The Dapper-Dons Partnership was formed ten years ago as a general partnership to custom tailor men’s clothing. Dapper-Dons is located at 123 Flamingo Drive in City, ST, 54321. Bob Dapper manages the business and has 40% capital and profits interest. His address is 709 Brumby Way, City, ST, 54321. The partnership values its inventory using the cost method and did not change the method used during the current year. The partnership uses the accrual method of accounting. Because of its simplicity, the partnership is not subject to the partnership audit procedures.
? ? OMB No. 1545-0099 U.S. Return of Partnership Income Form 1065 For calendar year 2012, or tax year beginning , 2012, ending , 20 . Department of the Treasury ? 2012 Information about Form 1065 and its separate instructions is at www.irs.gov/form1065. Internal Revenue Service A Principal business activity D Employer identification number Name of partnership E Date business started B Principal product or service Number, street, and room or suite no. If a P.O. box, see the instructions. Print or type. City or town, state, and ZIP code C Business code number F Total assets (see the instructions) $ G Check applicable boxes: (1) Initial return (2) Final return (3) Name change (4) Address change (5) Amended return (6) Technical termination – also check (1) or (2) ? Other (specify) H Check accounting method: (1) Cash (2) Accrual (3) ? I Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year J Check if Schedules C and M-3 are attached . . . . . . . . . . . . . . . . . . . . . . . . . . . . Caution. Include only trade or business income and expenses on lines 1a through 22 below. See the instructions for more information. 1a Gross receipts or sales . . . . . . . . . . . . . 1a b Returns and allowances . . . . . . . . . . . . 1b c Balance. Subtract line 1b from line 1a . . . . . . . . . . . . . . . . . . 1c 2 Cost of goods sold (attach Form 1125-A) . . . . . . . . . . . . . . . . 2 3 Gross profit. Subtract line 2 from line 1c . . . . . . . . . . . . . . . . . 3 4 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) . . 4 5 Net farm profit (loss) (attach Schedule F (Form 1040)) . . . . . . . . . . . . 5 6 Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . . . . . . 6 7 Other income (loss) (attach statement) . . . . . . . . . . . . . . . . . 7 8 Total income (loss). Combine lines 3 through 7 . . . . . . . . . . . . . . 8 9…
Attachments:
f1065–2012.pdf
Problem-9-57…..docx