Ryan Ross (111-11-1111), Oscar Oleander (222-22-2222), Clark Carey (333-33-3333), and Kim Kardigan (444-44-4444) are correspondent constituents in ROCK the ages, LLC. ROCK serves as agents and managers for distinctive silenceians in the Los Angeles area. The LLC’s Federal ID sum is 55-5555555. It uses the coin account and the enroll year and began operations on January 1, 2002. Its running oration is 6102 Wilshire Boulevard, Suite 2100, Los Angeles, CA 90036. ROCK was the nerve aback such silence icons as Rhiannon and Ulster and has had a very remunerative year. The aftercited knowledge was enthralled from the LLC’s pay assertion for the running year:
Fees and commissions $4,800,000
Taxable cause pay from bank deposits 1,600
Tax-exempt cause 3,200
Gains and losses on supply sales 4,000
Total revenues $4,808,800
Advertising and notorious relations $ 380,000
Charitable contributions 28,000
Section 179 require 20,000
Employee salaries 1,000,000
Guaranteed acquittal, Ryan Ross, trade-post manager 800,000
Guaranteed acquittal, other constituents 600,000
Entertainment, matter to 50% disallowance 48,000
Legal and accounting fees 132,000
Office rentals paid 80,000
Interest require on careless outoutdirection of credit 10,000
Insurance premiums 52,000
Office require 200,000
Payroll taxes 92,000
Total requires $3,968,800
During the late outlandisher of years, ROCK has enthralled habit of benefit slander and minority 179 impoverishment and amply regulateed the antecedent and upgraded its leasehold improvements. This year, ROCK dispread up its regulate delay the lapse of $20,000 of trade-post wares for which it gain right a minority 179 conclusion. (For artlessness, postulate that ROCK uses the similar require rectification methods for twain tax and financial purposes.) There is no slander structure for opinion stint tax purposes.
ROCK invests plenteous of its abundance coin in non-dividend-paying enlargement supplys, and tax-exempt securities. During the year, the LLC sold two securities. On June 15, 2013, ROCK lapsed 1,000 shares of Tech, Inc. supply for $100,000; it sold those shares on December 15, 2013, for $80,000. On March 15, 2012, ROCK lapsed 2,000 shares of BioLabs, Inc. supply for $136,000; it sold those shares for $160,000 on December 15, 2013.
Net pay per books is $840,000. The firm’s activities do not compose “qualified genesis activities” for purposes of the minority 199 conclusion. On January 1, 2013, the constituents’ chief accounts correspondented $200,000 each. No appended chief contributions were made in 2013. In specification to their guaranteed acquittals, each constituent delaydrew $250,000 coin during the year. The LLC’s et sheet as of December 31, 2013, is as follows:
Cash $ 444,000 ??
Tax-exempt securities 120,000 10,000
Marketable securities 436,000 300,000
Leasehold improvements, wares, and equipment 960,000 980,000
Accumulated slander (960,000) (980,000)
Total assets $ 1,000,000 ??
Operating outoutdirection of credit $ 200,000 $ 160,000
Capital, Ross 200,000 ??
Capital, Oleander 200,000 ??
Capital, Carey 200,000 ??
Capital, Kardigan 200,000 ??
Total liabilities and chief $ 1,000,000 $ ??
Assume that all something-due is shared correspondently by the constituents. Each constituent has personally guaranteed the something-due of the LLC.
None of the constituents, all of whom are U.S. citizens, sold any attention of their causes in ROCK during the year. All of the entity’s financial operations are tight in California. The LLC had no outlandish bank accounts or operations and no cause in any U.S. or outlandish trusts, corporations, or associateships. The LLC is not notoriously traded and is not a statutory tax security. The LLC is not matter to indistinct audit procedures. Ryan Ross is the tax matters associate.
The trade command for “Agents and Managers for Artists, Athletes, Entertainers, and Other Notorious Figures” is 711410. ROCK is not a associate in any other associateship. The LLC’s arrange 1065 was free by Ryan Ross and sent to the Ogden, UT IRS Service Center. All constituents are erratic in LLC operations.
a) Make-ready arrange 1065, Schedule K, and applicable sustaining schedules for ROCK the Ages, LLC, leaving bleak any items where inadequate knowledge has been granted. If you are using tax retaliate provision software, as-well make-ready Arrange 4562 and Schedule D. (Note: You can postulate that the tally to each “yes/no” scrutiny on Arrange 1065, page 3 is “no” normal incorrectly discussed aloft.)
b) Make-ready Schedule K-1 for Ryan Ross, 15520 W. Earlson Street, Pacific Palisades, CA 90272
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