Page 40 - Income Documentation

55169

Form 1065 I Two Year Comparison Worksheet, Page 3 12019 & 2020

Partnership Name Employer Identification Number
ARMES FAMILY FARMS 75-2936011
2019 2020 Differences
Beginning assets 22,255 19,111 -3,144
Schedule · ·· •·· ····· .. .. . . . .. .. ... ..
Beginning liabilities and capital 11,552 -11,552
L ... .. · · · •· · ·· · · ·• • · . .. . ..... .
Ending assets .. . . . ' . . .. .. .. .. ... . . . . . ····· ... . 19,111 16,703 -2,408
Endina liabilities and caoital 26,220 -26,220
Net income (loss) per books . . .. . .... ... 80,668 76 459 -4,209
Taxable income not on books
.... .. ... . . .
Guaranteed payments (other than health ins)
Schedule . .. ... . .. ..
Book expenses not deducted 3,644 2 908 -736
,
M-1 . ... . .. .. , .. . ·· ·· ·· · · · . ... ' · •· ·
Income on books not on return ... .. ... · ···· •· · · · • ··• · ··· .. .. .
Return deductions not on books
· · · · · ··· · ·· ··· · ·· ···· · .. .
Income oer return 84,312 79,367 -4.945
Balance at beginning of year 11,552 26,220 14,668
.. .. ... . .. .. .. . . .. .. . . .. · ·• · · · ·
Cash contributions . ,. , .. . .. .. · ··· · • .. · ·· • · . .. . . ... . .. .
Property contributions .. ·• · · . ... .. . . . . · ·· · · . ..
Net income (loss) per books ·· • · ... . . · • .. ... ... 80.668 79. 367 -1.301
Schedule . ..
Other increases
M-2 . ··· ·· · · · . . . . .. . . . · • · .. • • · ··· •·
Cash distributions ... .. . . . . . . ...... . . . . . . . . . . . . .. .... 66.000 120.000 54,000
· •· · · ·
Property distributions . ... . .. .. . . . . . . . . . ...... . ... .. .
·······
Other decreases
. . , .
Balance at end of vear .. . . 26,220 -14,413 -40,633
Total income (loss) items:
Income (loss) per income statement . .. .. . .
·· · · ·· ...... .
Temporary difference
·· · · · •·· · · ··· · ··· ·· · · • · · •· · · .. . . . ....
Permanent difference . . . .. . ··· ·······•·· ... , ... .. ····· ·
Income (loss) per tax return
. . , . · ·· •· ··
· · · ······ · · ··· • • · ·
Total expense/deduction items:
Expense per income statement
· · · · • ·· · · · · • ·· • · · · • · . .. .
Schedule Temporary difference .. .. . . .. ... ......
········· ······
M-3 Permanent difference . ... .. . .. .. . . . . ' . ' . .. .... . .. ....
Deduction per tax return . . . . ...
· · · · · · · . . . . . . . . ·· · ··· · • · ·
.
Other items with no differences . . . . . . . . . . . ... .... , . . . · ··· · · ·
Reconciliation totals:
Income (loss) per income statement
... ·· ······· ······•··
Temporary difference . .. . . . . . .. .. .. ... " ··· ·· ..
Permanent difference
.. . . . · ···· ·· · · ·· · · ·· ·· · · · · · ·· . .. .
Income /loss) =r tax return .. . .
· ·· · ·