Jamco Turf was organized on February 22, 2020, by Jon Jones and Billy Burt, both as general partners. Jon contributed $270,000 cash and SBUX stock (acquired 01/01/2018) worth $30,000 for a 60% interest in the partnership, and Billy contributed $200,000 cash for a 40% interest. Jon’s Social Security number is 123-45-6789 and Billy’s is 987-65-4321. Jamco’s Employer ID number is 12-3456789. Jamco began business on March 1, 2020. Jamco is a commercial landscaping business located at 118812 Josey Lane, Louisville, KY 40018. Jamco uses the accrual method of accounting, the first-in, first-out (FIFO) inventory method, and calendar-year reporting. Distributions to the owners in 2020 included $144,000 to Jon and $96,000 to Billy. Jamco’s debt in this scenario is considered recourse debt.
Addresses for the owners are:
Jon Jones, 3513 Jackson Street, Louisville, KY 40018
Billy Burt, 2532 Sugarbush Lane, Louisville, KY 40018
To complete this project, you will prepare a partnership tax return including the IRS Form 1065 and accompanying Schedule D, two Schedule K-1s (one for each partner), and supporting IRS Form 1125-A and IRS Form 4797.
Jamco’s 2020 financial statements are displayed on the following pages.
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