
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(4) ☐
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Address change
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(5) ☐
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Amended return
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H
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Check accounting method:
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(1) ☒
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Cash
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(2) ☐
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Accrual
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(3) ☐
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Other (specify) ►
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I
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Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year ►
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4
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J
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Check if Schedules C and M-3 are attached . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ►
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☐
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Caution: Include
only trade or business income and expenses on lines 1a through 22 below. See the instructions for more information.
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INCOME
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1a
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Gross receipts or sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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1a
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fill in the blank e66966ff0fe306d_2
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b
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Returns and allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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1b
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c
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Balance. Subtract line 1b from line 1a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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1c
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fill in the blank e66966ff0fe306d_3
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2
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Cost of goods sold (attach Form 1125-A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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2
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3
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Gross profit. Subtract line 2 from line 1c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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3
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fill in the blank e66966ff0fe306d_4
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4
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Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) . . . . . . . . . . . .
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4
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5
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Net farm profit (loss) (attach Schedule F (Form 1040)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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5
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6
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Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . . . . . . . . . . . . . . . . . . . . . . . .
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6
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7
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Other income (loss) (attach statement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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7
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8
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Total income (loss). Combine lines 3 through 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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8
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fill in the blank e66966ff0fe306d_5
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DEDUCTIONS SEE INSTRS FOR LIMITATIONS
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9
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Salaries and wages (other than to partners) (less employment credits) . . . . . . . . . . . . . . . . . . . . . . . .
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9
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fill in the blank e66966ff0fe306d_6
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10
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Guaranteed payments to partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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10
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fill in the blank e66966ff0fe306d_7
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11
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Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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11
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12
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Bad debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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12
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13
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Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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13
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fill in the blank e66966ff0fe306d_8
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14
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Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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14
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fill in the blank e66966ff0fe306d_9
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15
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Interest (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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15
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fill in the blank e66966ff0fe306d_10
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16a
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Depreciation (if required, attach Form 4562) . . . . . . . . . . . . . . . . . . . . . .
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16a
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b
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Less depreciation reported on Form 1125-A and elsewhere on return . . . . .
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16b
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16c
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17
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Depletion
(Do not deduct oil and gas depletion.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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17
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18
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Retirement plans, etc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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18
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19
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Employee benefit programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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19
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20
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Other deductions (att stmt) See Statement 1
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20
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fill in the blank e66966ff0fe306d_11
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21
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Total deductions. Add the amounts shown in the far right column for lines 9 through 20 . . . . . . . . . .
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21
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fill in the blank e66966ff0fe306d_12
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22
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Ordinary business income (loss). Subtract line 21 from line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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22
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fill in the blank e66966ff0fe306d_13
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TAX AND PAYMENTS
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23
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Interest due under the look-back method — completed long-term contracts (attach Form 8697) . . . . . .
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23
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24
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Interest due under the look-back method — income forecast method (attach Form 8866) . . . . . . . . . . .
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24
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25
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BBA AAR imputed underpayment (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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25
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26
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Other taxes (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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26
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27
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Total balance due. Add lines 23 through 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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27
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28
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Payment (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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28
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29
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Amount owed. If line 28 is smaller than line 27, enter amount owed . . . . . . . . . . . . . . . . . . . . . . . .
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29
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30
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Overpayment. If line 28 is larger than line 27, enter overpayment . . . . . . . . . . . . . . . . . . . . . . . . . .
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30
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Sign
Here
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Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than partner or limited liability company member) is based on all information of which preparer has any knowledge.
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►
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►
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May the IRS discuss this return with the preparer shown below? See instructions. ☐
Yes ☐
No
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Signature of partner or limited liability company member
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Date
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Paid Preparer Use Only
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Print/Type preparer's name
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Preparer's signature
SELF-PREPARED
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Date
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Check ☐ if self-employed
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PTIN
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Firm's name ►
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Firm's EIN ►
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Firm's address ►
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Phone no.
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BAA For Paperwork Reduction Act Notice, see separate instructions.
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Form
1065 (2020)
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Form 1065 (2020)
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ROCK the Ages LLC
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55-5555556
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Page
2
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Schedule B
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Other Information
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1
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What type of entity is filing this return? Check the applicable box:
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Yes
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No
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a
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☐
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Domestic general partnership
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b
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☐
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Domestic limited partnership
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c
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☒
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Domestic limited liability company
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d
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☐
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Domestic limited liability partnership
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e
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☐
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Foreign partnership
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f
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☐
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Other ►
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2
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At the end of the tax year:
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a
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Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization, or any foreign government own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. If "Yes," attach Schedule B-1, Information on Partners
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Owning 50% or More of the Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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X
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b
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Did any individual or estate own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. If "Yes," attach Schedule B-1, Information on Partners
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Owning 50% or More of the Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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X
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3
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At the end of the tax year, did the partnership:
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a
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Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation? For rules of constructive ownership, see instructions. If "Yes," complete (i) through (iv) below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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X
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(i) Name of Corporation
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(ii) Employer Identification Number (if any)
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(iii) Country of Incorporation
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(iv) Percentage Owned in Voting Stock
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b
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Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions. If "Yes," complete (i) through (v) below . . . . . . . . . . . . . . .
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X
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(i) Name of Entity
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(ii) Employer
Identification
Number (if any)
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(iii) Type of
Entity
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(iv) Country of
Organization
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(v) Maximum
Percentage
Owned in Profit,
Loss, or Capital
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4
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Does the partnership satisfy
all four of the following conditions?
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Yes
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No
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a
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The partnership's total receipts for the tax year were less than $250,000.
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b
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The partnership's total assets at the end of the tax year were less than $1 million.
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c
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Schedules K-1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return.
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d
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The partnership is not filing and is not required to file Schedule M-3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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X
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If "Yes," the partnership is not required to complete Schedules L, M-1, and M-2; Item F on page 1 of Form 1065; or Item L on Schedule K-1.
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5
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Is this partnership a publicly traded partnership as defined in section 469(k)(2)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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X
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6
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During the tax year, did the partnership have any debt that was cancelled, was forgiven, or had the terms modified so as to reduce the principal amount of the debt? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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X
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7
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Has this partnership filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide information on any reportable transaction? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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X
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8
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At any time during calendar year 2020, did the partnership have an interest in or a signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial account)? See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes," enter the name of the foreign country. ►
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X
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9
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At any time during the tax year, did the partnership receive a distribution from, or was it the grantor of, or transferor to, a foreign trust? If "Yes," the partnership may have to file Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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X
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10a
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Is the partnership making, or had it previously made (and not revoked), a section 754 election? . . . . . . . . . . . . . . . . . .
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X
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See instructions for details regarding a section 754 election.
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b
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Did the partnership make for this tax year an optional basis adjustment under section 743(b) or 734(b)? If "Yes," attach a statement showing the computation and allocation of the basis adjustment. See instructions . . . . . . . . . . . . . . . . . . . . .
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X
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Form 1065 (2020)
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ROCK the Ages LLC
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55-5555556
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Page
3
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Schedule B
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Other Information
(continued)
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Yes
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No
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c
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Is the partnership required to adjust the basis of partnership assets under section 743(b) or 734(b) because of a substantial built-in loss (as defined under section 743(d)) or substantial basis reduction (as defined under section 734(d))? If "Yes," attach a statement showing the computation and allocation of the basis adjustment. See instructions
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X
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11
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Check this box if, during the current or prior tax year, the partnership distributed any property received in a like-kind exchange or contributed such property to another entity (other than disregarded entities wholly owned by the partnership throughout the tax year) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ► ☐
|
|
|
|
12
|
At any time during the tax year, did the partnership distribute to any partner a tenancy-in-common or other undivided interest in partnership property? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
|
X
|
|
13
|
If the partnership is required to file Form 8858, Information Return of U.S. Persons With Respect To Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs), enter the number of Forms 8858 attached.
