1065 Dallas Partners Case Study Facts (CASDPM)

Printable Case Study Facts

Dallas Partners is in the wholesale business and does all of its business in New York. The partnership has ten partners, all residing in New York. Your first step for this Case Study is working with the Trial Balance Bridge. Part of the information needed to prepare the 2019 return comes from bridging the Client Trial Balance. You will also import Partner and Special Allocation Information.

Some data has already been entered for you. Steps are provided for entering the remaining amounts. See 1065 Dallas Partners Case Study Facts: Partner Trial Balance Tables for Trial Balance information. We have built one error into the exercise to demonstrate how to assign a TRC code. The TRC code for dividend income has been entered incorrectly in the Trial Balance DIF file. You will need to assign the correct code in the Trial Balance after you import the DIF file.

Targeted Areas

• Reviewing Bridge Defaults
• Charitable contributions
• Bridging the client trial balance
• Depreciation overrides
• Journal entries
• Sale of asset
• Importing the partner information
• Foreign taxes
• Transfer of interest
• Partner footnote
• Cash distributions
• Partnership/Partner Letters
• Special allocations
• New York partnership return

Using Trial Balance Bridge

• Reviewing the Bridge Defaults
  • Importing the Trial Balance and Tax Combination Code Descriptions into Trial Balance Bridge
• Entering Journal Entries
• Bridge Review and Merge
• Importing Partner Information Using the Partner Template
  • Importing the Partner Bridge

Using 1065

• Verifying the Partner Information
• Changing Partner Information
• Common Partner Information
• Transfer of Interest
• Partner Footnote
• Special Allocations
• Nonrecourse Liabilities
• Cash Contribution
• Ordinary Income - Depreciation
• Other Schedule K Data Entry Items
• Sale of Business Property
• Transmittal Letters
• New York Partnership
• Completing the 1065 Computations and Reviewing the Return
• Enabling Allocations to Schedule K-1
• Reviewing the Return

Tables

• Trial Balance
• Income Statement
• Balance Sheet

 

 

 

Case Study Facts/dallas_intro.htm/TY2019

Last Modified: 03/19/2020

Last System Build: 06/17/2021

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