Utilizing the member detail tab in the spreadsheet


Prepare Form 1065

1.    You are provided with the financial reports (2 year balance sheet and current year profit and loss in Microsoft® Excel) along with the supplemental information that provides the details required to prepare a tax return for your new tax client - Phoenix Medical, LLC.  

2.    Utilizing the "Member Detail" tab in the spreadsheet calculate the beginning capital and ending capital for each member.

3.    Utilizing, your capital account calculations and the information below, fill out the PDF Schedule K-1 (Form 1065) provided for LAURA DAYBREAK.

Supplemental information for Phoenix Medical, LLC.

Schedule K-1 Information:

  1. Member information is included on the "member detail" tab of the spreadsheet.  Calculate beginning and ending capital for each member.

C.  The return will be efiled (not delivered to an IRS processing center)

D.  This is not a PTP.

  1. Each member is an individual (line I):

1

Laura

Daybrea K

6241 East Circle

San Diego

CA

9213

867-79-3192

I

X

2

Chris

Dante

26091  Largo Street

Anaheim

CA

9282

867-99-3192

I

 

3

Domenic

Milford

6 White Dove Drive

Los Angeles

CA

9006

867-00-3192

I

 

 

  1. Laura is the member-manager.
  1. Since inception, the ownership as shared equally (33.33%) in all profit, loss, and distributions.
  2. The business loan has been personally guaranteed by the members.
  3. The books are tax basis.
  4. No built-in gains or losses.

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Accounting Basics: Utilizing the member detail tab in the spreadsheet
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