See instructions ►
|
|
|
|
14
|
Does the partnership have any foreign partners? If "Yes," enter the number of Forms 8805, Foreign Partner's Information Statement of Section 1446 Withholding Tax, filed for this partnership. ►
|
|
|
|
|
|
|
X
|
|
15
|
Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to this return. ►
|
|
|
|
16a
|
Did you make any payments in 2020 that would require you to file Form(s) 1099? See instructions . . . . . . . . . . . . . . . .
|
|
X
|
|
b
|
If "Yes," did you or will you file required Form(s) 1099? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
17
|
Enter the number of Forms 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations, attached to this return ►
|
|
|
|
18
|
Enter the number of partners that are foreign governments under section 892. ► 0
|
|
|
|
19
|
During the partnership's tax year, did the partnership make any payments that would require it to file Form 1042 and 1042-S under chapter 3 (sections 1441 through 1464) or chapter 4 (sections 1471 through 1474)? . . . . . . . . . . . . . . .
|
|
|
|
|
|
|
X
|
|
20
|
Was the partnership a specified domestic entity required to file Form 8938 for the tax year? See the Instructions for Form 8938? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
|
X
|
|
21
|
Is the partnership a section 721(c) partnership, as defined in Regulations section 1.721(c)-1(b)(14)?
|
|
X
|
|
22
|
During the tax year, did the partnership pay or accrue any interest or royalty for which one or more partners are not allowed a deduction under section 267A? See instructions. If "Yes," enter the total amount of the disallowed deductions. ► $
|
|
|
|
23
|
Did the partnership have an election under section 163(j) for any real property trade or business or any farming business in effect during the tax year? See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
|
X
|
|
24
|
Does the partnership satisfy one or more of the following? See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
X
|
|
a
|
The partnership owns a pass-through entity with current, or prior year carryover, excess business interest expense.
|
|
|
|
b
|
The partnership's aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years preceding the current tax year are more than $26 million and the partnership has business interest.
|
|
|
|
c
|
The partnership is a tax shelter (see instructions) and the partnership has business interest expense.
If "Yes" to any, complete and attach Form 8990.
|
|
|
|
25
|
Is the partnership electing out of the centralized partnership audit regime under section 6221(b)? See instructions.
|
|
X
|
|
|
If "Yes," the partnership must complete Schedule B-2 (Form 1065). Enter the total from Schedule B-2, Part III,
line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ►
|
|
|
|
|
If "No," complete Designation of Partnership Representative below.
|
|
|
|
Designation of Partnership Representative (see instructions)
|
|
Enter below the information for the partnership representative (PR) for the tax year covered by this return.
|
|
Name of PR ►
|
|
U.S. address of PR
|
►
|
|
U.S. phone
number of PR
|
►
|
|
|
|
|
|
|
|
|
|
If the PR is an entity, name of the designated individual for the PR ►
|
|
U.S. address of designated individual
|
►
|
|
U.S. phone number of designated individual
|
►
|
|
|
|
|
|
|
|
|
|
26
|
Is the partnership attaching Form 8996 to certify as a Qualified Opportunity Fund? . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
X
|
|
|
If "Yes," enter the amount from Form 8996, line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ► $
|
|
|
|
27
|
Enter the number of foreign partners subject to section 864(c)(8) as a result of transferring all or a portion of an interest in the partnership or of receiving a distribution from the partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ►
|
|
|
|
28
|
At any time during the tax year, were there any transfers between the partnership and its partners subject to the disclosure requirements of Regulations section 1.707-8? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
|
X
|
|
29
|
Since December 22, 2017, did a foreign corporation directly or indirectly acquire substantially all of the properties constituting a trade or business of your partnership, and was the ownership percentage (by vote or value) for purposes of section 7874 greater than 50% (for example, the partners held more than 50% of the stock of the foreign corporation)? If "Yes," list the ownership percentage by vote and by value. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
|
X
|
|
|
Percentage: By Vote By Value
|
|
|
|
|
Form 1065 (2020)
|
ROCK the Ages LLC
|
|
55-5555556
|
Page
4
|
|
Schedule K
|
Partners' Distributive Share Items
|
Total amount
|
|
|
Income (Loss)
|
1
|
Ordinary business income (loss) (page 1, line 22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
1
|
fill in the blank e66966ff0fe306d_14
|
|
|
2
|
Net rental real estate income (loss) (attach Form 8825) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
2
|
|
|
|
3a
|
Other gross rental income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
3a
|
|
|
|
|
|
b
|
Expenses from other rental activities (attach stmt) . . . . . . . . . . . . . .
|
3b
|
|
|
|
|
|
c
|
Other net rental income (loss). Subtract line 3b from line 3a . . . . . . . . . . . . . . . . . . . . . . . . .
|
3c
|
|
|
|
4
|
Guaranteed payments:
|
|
|
|
|
|
a Services
|
4a
|
fill in the blank e66966ff0fe306d_15
|
b Capital
|
4b
|
|
|
|
|
|
c
|
Total. Add lines 4a and 4b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
4c
|
fill in the blank e66966ff0fe306d_16
|
|
|
5
|
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
5
|
fill in the blank e66966ff0fe306d_17
|
|
|
6
|
Dividends and dividend equivalents:
a Ordinary dividends . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
6a
|
|
|
|
|
b Qualified dividends
|
6b
|
|
c Dividend equivalents
|
6c
|
|
|
|
|
|
7
|
Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
7
|
|
|
|
8
|
Net short-term capital gain (loss) (attach Schedule D (Form 1065)) . . . . . . . . . . . . . . . . . . . .
|
8
|
fill in the blank e66966ff0fe306d_18
|
|
|
9a
|
Net long-term capital gain (loss) (attach Schedule D (Form 1065)) . . . . . . . . . . . . . . . . . . . . .
|
9a
|
fill in the blank e66966ff0fe306d_19
|
|
|
b
|
Collectibles (28%) gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
9b
|
|
|
|
|
|
c
|
Unrecaptured section 1250 gain (attach statement) . . . . . . . . . . . . .
|
9c
|
|
|
|
|
|
10
|
Net section 1231 gain (loss) (attach Form 4797) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
10
|
|
|
|
11
|
Other income (loss) (see instructions) Type ►
|
11
|
|
|
Deduc- tions
|
12
|
Section 179 deduction (attach Form 4562) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
12
|
fill in the blank e66966ff0fe306d_20
|
|
|
13a
|
Contributions See Statement 2
|
13a
|
fill in the blank e66966ff0fe306d_21
|
|
|
b
|
Investment interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
13b
|
|
|
|
c
|
Section 59(e)(2) expenditures:
(1) Type ► _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
(2) Amount ►
|
13c(2)
|
|
|
|
d
|
Other deductions (see instructions) Type ►
|
13d
|
|
|
Self- Employ- ment
|
14a
|
Net earnings (loss) from self-employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
14a
|
fill in the blank e66966ff0fe306d_22
|
|
|
b
|
Gross farming or fishing income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
14b
|
|
|
|
c
|
Gross nonfarm income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
14c
|
|
|
Credits
|
15a
|
Low-income housing credit (section 42(j)(5)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
15a
|
|
|
|
b
|
Low-income housing credit (other) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
15b
|
|
|
|
c
|
Qualified rehabilitation expenditures (rental real estate) (attach Form 3468, if applicable)
|
15c
|
|
|
|
d
|
Other rental real estate credits (see instructions) Type ► _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
|
15d
|
|
|
|
e
|
Other rental credits (see instructions) . . . . . . . . Type ► _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
|
15e
|
|
|
|
f
|
Other credits (see instructions) . . . . . . . . . . . . . Type ►
|
15f
|
|
|
Foreign Trans- actions
|
16a
|
Name of country or U.S. possession ► _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
|
|
|
|
|
b
|
Gross income from all sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
16b
|
|
|
|
c
|
Gross income sourced at partner level . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
16c
|
|
|
|
|
Foreign gross income sourced at partnership level
|
|
|
|
|
d
|
Reserved for future use ► _ _ _ _ _ _ _ _ _
e Foreign branch category ► _ _ _ _ _ _ _ _ _ _
|
16e
|
|
|
|
f
|
Passive category ► _ _ _ _ _ _ _
g General category ► _ _ _ _ _ _ _
h Other (att. stmt.) ►
|
16h
|
|
|
|
|
Deductions allocated and apportioned at partner level
|
|
|
|
|
i
|
Interest expense ► _ _ _ _ _ _ _ _ _ _ _ _ _ _
j Other . . . . . . . . . . . . . . . . . . . . . . . . . ►
|
16j
|
|
|
|
|
Deductions allocated and apportioned at partnership level to foreign source income
|
|
|
|
|
k
|
Reserved for future use ► _ _ _ _ _ _ _ _ _ _
l Foreign branch category ► _ _ _ _ _ _ _ _ ►
|
16l
|
|
|
|
m
|
Passive category ► _ _ _ _ _ _ _
n General category ► _ _ _ _ _ _ _
o Other (att. stmt.) ►
|
16o
|
|
|
|
p
|
Total foreign taxes (check one): ► Paid ◻ Accrued ◻ . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
16p
|
|
|
|
q
|
Reduction in taxes available for credit (attach statement) . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
16q
|
|
|
|
r
|
Other foreign tax information (attach statement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
