| Pub. 541, Partnerships |
2004 Tax Year |
This is archived information that pertains only to the 2004 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Form 1065 (2003) Page 4. Summary: This is an example of Form 1065 (2003), page 4 as pertains to the description in the text. The line items are completed
as
follows:
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Under
“Analysis of Net Income (Loss)”:
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“1. Net income (loss). Combine Schedule K, lines 1 through 7 in column (b). From the result, subtract the sum of Schedule K,
lines 8 through
11, 14a, 17g, and 18b” field contains 73,870
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“2a. Analysis by partner type: General partners--(ii) Individual active” field contains 73,870
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Under
“Schedule L: Balance Sheets per Books--Assets”:
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1. Cash:
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“Beginning of tax year (b)” field contains 3,455
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“End of tax year (d)” field contains 3,350
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2a Trade notes and accounts receivable:
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“Beginning of tax year (a)” field contains 7,150
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“End of tax year (c)” field contains 10,990
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2b. Less allowance for bad debts:
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“Beginning of tax year (b)” field contains 7,150
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“End of tax year (d)” field contains 10,990
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3. Inventories:
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“Beginning of tax year (b)” field contains 18,125
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“End of tax year (d)” field contains 19,225
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5. Tax-exempt securities:
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“Beginning of tax year (b)” field contains 1,000
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“End of tax year (d)” field contains 1,000
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8. Other investments (attach schedule):
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“Beginning of tax year (b)” field contains 1,000
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“End of tax year (d)” field contains 1,000
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9a. Buildings and other depreciable assets:
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“Beginning of tax year (a)” field contains 15,000
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“End of tax year (c)” field contains 15,000
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9b. Less accumulated depreciation:
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“Beginning of tax year (a)” field contains 4,000
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“Beginning of tax year (b)” field contains 11,000
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“End of tax year (c)” field contains 5,174
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“End of tax year (d)” field contains 9,826
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14. Total assets:
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“Beginning of tax year (b)” field contains 41,730
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“End of tax year (d)” field contains 45,391
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Under
“Schedule L: Balance Sheets per Books--Liabilities and Capital”:
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15. Accounts payable:
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“Beginning of tax year (b)” field contains 10,180
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“End of tax year (d)” field contains 10,462
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16. Mortgages, notes, bonds payable in less than 1 year:
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“Beginning of tax year (b)” field contains 4,000
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“End of tax year (d)” field contains 3,600
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19. Mortgages, notes, bonds payable in 1 year or more:
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“End of tax year (d)” field contains 7,739
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21. Partners' capital accounts:
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“Beginning of tax year (b)” field contains 27,550
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“End of tax year (d)” field contains 23,590
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22. Total liabilities and capital:
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“Beginning of tax year (b)” field contains 41,730
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“End of tax year (d)” field contains 45,391
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Under
“Schedule M-1: Reconciliation of Income (Loss) per Books With Income (Loss) per Return”:
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“1. Net income (loss) per books” field contains 48,920
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“3. Guaranteed payments (other than health insurance)” field contains 25,000
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“5. Add lines 1 through 4” field contains 73,920
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“6. Income recorded on books this year not included on Schedule K, lines 1 through 7 (itemize):” field contains 50
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“6a. Tax exempt interest” field contains 50
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“8. Add lines 6 and 7” field contains 50
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“9. Income (loss) (Analysis of Net Income (Loss), line 1). Subtract line 8 from line 5” field contains
73,870
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Under
“Schedule M-2: Analysis of Partners' Capital Accounts”:
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“1. Balance at beginning of year” field contains 27,550
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“3. Net income (loss) per books” field contains 48,920
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“5. Add lines 1 through 4” field contains 76,470
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“6a. Distributions: Cash” field contains 52,880
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“8. Add lines 6 and 7” field contains 52,880
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“9. Balance at end of year. Subtract line 8 from line 5” field contains
23,590
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