1065 Top Partnership Case Study Facts: Return Information

Top Partnership Case Study Facts: Introduction

Some data is already entered for you. Use the 1065 Top Partnership Case Study Facts: Data Entry section for instructions and hints on entering any data you are unsure how to enter. You should verify all the information when it has changed or is missing based on the information in these facts.

Basic Information

Select Organizer > General Information > Basic Return Information.
Enter the following partnership information:
Name
TOP Partnership
Address
23 Oak Street
Dallas, TX 75244
Principal Business
Activity Training
Product or Service Training
Principal Business
Code 611000
EIN 55-5555555
Date Business
Started 06/30/1991

Enter the following partner information:

#	Name	Address	SSN	Beginning Capital	Profit/ Loss Ratio
1	T. Taylor	1010 First Street Dallas, TX 75244	100-00-0000	$100,000	50%
2	O. Olson	2020 Second Street Dallas, TX 75244	200-00-0000	$ 80,000	40%
2	P. Penn	3030 Third Street Dallas, TX 75244	300-00-0000	$ 20,000	10%

Distribution

On 2/28/2019, the following distribution of $1,000 was made:

T. Taylor	$500
O. Olson	$400
P. Penn	$100

Transfers of Interest

On 3/31/2019, T. Taylor transferred half of his interest in TOP to O. Olson.

On 11/30/2019, P. Penn withdrew from the partnership, selling his remaining interest to T. Taylor and O. Olson pro rata.

Purchase of Assets

On 01/01/2019, the partnership purchased assets for general use. These are recorded as follows:

Description of Asset	Various Assets
Life	20 years
Cost of assets	$45,562
Depreciation method	20 YR MACRS

Investment in Another Partnership

Name	Amos Partnership Dallas, TX
Activity #	1
Partnership ID Number	90-9999999

Schedule K-1 from Amos Partnership

Line 3: Other rental income (loss)	($7,000)
Line 5: Other interest income	$2,000
Line 17b: Adjusted gain (loss)	$ 300

Income

Interest income, First Bank: $14,000

Expenses related to Portfolio Income

Expenses: $ 600

Capital Contributions

Allocate the first 10% to Olson with the remainder being allocated using the residual method.
Cash contribution of $1,500 on 06/30/2019

Balance Sheet

	Beginning	Ending
CASH, FIRST BANK	20,000	28,900
INVESTMENTS	180,000	177,000
BUILDINGS AND OTHER DEPR ASSETS		45,562
LESS ACCUMULATED DEPR		1,709
TOTAL ASSETS*	200,000	249,753

*Let the system calculate and enter these amounts.

Transmittal Letter

The TOP Partnership return will be filed in Ogden, UT. Generate a transmittal letter and partner letters. Your name and title should appear on the transmittal letter.

Case Study Facts/top_return_info.htm/TY2019

Last Modified: 03/19/2020

Last System Build: 06/17/2021

Name	TOP Partnership
Address	23 Oak Street Dallas, TX 75244
Principal Business Activity	Training
Product or Service	Training
Principal Business Code	611000
EIN	55-5555555
Date Business Started	06/30/1991