Alter- native Minimum Tax (AMT) Items
|
17a
|
Post-1986 depreciation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
17a
|
|
|
|
b
|
Adjusted gain or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
17b
|
|
|
|
c
|
Depletion (other than oil and gas) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
17c
|
|
|
|
d
|
Oil, gas, and geothermal properties — gross income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
17d
|
|
|
|
e
|
Oil, gas, and geothermal properties — deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
17e
|
|
|
|
f
|
Other AMT items (attach stmt) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
17f
|
|
|
Other Infor- mation
|
18a
|
Tax-exempt interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
18a
|
fill in the blank e66966ff0fe306d_23
|
|
|
b
|
Other tax-exempt income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
18b
|
|
|
|
c
|
Nondeductible expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
18c
|
fill in the blank e66966ff0fe306d_24
|
|
|
19a
|
Distributions of cash and marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
19a
|
fill in the blank e66966ff0fe306d_25
|
|
|
b
|
Distributions of other property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
19b
|
|
|
|
20a
|
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
20a
|
fill in the blank e66966ff0fe306d_26
|
|
|
b
|
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
20b
|
|
|
|
c
|
Other items and amounts (attach stmt)
|
|
|
|
Form
1065 (2020)
|
|
|
Form 1065 (2020)
|
ROCK the Ages LLC
|
55-5555556
|
Page
5
|
|
Analysis of Net Income (Loss)
|
|
1
|
Net income (loss). Combine Schedule K, lines 1 through 11. From the result, subtract the sum of Schedule K, lines 12 through 13d, and 16p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
1
|
fill in the blank e66966ff0fe306d_27
|
|
2
|
Analysis by partner type:
|
(i) Corporate
|
(ii) Individual (active)
|
(iii) Individual (passive)
|
(iv) Partnership
|
(v) Exempt Organization
|
(vi) Nominee/ Other
|
|
a
|
General partners . .
|
|
|
|
|
|
|
|
b
|
Limited partners . . .
|
|
fill in the blank e66966ff0fe306d_28
|
|
|
|
|
|
Schedule L
|
Balance Sheets per Books
|
Beginning of tax year
|
End of tax year
|
|
|
Assets
|
(a)
|
(b)
|
(c)
|
(d)
|
|
1
|
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
fill in the blank e66966ff0fe306d_29
|
|
fill in the blank e66966ff0fe306d_30
|
|
2a
|
Trade notes and accounts receivable . . . . . . . . . . .
|
|
|
|
|
|
b
|
Less allowance for bad debts . . . . . . . . . . . . . . . .
|
|
|
|
|
|
3
|
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
4
|
U.S. government obligations . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
5
|
Tax-exempt securities . . . . . . . . . . . . . . . . . . . . .
|
|
fill in the blank e66966ff0fe306d_31
|
|
fill in the blank e66966ff0fe306d_32
|
|
6
|
Other current assets (attach stmt) See St 3
|
|
fill in the blank e66966ff0fe306d_33
|
|
fill in the blank e66966ff0fe306d_34
|
|
7a
|
Loans to partners (or persons related to partners) .
|
|
|
|
|
|
b
|
Mortgage and real estate loans . . . . . . . . . . . . . . .
|
|
|
|
|
|
8
|
Other investments (attach stmt) . . . . . . . . . . . . . .
|
|
|
|
|
|
9a
|
Buildings and other depreciable assets . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_35
|
|
fill in the blank e66966ff0fe306d_36
|
|
|
b
|
Less accumulated depreciation . . . . . . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_37
|
|
fill in the blank e66966ff0fe306d_38
|
|
|
10a
|
Depletable assets . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
b
|
Less accumulated depletion . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
11
|
Land (net of any amortization) . . . . . . . . . . . . . . .
|
|
|
|
|
|
12a
|
Intangible assets (amortizable only) . . . . . . . . . . .
|
|
|
|
|
|
b
|
Less accumulated amortization . . . . . . . . . . . . . . .
|
|
|
|
|
|
13
|
Other assets (attach stmt) . . . . . . . . . . . . . . . . . .
|
|
|
|
|
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14
|
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
fill in the blank e66966ff0fe306d_39
|
|
fill in the blank e66966ff0fe306d_40
|
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Liabilities and Capital
|
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15
|
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . .
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16
|
Mortgages, notes, bonds payable in less than 1 year
|
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17
|
Other current liabilities (attach stmt) See St 4
|
|
fill in the blank e66966ff0fe306d_41
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fill in the blank e66966ff0fe306d_42
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18
|
All nonrecourse loans . . . . . . . . . . . . . . . . . . . . . .
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19a
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Loans from partners (or persons related to partners)
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b
|
Mortgages, notes, bonds payable in 1 year or more
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20
|
Other liabilities (attach stmt) . . . . . . . . . . . . . . . .
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21
|
Partners' capital accounts . . . . . . . . . . . . . . . . . . .
|
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fill in the blank e66966ff0fe306d_43
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fill in the blank e66966ff0fe306d_44
|
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22
|
Total liabilities and capital . . . . . . . . . . . . . . . . . . .
|
|
fill in the blank e66966ff0fe306d_45
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fill in the blank e66966ff0fe306d_46
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|
Schedule M-1
|
Reconciliation of Income (Loss) per Books With Income (Loss) per Return
|
|
|
Note: The partnership may be required to file Schedule M-3. See instructions.
|
|
1
|
Net income (loss) per books . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_47
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2
|
Income included on Schedule K, lines 1, 2, 3c, 5, 6a, 7, 8, 9a, 10, and 11, not recorded on books this year (itemize): _ _ _ _ _ _ _ _
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3
|
Guaranteed payments (other than health insurance) . . . . . . . . . . . . . . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_48
|
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4
|
Expenses recorded on books this year not included on Schedule K, lines 1 through 13d, and 16p (itemize):
|
|
|
a
|
Depreciation . . . . . . . . . $
|
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|
b
|
Travel and entertainment $fill in the blank e66966ff0fe306d_49
|
fill in the blank e66966ff0fe306d_50
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5
|
Add lines 1 through 4 . . . . . . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_51
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6
|
Income recorded on books this year not included on Schedule K, lines 1 through 11 (itemize):
|
|
|
a
|
Tax-exempt interest . . $fill in the blank e66966ff0fe306d_52
|
fill in the blank e66966ff0fe306d_53
|
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7
|
Deductions included on Schedule K, lines 1 through 13d, and 16p, not charged against book income this year (itemize):
|
|
|
a
|
Depreciation $ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
|
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8
|
Add lines 6 and 7 . . . . . . . . . . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_54
|
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9
|
Income (loss) (Analysis of Net Income (Loss),
|
|
|
|
line 1). Subtract line 8 from line 5 . . . . .
|
fill in the blank e66966ff0fe306d_55
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Schedule M-2
|
Analysis of Partners' Capital Accounts
|
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1
|
Balance at beginning of year . . . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_56
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6
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Distributions:
|
a Cash . . . . . . . . . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_57
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2
|
Capital contributed:
|
a Cash . . . . . . . . .
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b Property . . . . . . . . . . . .
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|
b Property . . . . . . . . .
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7
|
Other decreases (itemize): _ _ _ _ _ _ _ _ _
|
|
|
3
|
Net income (loss) per books . . . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_58
|
|
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
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4
|
Other increases (itemize): _ _ _ _ _ _ _
|
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8
|
Add lines 6 and 7 . . . . . . . . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_59
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5
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Add lines 1 through 4 . . . . . . . . . . . . . . . .
|
fill in the blank e66966ff0fe306d_60
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9
|
Balance at end of year. Subtract line 8 from 5
|
fill in the blank e66966ff0fe306d_61
|
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BAA
|
Form
1065 (2020)
|
|
Form 8949
Question Content Area
Prepare Form 8949 for ROCK the Ages LLC.
