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Incorporate your buisness - Cooke R.A.

Cooke R.A. Incorporate your buisness - wiley publishing, 2004. - 256 p.
ISBN 0-471-66952-0
Download (direct link): incorporateyourbusiness2004.pdf
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As was the case with the S corporation, the LLC also made a $1,000 contribution to an eligible charity. This item is not deducted in computing the LLC income shared by the members, but one-third of that amount is listed separately on Form K-1 that each member receives. That member then lists that $333 contribution on his or her individual income tax return as an itemized deduction. (If the member does not itemize deductions, the tax benefit of the charitable contribution is lost forever.)
As for the S corporation tax return, Form K-1 for a member provides a laundry list of items that ôflow throughö to the members. (Only one Form K-1 is reproduced here, but as each of these three members own 33.3 percent of the LLC, each would receive an identical Form K-1.)
197
Fom, 1 065 U.S. Return of Partnership Income OMB No. 1545-0099
Ocportncnt of the Treasury For calendar year 2003, or tax year beginning ........ . 2003, and ending........,20..... 1(0)03
Internal Revenue Service > Soo separate instructions.
A Principal business activity Use the Name of partnership D Employer identification number
SALES IRS CLEAN CAT PROCESSORS, LLC 55:5555555
┬ Principal product or service Number, street, and room or suite no. if a P.O box. see page 14 of the instructions. E Date business started
PET SUPPLIES 111 MAIN ST., SUITE 1 1/1/03
Đ Business code number City or town, state, and ZIP code F Total assets (see page 14 of
453910 EAST OVERSHOE, VA 55555 the instructions)
$ 217,0001
G Check applicable boxes: (1) 0 Initial return (2) Q Final return (3) Q Name change (4) Q Address change
H Check accounting method: (1) CU Cash (2) ¤ Accrual (3) Đ╚ Other (specify) >...........
I Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year >.....................
(5) ? Amended return
Caution: Include only trade or business income and expenses on lines la through 22 below. See the instructions for more information.
1a Gross receipts or sales . . b Less returns and allowances.
1b
1,000,000
2 Cost of goods sold (Schedule A, line 8).....................................................
3 Gross profit. Subtract line 2 from line 1c..................................................
4 Ordinary income (loss) from other partnerships, estates, and trusts (attach schedule).
5 Net farm profit (loss) (attach Schedule F (Form 1040))......................................
6 Net gain (loss) from Form 4797. Part II. line 18............................................
Other income (loss) (attach schedule).... Total income (loss). Combine lines 3 through 7
1,000,000
600,000
400.000
9 Salaries and wages (other than to partners) (less employment credits).
10 Guaranteed payments to partners...........................................
11 Repairs and maintenance...................................................
12 Bad debts.................................................................
13 Rent......................................................................
14 Taxes and licenses........................................................
15 Interest..................................................................
16a Depreciation (if required, attach Form 4562)........................116a I
b Less depreciation reported on Schedule A and elsewhere on return 116b 1
17 Depletion (Do not deduct oil and gas depletion.)..........................
18 Retirement plans, etc.....................................................
19 Employee benefit programs.................................................
10
13
14
2.000 |
16c
17
20 Other deductions (attach schedule).........................................................
21 Total deductions. Add the amounts shown in the far right column for lines 9 through 20 .
42,500
12,000
1,000
2,000
2,000
172,500
232,000
22 Ordinary income (loss) from trade or business activities. Subtract line 21 from line 8
168,000
Sign
Here
Undei penalties of perjury. I declare that I turn: examined this return, including accompanying schedules and statements and to the bust of my knowledge and belief, it is true, correct, and complete Declaration of preparer (other than general partner or limited liability company member) is based on all information of which preparer has any knowledge.
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