Just complete the Portfolio Milestone in regards to the below portfolio project, chose a company that you want.
Review the Portfolio Project options due in Week 8. Choose the portfolio project that you will complete for this course. In a one-page memo to the client (either Streetcar Partners or David Morris, depending on the option chosen) summarize the significant tax issues faced during the current year. Then discuss at least three sources that you will use to address their tax issues. Provide a citation for the source, a brief summary of the source, and how you think it will be helpful for addressing their tax issues.
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In this portfolio project you will consider general partnership basis issues, compute partners’ adjusted basis, determine current year tax position, prepare tax forms, and write a memo to the partners analyzing their current year tax issues and changes to basis.
Streetcar General Partnership was created in the current year with the following partner contributions: Mike contributed $110,000 cash, Alex contributed $110,000 cash, and Pat contributed land with a tax basis of $140,000 and a fair market value of $360,000. The partnership assumed a $140,000 mortgage on the land; no partner is personally liable for the mortgage. At the end of the current year Streetcar made a $14,000 payment on the mortgage. Mike, Alex, and Pat will split all profits and losses equally.
Current year operations had the following results:
Sales revenue | $520,000 |
Cost of goods sold | 410,000 |
Operating expenses | 70,000 |
Long-term capital gains | 2,400 |
Section 1231 Gains | 900 |
Charitable contributions | 700 |
Municipal bond interest | 300 |
Salary paid as a guaranteed payment to Alex (not included in expense) | 3,000 |
Part A: Determine Basis
Part A Submission Requirements:
Part B: Tax Form Preparation
Part B Submission Requirements:
Part C: Client Letter
Prepare a letter to Alex summarizing her current year tax issues.
Part C Submission Requirements:
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