If required, use the minus sign to indicate a loss.
|
Form
8949
Department of the Treasury Internal Revenue Service
|
Sales and Other Dispositions of Capital Assets
► Go to
www.irs.gov/form8949
for instructions and the latest information.
► File with your Schedule D to list your transactions for lines 1b, 2, 3, 8b, 9, and 10 of Schedule D.
|
OMB No. 1545-0074
|
|
|
|
2020
Attachment
Sequence No.
12A
|
|
Name(s) shown on return
ROCK the Ages LLC
|
SSN or taxpayer identification number
55-5555556
|
|
Before you check Box A, B, or C below, see whether you received any Form(s) 1099-B or substitute statement(s) from your broker. A substitute statement will have the same information as Form 1099-B. Either will show whether your basis (usually your cost) was reported to the IRS by your broker and may even tell you which box to check.
|
|
Part I
|
Short-Term. Transactions involving capital assets you held 1 year or less are generally short-term (see instructions). For long-term transactions, see page 2.
|
|
|
|
|
|
Note: You may aggregate all short-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS and for which no adjustments or codes are required. Enter the totals directly on Schedule D, line 1a; you aren't required to report these transactions on Form 8949 (see instructions).
|
|
You
must check Box A, B,
or C below. Check only one box.
If more than one box applies for your short-term transactions, complete a separate Form 8949, page 1, for each applicable box. If you have more short-term transactions than will fit on this page for one or more of the boxes, complete as many forms with the same box checked as you need.
|
|
☒
(A)
|
Short-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS (see
Note above)
|
|
☐
(B)
|
Short-term transactions reported on Form(s) 1099-B showing basis
wasn't reported to the IRS
|
|
☐
(C)
|
Short-term transactions not reported to you on Form 1099-B
|
|
1
|
(a)
Description of property (Example: 100 shares XYZ Co.)
|
(b)
Date acquired (Mo., day, yr.)
|
(c)
Date sold or disposed of (Mo., day, yr.)
|
(d)
Proceeds (sales price) (see instructions)
|
(e)
Cost or other basis. See the
Note below and see
Column (e) in the separate instructions
|
Adjustment, if any, to gain or loss. If you enter an amount in column (g), enter a code in column (f).
See the separate instructions.
|
(h)
Gain or (loss). Subtract column (e) from column (d) and combine the result with column (g)
|
|
|
|
|
|
|
|
(f)
Code(s) from instructions
|
(g)
Amount of adjustment
|
|
|
1,000 Shares Tech, Inc.
|
06/15/20
|
12/15/20
|
fill in the blank 19a65af7c04f02b_1
|
fill in the blank 19a65af7c04f02b_2
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fill in the blank 19a65af7c04f02b_3
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2
|
|
Totals. Add the amounts in columns (d), (e), (g), and (h) (subtract negative amounts). Enter each total here and include on your Schedule D,
line 1b (if
Box A above is checked),
line 2 (if
Box B above is checked), or
line 3 (if
Box C above is checked)
|
►
|
|
fill in the blank 19a65af7c04f02b_4
|
fill in the blank 19a65af7c04f02b_5
|
|
|
fill in the blank 19a65af7c04f02b_6
|
|
Note: If you checked Box A above but the basis reported to the IRS was incorrect, enter in column (e) the basis as reported to the IRS, and enter an adjustment in column (g) to correct the basis. See
Column (g) in the separate instructions for how to figure the amount of the adjustment.
|
|
BAA For Paperwork Reduction Act Notice, see your tax return instructions.
|
Form
8949 (2020)
|
|
|
Form
8949 (2020)
|
Attachment Sequence No.
12A
|
Page
2
|
|
Name(s) shown on return. Name and SSN or taxpayer identification no. not required if shown on other side
ROCK the Ages LLC
|
SSN or taxpayer identification number
55-5555556
|
|
Before you check Box D, E, or F below, see whether you received any Form(s) 1099-B or substitute statement(s) from your broker. A substitute statement will have the same information as Form 1099-B. Either will show whether your basis (usually your cost) was reported to the IRS by your broker and may even tell you which box to check.
|
|
Part II
|
Long-Term. Transactions involving capital assets you held more than 1 year are generally long-term (see instructions). For short-term transactions, see page 1.
|
|
|
|
|
|
Note: You may aggregate all long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS and for which no adjustments or codes are required. Enter the totals directly on Schedule D, line 8a; you aren't required to report these transactions on Form 8949 (see instructions).
|
|
You
must check Box D, E,
or F below. Check only one box.
If more than one box applies for your long-term transactions, complete a separate Form 8949, page 2, for each applicable box. If you have more long-term transactions than will fit on this page for one or more of the boxes, complete as many forms with the same box checked as you need.
|
|
☒
(D)
|
Long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS (see
Note above)
|
|
☐
(E)
|
Long-term transactions reported on Form(s) 1099-B showing basis
wasn't reported to the IRS
|
|
☐
(F)
|
Long-term transactions not reported to you on Form 1099-B
|
|
1
|
(a)
Description of property (Example: 100 shares XYZ Co.)
|
(b)
Date acquired (Mo., day, yr.)
|
(c)
Date sold or disposed of (Mo., day, yr.)
|
(d)
Proceeds (sales price) (see instructions)
|
(e)
Cost or other basis. See the
Note below and see
Column (e) in the separate instructions
|
Adjustment, if any, to gain or loss. If you enter an amount in column (g), enter a code in column (f).
See the separate instructions.
|
(h)
Gain or (loss). Subtract column (e) from column (d) and combine the result with column (g)
|
|
|
|
|
|
|
|
(f)
Code(s) from instructions
|
(g)
Amount of adjustment
|
|
|
2,000 Shares BioLabs, Inc.
|
3/15/19
|
12/15/20
|
fill in the blank 19a65af7c04f02b_7
|
fill in the blank 19a65af7c04f02b_8
|
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fill in the blank 19a65af7c04f02b_9
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2
|
|
Totals. Add the amounts in columns (d), (e), (g), and (h) (subtract negative amounts). Enter each total here and include on your Schedule D,
line 8b (if
Box D above is checked),
line 9 (if
Box E above is checked), or
line 10 (if
Box F above is checked)
|
►
|
|
fill in the blank 19a65af7c04f02b_10
|
fill in the blank 19a65af7c04f02b_11
|
|
|
fill in the blank 19a65af7c04f02b_12
|
|
Note: If you checked Box D above but the basis reported to the IRS was incorrect, enter in column (e) the basis as reported to the IRS, and enter an adjustment in column (g) to correct the basis. See
Column (g) in the separate instructions for how to figure the amount of the adjustment.
|
|
|
Form
8949 (2020)
|
|
Schedule D
Question Content Area
Complete Schedule D for ROCK the Ages LLC.
If required, use the minus sign to indicate a loss.
|
SCHEDULE D
(Form 1065)
Department of the Treasury Internal Revenue Service (99)
|
Capital Gains and Losses
▶ Attach to Form 1065 or Form 8865.
▶ Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b, 9, and 10.
▶ Go to
www.irs.gov/Form1065
for instructions and the latest information.
|
OMB No. 1545-0123
|
|
|
|
2020
Attachment
Sequence No.
