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Category: Homework
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Experience:  MIT Graduate (Math, Programming, Science, and Music)
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The Dapper-Dons Partnership (employer identification no. 89-3456798)

Customer Question

The Dapper-Dons Partnership (employer identification no. 89-3456798) was formed ten
years ago as a general partnership to custom tailor men’s clothing. Dapper-Dons is
located at 123 Flamingo Drive in Miami, Florida 33131. Bob Dapper (Social Security No.
XXX-XX-XXXX) manages the business and has a 40% capital and profits interest. His
address is 709 Brumby Way, Miami, Florida 33131. Jeremy Dons (Social Security No.
XXX-XX-XXXX) owns the remaining 60% interest but is not active in the business. His
address is 807 9th Avenue, North Miami, Florida 33134. 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. The partnership has no
foreign partners, no foreign transactions, no interests in foreign trusts, and no foreign
financial accounts. This partnership is neither a tax shelter nor a publicly traded partnership.
No changes in ownership of partnership interests occurred during the current year.
The partnership made cash distributions of $155,050 and $232,576 to Dapper and Dons,
respectively, on December 30 of the current year. It made no other property distributions.
Financial statements for the current year are presented in Tables C9-1 and C9-2. Assume
that Dapper-Dons’ business qualifies as a U.S. production activity and that its qualified
production activities income is $600,000. The partnership uses the small business simplified
overall method for reporting these activities (see discussion for Line 13d of Schedules
K and K-1 in the Form 1065 instructions).
Prepare a current year partnership tax return for Dapper-Dons Partnership.
Submitted: 5 years ago.
Category: Homework

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