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The Rite-Way Plumbing Co. began business March 1, 2011 in…

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The Rite-Way Plumbing Co. began...
The Rite-Way Plumbing Co. began business March 1, 2011 in Sarasota. Its business address is 124 Division Lane, Sarasota, FL 33645. Its employer identification number is ***** Its principal business activity is plumbing installation and repair and its business code number is ***** It files its income tax returns on the calendar-year basis.The business was formed as a limited partnership by two brothers, John Henry (SSN###-##-#### and James Henry (SSN###-##-####, who work full-time in the business, and their father Tom Henry (SSN###-##-####, the limited partner. The brothers each have a 25% interest in the income, loss, and capital of the business while their father owns a 50% interest in income, loss, and capital, but takes no active interest in the business other than as that of an investor.At the end of 2014, its operations showed cash gross receipts of $1,240,000 and the following cash expenditure items:Cash Expenditure Items
Salaries and wages (excluding John and James) $378,000
Repairs and Maintenance 2,000
Rent 28,000
Taxes and Licenses 38,000
Advertising 3,000
Pension Plans (excluding John and James) ` 15,000
Health/Dental Insurance 16,000
Material Purchases 220,000
Truck Expense 45,000
Insurance (excluding health/dental) 65,000
Legal/Professional Fees 3,000
Office Expenses 6,000
Utilities/Telephone 8,000
Meals/Entertainment 4,000
Draw - John 75,000
Draw - James 60,000
Total Cash Expenidentures $966,000
Although the company maintains a certain level of plumbing supplies for its business, inventory is not a material income producing factor; thus, material purchases are expenses. The partnership uses the cash method of accounting for revenue and expenses.John and James each receive a guaranteed payment of $75,000 in addition to the payment of their health and dental insurance premiums, which were $3,000 each. The other insurance payments include the $1,500 premiums for $200,000 term life insurance policies each on John and James that name the partnership as beneficiary.Although the company maintains a certain level of plumbing supplies for its business, inventory is not a material income producing factor; thus, material purchases are expenses. The partnership uses the cash method of accounting for revenue and expenses.The company purchased the following items during 2014 for use solely in the business: a new truck (weighing over 6,000 pounds) bought on June 21 that cost $21,250; a new computer system bought on August 17 costing $3,200; additional new office furniture bought on December 4 costing $2,500.At the beginning of 2014, the company owned the following items that were all purchased the month the company began business. In that first year, the company did not elect bonus depreciation or Section 179 expensing for any of its truck, equipment, or furniture purchases:2014 Owned Items
Asset Cost Basis
Trucks $78,000
Plumbing equipment (7 year property) 23,000
Office furniture 16,000
Computer system 4,000
On March 12, 2014, it sold one of its old trucks for $6,000 that had originally cost $17,000. It also was able to sell its old computer system on September 12, 2014 for $250. It donated two pieces of its old office furniture to Goodwill Industries. This furniture had cost $1,500 and had a current value of $600.REQUIREDUsing the 2014 fill-in forms (the latest available) on the IRS website (www.irs.gov) prepare all pages of Form 1065 (you are not required to complete Schedules L, M-1, or M-2) for the Rite-Way Plumbing Co. along with the Schedule K-1s for each of the three partners and any other required forms. The partnership wants to maximize its cost recovery deductions for tax purposes.
Submitted: 6 months ago.Category: Single Problem
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12/3/2017
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 6 months ago
Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Single Problem
Satisfied Customers: 9,988
Experience: Finished my BA degree with a GPA of 4.0.
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Hi :)

When is the deadline for this one please?

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Customer reply replied 6 months ago
Can you finish it in the next 7 hours?Let me know
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 6 months ago

Unfortunately no. I had to put everything aside to finish the assignment I am working on now (yours). For future posts please try to allow me at least 48 hours before the deadline. For problems like this one, I would prefer if you can even allow more than 48 hours because tax returns take a long time to prepare.

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Customer reply replied 6 months ago
That is fine. 48 hours is ok with me
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 6 months ago

Ok, I will check it out and send you an offer later tonight then as I need to finish the other work and then go and finish other assignments that I need to finish.

Thanks a million for your trust

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Customer reply replied 6 months ago
I have already paid $45 plus giving you 48 hours. How much more are you planning to send me an offer for?
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 6 months ago

I cannot tell until I read the problem Customer, please allow me to finish the assignments I am working on then get back to you

Thank you

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Customer reply replied 6 months ago
Ok Manal.Thank you
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 6 months ago

You are most welcome :) I just emailed you the solutions to the last assignment. Please email me back to confirm you have received them.

I need to take a break and will check this problem. You want the 2014 forms, right?

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Customer reply replied 6 months ago
Could you please use the latest available?
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 6 months ago

Ok, did you receive my email?

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Customer reply replied 6 months ago
I am looking at it right now.
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 6 months ago

Great :)

So I will take a break then as my head is spinning :)

Talk to you in a couple of jours then

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Customer reply replied 6 months ago
Thank you so much for your help
Customer reply replied 6 months ago
I have another question open, could you please answer that too?
Customer reply replied 6 months ago
It starts with "Cassius Clay operates"
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 6 months ago

You are most welcome :) I apologize for not being able to answer that other question Customer. I am very busy with other assignments tonight and tomorrow so it will be hard to accept new assignments until I clear the assignments I have on hand. Sorry about that

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