12
|
|
Name of partnership
ROCK the Ages LLC
|
Employer identification number
55-5555556
|
|
Did you dispose of any investment(s) in a qualified opportunity fund during the tax year? . . . . . . . . . . . . . . . . . . . . . . . . . ► ◻
Yes ☒
No
|
|
If "Yes," attach Form 8949 and see its instructions for additional requirements for reporting your gain or loss.
|
|
Part I
|
Short-Term Capital Gains and Losses—Generally Assets Held One Year or Less (see instructions)
|
|
See instructions for how to figure the amounts to enter on the lines below.
|
(d)
Proceeds (sales price)
|
(e)
Cost (or other basis)
|
(g)
Adjustments to gain or loss from Form(s) 8949, Part I, line 2, column (g)
|
(h) Gain or (loss)
Subtract column (e) from column (d) and combine the result with column (g)
|
|
This form may be easier to complete if you round off cents to whole dollars.
|
|
|
|
|
|
1a
|
Totals for all short-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 1b . . . .
|
|
|
|
|
|
1b
|
Totals for all transactions reported on Form(s) 8949 with
Box A checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
fill in the blank 22b814ffafa901f_1
|
fill in the blank 22b814ffafa901f_2
|
|
fill in the blank 22b814ffafa901f_3
|
|
2
|
Totals for all transactions reported on Form(s) 8949 with
Box B checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
|
3
|
Totals for all transactions reported on Form(s) 8949 with
Box C checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
4
|
Short-term capital gain from installment sales from Form 6252, line 26 or 37 . . . . . . . . . . . . . . . . . . . . . . . .
|
4
|
|
|
5
|
Short-term capital gain or (loss) from like-kind exchanges from Form 8824 . . . . . . . . . . . . . . . . . . . . . . . . .
|
5
|
|
|
6
|
Partnership's share of net short-term capital gain (loss), including specially allocated short-term capital gains (losses), from other partnerships, estates, and trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
6
|
|
|
7
|
Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h). Enter here and on Form 1065, Schedule K, line 8 or 11; or Form 8865, Schedule K, line 8 or 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
7
|
fill in the blank 22b814ffafa901f_4
|
|
Part II
|
Long-Term Capital Gains and Losses—Generally Assets Held More Than One Year (see instructions)
|
|
See instructions for how to figure the amounts to enter on the lines below.
|
(d)
Proceeds (sales price)
|
(e)
Cost (or other basis)
|
(g)
Adjustments to gain or loss from Form(s) 8949, Part II, line 2, column (g)
|
(h) Gain or (loss)
Subtract column (e) from column (d) and combine the result with column (g)
|
|
This form may be easier to complete if you round off cents to whole dollars.
|
|
|
|
|
|
8a
|
Totals for all long-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 8b . . . .
|
|
|
|
|
|
8b
|
Totals for all transactions reported on Form(s) 8949 with
Box D checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
fill in the blank 22b814ffafa901f_5
|
fill in the blank 22b814ffafa901f_6
|
|
fill in the blank 22b814ffafa901f_7
|
|
9
|
Totals for all transactions reported on Form(s) 8949 with
Box E checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
|
10
|
Totals for all transactions reported on Form(s) 8949 with
Box F checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
|
11
|
Long-term capital gain from installment sales from Form 6252, line 26 or 37 . . . . . . . . . . . . . . . . . . . . . . . .
|
11
|
|
|
12
|
Long-term capital gain or (loss) from like-kind exchanges from Form 8824 . . . . . . . . . . . . . . . . . . . . . . . . . .
|
12
|
|
|
13
|
Partnership's share of net long-term capital gain (loss), including specially allocated long-term capital gains (losses), from other partnerships, estates, and trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
13
|
|
|
14
|
Capital gain distributions (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
14
|
|
|
15
|
Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h). Enter here and on Form 1065, Schedule K, line 9a or 11; or Form 8865, Schedule K, line 9a or 11 . . . . . . . . . . . . . . . . . . . . . . . . . .
|
15
|
fill in the blank 22b814ffafa901f_8
|
|
BAA For Paperwork Reduction Act Notice, see your tax return instructions.
|
Schedule D (Form 1065) 2020
|
|
Form 4562
Question Content Area
Prepare Form 4562 for ROCK the Ages LLC. The threshold cost of Section 179 property for 2020 is $2,590,000 and the maximum deduction is $1,040,000.
|
Form
4562
Department of the Treasury Internal Revenue Service (99)
|
Depreciation and Amortization
(Including Information on Listed Property)
► Attach to your tax return.
► Go to
www.irs.gov/Form4562
for instructions and the latest information.
|
OMB No. 1545-0172
|
|
|
|
2020
Attachment
Sequence No.
179
|
|
Name(s) shown on return
ROCK the Ages LLC
|
Identifying number
55-5555556
|
|
Business or activity to which this form relates
Form 1065
|
|
Part I
|
Election To Expense Certain Property Under Section 179
|
|
|
Note: If you have any listed property, complete Part V before you complete Part I.
|
|
1
|
Maximum amount (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
1
|
fill in the blank 5e88effb5fdd07c_1
|
|
2
|
Total cost of section 179 property placed in service (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
2
|
fill in the blank 5e88effb5fdd07c_2
|
|
3
|
Threshold cost of section 179 property before reduction in limitation (see instructions) . . . . . . . . . . . . . . . . .
|
3
|
fill in the blank 5e88effb5fdd07c_3
|
|
4
|
Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . .
|
4
|
fill in the blank 5e88effb5fdd07c_4
|
|
5
|
Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing separately, see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
5
|
fill in the blank 5e88effb5fdd07c_5
|
|
6
|
(a) Description of property
|
(b) Cost (business use only)
|
(c) Elected cost
|
|
|
|
Office Furniture
|
fill in the blank 5e88effb5fdd07c_6
|
fill in the blank 5e88effb5fdd07c_7
|
|
|
|
|
|
|
|
|
7
|
Listed property. Enter the amount from line 29 . . . . . . . . . . . . . . . . . . . .
|
7
|
fill in the blank 5e88effb5fdd07c_8
|
|
|
8
|
Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7 . . . . . . . . . . . . . . . . . .
|
8
|
fill in the blank 5e88effb5fdd07c_9
|
|
9
|
Tentative deduction. Enter the
smaller of line 5 or line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
9
|
fill in the blank 5e88effb5fdd07c_10
|
|
10
|
Carryover of disallowed deduction from line 13 of your 2019 Form 4562 . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
10
|
fill in the blank 5e88effb5fdd07c_11
|
|
11
|
Business income limitation. Enter the smaller of business income (not less than zero) or line 5. See instrs . . .
|
11
|
fill in the blank 5e88effb5fdd07c_12
|
|
12
|
Section 179 expense deduction. Add lines 9 and 10, but don't enter more than line 11 . . . . . . . . . . . . . . . .
|
12
|
fill in the blank 5e88effb5fdd07c_13
|
|
13
|
Carryover of disallowed deduction to 2021. Add lines 9 and 10, less line 12
|
►
|
13
|
fill in the blank 5e88effb5fdd07c_14
|
|
|
|
Note: Don't use Part II or Part III below for listed property. Instead, use Part V.
|
|
Part II
|
Special Depreciation Allowance and Other Depreciation (Don't include listed property. See instructions.
)
|
|
14
|
Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
14
|
|
|
15
|
Property subject to section 168(f)(1) election . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
15
|
|
|
16
|
Other depreciation (including ACRS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
16
|
|
|
Part III
|
MACRS Depreciation (Don't include listed property. See instructions.
)
|
|
Section A
|
|
17
|
MACRS deductions for assets placed in service in tax years beginning before 2020 . . . . . . . . . . . . . . . . . . . . .
|
17
|
|
|
18
|
If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ► ☐
|
|
|
Section B—Assets Placed in Service During 2020 Tax Year Using the General Depreciation System
|
|
(a) Classification of property
|
(b) Month and year placed in service
|
(c) Basis for depreciation (business/investment use only—see instructions)
|
(d) Recovery period
|
(e) Convention
|
(f) Method
|
(g) Depreciation deduction
|
|
19a
|
3-year property
|
|
|
|
|
|
|
|
b
|
5-year property
|
|
|
|
|
|
|
|
c
|
7-year property
|
|
|
|
|
|
|
|
d
|
10-year property
|
|
|
|
|
|
|
|
e
|
15-year property
|
|
|
|
|
|
|
|
f
|
20-year property
|
|
|
|
|
|
|
|
g
|
25-year property
|
|
|
25 yrs.
|
|
S/L
|
|
|
h
|
Residential rental property
|
|
|
27.5 yrs.
|
MM
|
S/L
|
|
|
|
|
|
|
27.5 yrs.
|
MM
|
S/L
|
|
|
i
|
Nonresidential real property
|
|
|
39 yrs.
|
MM
|
S/L
|
|
|
|
|
|
|
|
MM
|
S/L
|
|
|
Section C—Assets Placed in Service During 2020 Tax Year Using the Alternative Depreciation System
|
|
20a
|
Class life
|
|
|
|
|
S/L
|
|
|
b
|
12-year
|
|
|
12 yrs.
