Business, 21.04.2020 03:35 KArrington815

The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full-time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $10,000 and $3,000, respectively, and the partnership did not carry any debt. During the current year, the partnership reported the following results from operations:

Net sales $ 650,000

Cost of goods sold $ 500,000

Operating expenses $ 160,000

Short-term capital loss $ 2,000

Tax-exempt interest $ 2,000

§1231 gain $ 6,000

On the last day of the year, the partnership distributed $3,000 each to Lance and Francesca.

Using the information provided, prepare TimpRiders’ page 1 and Schedule K to be included with its Form 1065 for the current year. Also, prepare a Schedule K-1 for Lance and Francesca.

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