A tax form completion simulation requires the candidate to fill out a portion of a tax form. For example, Red Company is a limited liability company (LLC) for tax purposes. Complete the income section of the IRS Form 1065 for Red Company using the values found and calculated on previous tabs along with the following data:
Ordinary income from other partnerships |
$5,200 |
Net gain (loss) from Form 4797 |
2,400 |
Management fee income |
12,000 |
The candidate is provided with page 1 of Form 1065 on which to record the appropriate amounts.
Any field that requires an entry is a shaded rectangular cell. Some white rectangular cells will automatically calculate based on the entries in the shaded cell.