|
|
S/L
|
|
|
c
|
30-year
|
|
|
30 yrs.
|
MM
|
S/L
|
|
|
c
|
40-year
|
|
|
40 yrs.
|
MM
|
S/L
|
|
|
Part IV
|
Summary (See instructions.)
|
|
21
|
Listed property. Enter amount from line 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
21
|
|
|
22
|
Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21. Enter here and on the appropriate lines of your return. Partnerships and S corporations — see instructions . . . . . . . . . .
|
22
|
|
|
23
|
For assets shown above and placed in service during the current year, enter the portion of the basis attributable to section 263A costs . . . . . . . . . . . . . . . . . . . . . . .
|
23
|
|
|
|
BAA For Paperwork Reduction Act Notice, see separate instructions.
|
Form
4562 (2020)
|
|
Federal Statements
Question Content Area
Complete Federal Statements for ROCK the Ages LLC.
|
2020
|
Federal Statements
|
Page 1
|
|
|
Rock the Ages LLC
|
55-5555556
|
|
|
Statement 1
Form 1065, Line 20
Other Deductions
|
|
|
Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
$fill in the blank 71be8cff800b072_1
|
|
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
fill in the blank 71be8cff800b072_2
|
|
Legal and Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
fill in the blank 71be8cff800b072_3
|
|
Meals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
fill in the blank 71be8cff800b072_4
|
|
Office Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
fill in the blank 71be8cff800b072_5
|
|
Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
fill in the blank 71be8cff800b072_6
|
|
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
fill in the blank 71be8cff800b072_7
|
|
|
Total
|
$fill in the blank 71be8cff800b072_8
|
|
|
|
|
Statement 2
Form 1065, Schedule K, Line 13a
Charitable Contributions
|
|
|
|
Cash Contributions - 60% Limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
$fill in the blank 71be8cff800b072_9
|
|
|
Total
|
$fill in the blank 71be8cff800b072_10
|
|
|
|
|
Statement 3
Form 1065, Schedule L, Line 6
Other Current Assets
|
|
|
|
|
|
Beginning
|
|
Ending
|
|
Marketable Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
$fill in the blank 71be8cff800b072_11
|
|
$fill in the blank 71be8cff800b072_12
|
|
|
Total
|
$fill in the blank 71be8cff800b072_13
|
|
$fill in the blank 71be8cff800b072_14
|
|
|
|
|
Statement 4
Form 1065, Schedule L, Line 17
Other Current Liabilities
|
|
|
|
|
|
Beginning
|
|
Ending
|
|
Line of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
$fill in the blank 71be8cff800b072_15
|
|
$fill in the blank 71be8cff800b072_16
|
|
|
Total
|
$fill in the blank 71be8cff800b072_17
|
|
$fill in the blank 71be8cff800b072_18
|
|
|
|
Schedule K-1
Question Content Area
Prepare Schedule K–1 for Ryan Ross, 15520 W. Earlson Street, Pacific Palisades, CA 90272.
If required, use the minus sign to indicate a loss.
|
|
651119
|
|
|
◻ Final K-1
|
◻ Amended K-1
|
OMB No. 1545-0123
|
|
Schedule K-1
(Form 1065)
|
2020
|
Part III
|
Partner's Share of Current Year Income,
|
|
|
|
|
Deductions, Credits, and Other Items
|
|
Department of the Treasury Internal Revenue Service
|
For calendar year 2020, or tax year
|
|
1
|
Ordinary business income (loss)
fill in the blank 36945ef8c03a05d_1
|
15
|
Credits
|
|
2
|
Net rental real estate income (loss)
|
|
|
|
3
|
Other net rental income (loss)
|
16
|
Foreign transactions
|
|
4a
|
Guaranteed payments for services
fill in the blank 36945ef8c03a05d_2
|
|
|
|
4b
|
Guaranteed payments for capital
|
|
|
|
4c
|
Total guaranteed payments
fill in the blank 36945ef8c03a05d_3
|
|
|
|
5
|
Interest income
fill in the blank 36945ef8c03a05d_4
|
|
|
|
6a
|
Ordinary dividends
|
|
|
|
6b
|
Qualified dividends
|
|
|
|
6c
|
Dividend equivalents
|
17
|
Alternative minimum tax (AMT) items
|
|
7
|
Royalties
|
|
|
|
8
|
Net short-term capital gain (loss)
fill in the blank 36945ef8c03a05d_5
|
|
|
|
9a
|
Net long-term capital gain (loss)
fill in the blank 36945ef8c03a05d_6
|
18
|
Tax-exempt income and nondeductible expenses
|
|
9b
|
Collectibles (28%) gain (loss)
|
A
|
fill in the blank 36945ef8c03a05d_7
|
|
9c
|
Unrecaptured section 1250 gain
|
C
|
fill in the blank 36945ef8c03a05d_8
|
|
10
|
Net section 1231 gain (loss)
|
|
|
|
11
|
Other income (loss)
|
19
A
|
Distributions
fill in the blank 36945ef8c03a05d_9
|
|
|
|
|
|
|
|
|
|
|
|
12
|
Section 179 deduction
fill in the blank 36945ef8c03a05d_10
|
20
A
|
Other information
fill in the blank 36945ef8c03a05d_11
|
|
13
A
|
Other deductions
fill in the blank 36945ef8c03a05d_12
|
Z*
|
STMT
|
|
|
|
|
|
|
|
|
|
|
|
14
A
|
Self-employment earnings (loss)
fill in the blank 36945ef8c03a05d_13
|
|
|
|
|
|
|
21 ◻ More than one activity for at-risk purposes*
22 ◻ More than one activity for passive activity purposes*
|
|
*See attached statement for additional information.
|
|
|
|
|
beginning / / 2020 ending / /
Partner's Share of Income, Deductions,
Credits, etc.
► See separate instructions.
|
|
|
Part I Information About the Partnership
|
|
|
A
|
Partnership's employer identification number
55-5555556
|
|
|
|
B
|
Partnership's name, address, city, state, and ZIP code
ROCK the Ages LLC
6102 Wilshire Boulevard Suite 2100
Los Angeles, CA 90036
|
|
|
|
C
|
IRS Center where partnership filed return ► e-file
|
|
|
|
D
|
◻ Check if this is a publicly traded partnership (PTP)
|
|
|
|
Part II Information About the Partner
|
|
|
E
|
Partner's SSN or TIN (Do not use TIN of a disregarded entity. See instructions.)
111-11-1112
|
|
|
|
F
|
Name, address, city, state, and ZIP code for partner entered in E. See instructions.
Ryan Ross
15520 West Earlson Street
Pacific Palisades, CA 90272
|
|
|
|
G
|
☒
|
General partner or LLC member-manager
|
◻
|
Limited partner or other LLC member
|
|
H1
|
☒
|
Domestic partner
|
◻
|
Foreign partner
|
|
H2
|
◻
|
If the partner is a disregarded entity (DE), enter the partner's:
TIN Name
|
|
|
|
I1
|
What type of entity is this partner?
|
|
|
|
|
I2
|
If this partner is a retirement plan (IRA/SEP/Keogh/etc.), check here ◻
|
|
|
|
J
|
Partner's share of profit, loss, and capital (see instructions):
|
|
|
Beginning
|
Ending
|
|
|
Profit
|
fill in the blank 36945ef8c03a05d_15 %
|
fill in the blank 36945ef8c03a05d_16 %
|
|
|
Loss
|
fill in the blank 36945ef8c03a05d_17 %
|
fill in the blank 36945ef8c03a05d_18 %
|
|
|
Capital
|
fill in the blank 36945ef8c03a05d_19 %
|
fill in the blank 36945ef8c03a05d_20 %
|
|
|
Check if decrease is due to sale or exchange of partnership interest ◻
|
|
|
|
K
|
Partner's share of liabilities:
|
|
|
|
Beginning
|
Ending
|
|
|
Nonrecourse
|
$
|
fill in the blank 36945ef8c03a05d_21
|
$
|
fill in the blank 36945ef8c03a05d_22
|
|
|
Qualified nonrecourse
financing
|
$
|
|
$
|
|
|
|
Recourse
|
$
|
|
$
|
|
|
|
◻ Check this box if Item K includes liability amounts from lower tier partnerships.
|
|
|
|
L
|
Partner's capital account analysis:
|
|
|
Beginning capital account . . . . . . .
|
$
|
fill in the blank 36945ef8c03a05d_23
|
|
|
Capital contributed during the year. . . .
|
$
|
|
|
|
Current year net income (loss) . . . . .
|
$
|
fill in the blank 36945ef8c03a05d_24
|
|
|
Other increase (decrease) (attach explanation)
|
$
|
|
|
|
Withdrawals & distributions . . . . . . . .
|
$
|
fill in the blank 36945ef8c03a05d_25
|
|
|
Ending capital account . . . . . . . . . .
|
$
|
fill in the blank 36945ef8c03a05d_26
|
|
|
|
M
|
Did the partner contribute property with a built-in gain or loss?
|
|
|
◻
|
Yes
|
☒
|
No
|
If "Yes," attach statement. See instructions.
|
|
|
|
N
|
Partner's Share of Net Unrecognized Section 704(c) Gain or (Loss)
|
|
|
Beginning capital account . . . . . . . . .
|
$
|
|
|
|
Ending . . . . . . . . . . . . . . . . . . . . . .
|
$
|
|
|
|
|
BAA For Paperwork Reduction Act Notice, see Instructions for Form 1065.
|
www.irs.gov/Form1065
|
Schedule K-1 (Form 1065) 2020
|
|
|
Schedule K-1 (Form 1065) 2020
|
ROCK the Ages LLC
|
55-5555556
|
Page
2
|
|
This list identifies the codes used on Schedule K-1 for all partners and provides summarized reporting information for partners who file Form 1040 or 1040-SR. For detailed reporting and filing information, see the separate Partner's Instructions for Schedule K-1 and the instructions for your income tax return.
|
|
1.
|
Ordinary business income (loss). Determine whether the income (loss) is passive or nonpassive and enter on your return as follows.
|
|
|
Report on
|
|
|
Passive loss
|
See the Partner's Instructions
|
|
|
Passive income
|
Schedule E, line 28, column (h)
|
|
|
Nonpassive loss
|
See the Partner's Instructions
|
|
|
Nonpassive income
|
Schedule E, line 28, column (k)
|
|
|
2.
|
Net rental real estate income (loss)
|
|
See the Partner's Instructions
|
|
|
3.
|
Other net rental income (loss)
|
|
|
Net income
|
Schedule E, line 28, column (h)
|
|
|
Net loss
|
See the Partner's Instructions
|
|
|
4a.
|
Guaranteed payments
|
See the Partner's Instructions
|
|
|
b.
|
Guaranteed payment Capital
|
See the Partner's Instructions
|
|
|
c.
|
Guaranteed payment Total
|
See the Partner's Instructions
|
|
|
5.
|
Interest income
|
Form 1040 or 1040-SR, line 2b
|
|
|
6a.
|
Ordinary dividends
|
Form 1040 or 1040-SR, line 3b
|
|
|
6b.
|
Qualified dividends
|
Form 1040 or 1040-SR, line 3a
|
|
|
6c.
|
Dividend equivalents
|
See the Partner's Instructions
|
|
|
7.
|
Royalties
|
Schedule E, line 4
|
|
|
8.
|
Net short-term capital gain (loss)
|
Schedule D, line 5
|
|
|
9a.
|
Net long-term capital gain (loss)
|
Schedule D, line 12
|
|
|
9b.
|
Collectibles (28%) gain (loss)
|
28% Rate Gain Worksheet, line 4 (Schedule D instructions)
|
|
|
9c.
|
Unrecaptured section 1250 gain
|
See the Partner's Instructions
|
|
|
10.
|
Net section 1231 gain (loss)
|
See the Partner's Instructions
|
|
|
11.
|
Other income (loss)
|
|
|
|
|
Code
|
|
|
|
|
A
|
Other portfolio income (loss)
|
See the Partner's Instructions
|
|
|
|
B
|
Involuntary conversions
|
See the Partner's Instructions
|
|
|
|
C
|
Sec. 1256 contracts & straddles
|
Form 6781, line 1
|
|
|
|
D
|
Mining exploration costs recapture
|
See Pub. 535
|
|
|
|
E
|
Cancellation of debt
|
}
|
See the Partner's Instructions
|
|
|
|
F
|
Section 743(b) positive adjustments
|
|
|
|
|
|
G
|
Section 965(a) inclusion
|
|
|
|
|
|
H
|
Income under subpart F (other than inclusions under sections 951A and 965)
|
|
|
|
|
|
I
|
Other income (loss)
|
|
|
|
|
12.
|
Section 179 deduction
|
See the Partner's Instructions
|
|
|
13.
|
Other deductions
|
|
|
|
|
A
|
Cash contributions (60%)
|
}
|
See the Partner's Instructions
|
|
|
|
B
|
Cash contributions (30%)
|
|
|
|
|
|
C
|
Noncash contributions (50%)
|
|
|
|
|
|
D
|
Noncash contributions (30%)
|
|
|
|
|
|
E
|
Capital gain property to a 50% organization (30%)
|
|
|
|
|
|
F
|
Capital gain property (20%)
|
|
|
|
|
|
G
|
Contributions (100%)
|
|
|
|
|
|
H
|
Investment interest expense
|
Form 4952, line 1
|
|
|
|
I
|
Deductions – royalty income
|
Schedule E, line 19
|
|
|
|
J
|
Section 59(e)(2) expenditures
|
See the Partner's Instructions
|
|
|
|
K
|
Excess business interest expense
|
See the Partner's Instructions
|
|
|
|
L
|
Deductions — portfolio (other)
|
Schedule A, line 16
|
|
|
|
M
|
Amounts paid for medical insurance
|
Schedule A, line 1, or Schedule 1 C Nondeductible expenses See the Partner's Instructions (Form 1040 or 1040-SR), line 16
|
|
|
|
N
|
Educational assistance benefits
|
See the Partner's Instructions
|
|
|
|
O
|
Dependent care benefits
|
Form 2441, line 12
|
|
|
|
P
|
Preproductive period expenses
|
See the Partner's Instructions
|
|
|
|
Q
|
Commercial revitalization deduction from rental real estate activities
|
See Form 8582 instructions
|
|
|
|
R
|
Pensions and IRAs
|
See the Partner's Instructions
|
|
|
|
S
|
Reforestation expense deduction
|
See the Partner's Instructions
|
|
|
|
T
|
through
U
|
Reserved for future use
|
|
|
|
V
|
Section 743(b) negative adjustments
|
}
|
See the Partner's Instructions
|
|
|
|
W
|
Other deductions
|
|
|
|
|
|
X
|
Section 965(c) deduction
|
|
|
|
|
14.
|
Self-employment earnings (loss)
|
|
|
Note: If you have a section 179 deduction or any partner-level deductions, see the Partner's Instructions before completing Schedule SE.
|
|
|
|
A
|
Net earnings (loss) from self-employment
|
|
Schedule SE, Section A or B
|
|
|
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B
|
Gross farming or fishing income
|
|
See the Partner's Instructions
|
|
|
|
C
|
Gross non-farm income
|
|
See the Partner's Instructions
|
|
|
15.
|
Credits
|
|
|
|
A
|
Low-income housing credit (section 42(j)(5)) from pre-2008 buildings
|
}
|
See the Partner's Instructions
|
|
|
|
B
|
Low-income housing credit (other) from pre-2008 buildings
|
|
|
|
|
|
C
|
Low-income housing credit (section 42(j)(5)) from post-2007 buildings
|
|
|
|
|
|
D
|
Low-income housing credit (other) from post-2007 buildings
|
|
|
|
|
|
E
|
Qualified rehabilitation expenditures (rental real estate)
|
|
|
|
|
|
F
|
Other rental real estate credits
|
|
|
|
|
|
G
|
Other rental credits
|
|
|
|
|
|
|
Code
|
Report on
|
|
|
H
|
Undistributed capital gains credit
|
|
Schedule 3 (Form 1040 or 1040-SR), line 13, box a
|
|
|
I
|
Biofuel producer credit
|
}
|
See the Partner's Instructions
|
|
|
J
|
Work opportunity credit
|
|
|
|
|
K
|
Disabled access credit
|
|
|
|
|
L
|
Empowerment zone employment credit
|
|
|
|
|
M
|
Credit for increasing research activities
|
|
|
|
|
N
|
Credit for employer social security and Medicare taxes
|
|
|
|
|
O
|
Backup withholding
|
|
|
|
|
P
|
Other credits
|
|
|
|
16.
|
Foreign transactions
|
|
|
A
|
Name of country or U.S. possession
|
}
|
Form 1116, Part I
|
|
|
B
|
Gross income from all sources
|
|
|
|
|
C
|
Gross income sourced at partner level
|
|
|
|
|
Foreign gross income sourced at partnership level
|
|
|
D
|
Reserved for future use
|
}
|
Form 1116, Part I
|
|
|
E
|
Foreign branch category
|
|
|
|
|
F
|
Passive category
|
|
|
|
|
G
|
General category
|
|
|
|
|
H
|
Other
|
|
|
|
|
Deductions allocated and apportioned at partner level
|
|
|
I
|
Interest expense
|
|
Form 1116, Part I
|
|
|
J
|
Other
|
|
Form 1116, Part I
|
|
|
Deductions allocated and apportioned at partnership level to foreign source income
|
|
|
K
|
Reserved for future use
|
}
|
Form 1116, Part I
|
|
|
L
|
Foreign branch category
|
|
|
|
|
M
|
Passive category
|
|
|
|
|
N
|
General category
|
|
|
|
|
O
|
Other
|
|
|
|
|
Other information
|
|
|
P
|
Total foreign taxes paid
|
|
Form 1116, Part II
|
|
|
Q
|
Total foreign taxes accrued
|
|
Form 1116, Part II
|
|
|
R
|
Reduction in taxes available for credit
|
|
Form 1116, line 12
|
|
|
S
|
Foreign trading gross receipts
|
|
Form 8873
|
|
|
T
|
Extraterritorial income exclusion
|
|
Form 8873
|
|
|
U
|
through
V
|
|
Reserved for future use
|
|
|
W
|
Section 965 information
|
}
|
See the Partner's Instructions
|
|
|
X
|
Other foreign transactions
|
|
|
|
17.
|
Alternative minimum tax (AMT) items
|
|
|
A
|
Post-1986 depreciation adjustment
|
}
|
See the Partner's Instructions and the Instructions for Form 6251
|
|
|
B
|
Adjusted gain or loss
|
|
|
|
|
C
|
Depletion (other than oil & gas)
|
|
|
|
|
D
|
Oil, gas, & geothermal — gross income
|
|
|
|
|
E
|
Oil, gas, & geothermal — deductions
|
|
|
|
|
F
|
Other AMT items
|
|
|
|
18.
|
Tax-exempt income and nondeductible expenses
|
|
|
A
|
Tax-exempt interest income
|
|
Form 1040 or 1040-SR, line 2a
|
|
|
B
|
Other tax-exempt income
|
|
See the Partner's Instructions
|
|
|
C
|
Nondeductible expenses
|
|
See the Partner's Instructions
|
|
19.
|
Distributions
|
|
|
A
|
Cash and marketable securities
|
}
|
See the Partner's Instructions
|
|
|
B
|
Distribution subject to section 737
|
|
|
|
|
C
|
Other property
|
|
|
|
20.
|
Other information
|
|
|
A
|
Investment income
|
|
Form 4952, line 4a
|
|
|
B
|
Investment expenses
|
|
Form 4952, line 5
|
|
|
C
|
Fuel tax credit information
|
|
Form 4136
|
|
|
D
|
Qualified rehabilitation expenditures (other than rental real estate)
|
}
|
See the Partner's Instructions and the Instructions for Form 6251
|
|
|
E
|
Basis of energy property
|
|
|
|
|
F
|
through
G
|
|
|
|
|
G
|
Recapture of low-income housing credit (other)
|
|
Form 8611, line 8
|
|
|
H
|
Recapture of investment credit
|
|
See Form 4255
|
|
|
I
|
Recapture of other credits
|
|
See the Partner's Instructions
|
|
|
J
|
Look-back interest — completed long-term contracts
|
|
See Form 8697
|
|
|
K
|
Look-back interest — income forecast method
|
|
See Form 8866
|
|
|
L
|
Dispositions of property with section 179 deductions
|
}
|
See the Partner's Instructions
|
|
|
M
|
Recapture of section 179 deduction
|
|
|
|
|
N
|
Interest expense for corporate partners
|
|
|
|
|
O
|
through
Y
|
|
|
|
|
Z
|
Section 199A income
|
|
|
|
|
AA
|
Section 704(c) information
|
|
|
|
|
AB
|
Section 751 gain (loss)
|
|
|
|
|
AC
|
Section 1(h)(5) gain (loss)
|
|
|
|
|
AD
|
Deemed section 1250 unrecaptured gain
|
|
|
|
|
AE
|
Excess taxable income
|
|
|
|
|
AF
|
Excess business interest income
|
|
|
|
|
AG
|
Gross receipts for section 59A(e)
|
|
|
|
|
AH
|
Other information
|
|
|
|
|
Partner 1: Ryan Ross 111-11-1112
|
Schedule K-1 (Form 1065) 2020
|
|
Statement A-QBI Pass-through Entity Reporting
Question Content Area
Complete Statement A—QBI Pass-through Entity Reporting (Schedule K-1, Box 20, Code Z) for ROCK the Ages LLC.
|
Statement A—QBI Pass-through Entity Reporting (Schedule K-1, Box 20, Code Z)
|
|
Partnership's name:
|
ROCK the Ages LLC
|
Partnership's EIN:
|
55-5555555
|
|
Partner's name:
|
Ryan Ross
|
Partner's identifying number:
|
111-11-1112
|
|
|
|
Partner's share of:
|
ROCK the Ages LLC
|
|
|
|
|
☐ PTP
☐ Aggregated
☐ SSTB
|
☐ PTP
☐ Aggregated
☐ SSTB
|
☐ PTP
☐ Aggregated
☐ SSTB
|
|
QBI or qualified PTP items subject to partner-specific determinations:
|
|
|
Ordinary business income (loss)
|
fill in the blank 220721ffa07bfd0_1
|
|
|
|
|
Rental income (loss) . . . . . . . . .
|
|
|
|
|
|
Royalty income (loss) . . . . . . . .
|
|
|
|
|
|
Section 1231 gain (loss) . . . . . .
|
|
|
|
|
|
Other income (loss). . . . . . . . . .
|
|
|
|
|
|
Section 179 deduction. . . . . . . .
|
fill in the blank 220721ffa07bfd0_2
|
|
|
|
|
Charitable contributions
Cash, 60%
|
fill in the blank 220721ffa07bfd0_3
|
|
|
|
|
Other deductions. . . . . . . . . . . .
|
|
|
|
|
W-2 wages . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
fill in the blank 220721ffa07bfd0_4
|
|
|
|
UBIA of qualified property. . . . . . . . . . . . . . . .
|
fill in the blank 220721ffa07bfd0_5
|
|
|
|
Section 199A dividends
|
|
|
|
|
|
Partner's share of:
|
|
|
|
|
|
☐ PTP
☐ Aggregated
☐ SSTB
|
☐ PTP
☐ Aggregated
☐ SSTB
|
☐ PTP
☐ Aggregated
☐ SSTB
|
|
QBI or qualified PTP items subject to partner-specific determinations:
|
|
|
Ordinary business income (loss)
|
|
|
|
|
|
Rental income (loss) . . . . . . . . .
|
|
|
|
|
|
Royalty income (loss) . . . . . . . .
|
|
|
|
|
|
Section 1231 gain (loss) . . . . . .
|
|
|
|
|
|
Other income (loss). . . . . . . . . .
|
|
|
|
|
|
Section 179 deduction. . . . . . . .
|
|
|
|
|
|
Charitable contributions. . . . . . .
|
|
|
|
|
|
Other deductions. . . . . . . . . . . .
|
|
|
|
|
W-2 wages . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
|
|
UBIA of qualified property. . . . . . . . . . . . . . . .
|
|
|
|
|
Partner 1
BAA For Paperwork Reduction Act Notice, see the Instructions for Form 1065.
|
Statement A (Form 1065) 2020
|
|
Check My Work10 more Check My Work uses remaining.
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