U.S.Returnof Partnership Income (attached form bus tax partnership 1065)

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Entity Type:    Partnership   
Sub-Entity Type:    General   
Entity Name:    BADEC   
State of Formation    Georgia   
Entity Start Date    02/04/2013   
       
Tax Year Start Date:    02/04/2013   
Tax Year End Date:    31/12/2013   
       
Book Maintained By:    Andrew Anderson   
Address:    10 Sysco Way Atlanta, GA 30039   
       
Purpose of Entity    Acquire, rehabilitate and resale residential real property.   
       
       
Allocation of Separately Stated Items (per Partnership Agreement)       
Item    Investor    Percentage
Interest Income    Bill Bacon    100%
Contributions    Cathy Cox    20%
Contributions    Cathy Cox    80%
Net Long-term Capital Gains (Losses)    Doris Day    100%
Net Short-term Capital Gains (Losses)    Elroy Elders    100%
Interest Income    Farah  Fawcett    100%
Qualified Dividends    Gomez Gonzalez    100%
Unqualified Dividends    Andrew Anderson    100%
Real Estate/Housing Credits    Bill Bacon    100%
Tax Exempt Interest Income Items    Cathy Cox    25%
Tax Exempt Interest Income Items    Doris Day    75%

Partnership Agreement of BADEC Partnership       
THIS AGREEMENT OF PARTNERSHIP, effective as of 04/02/2014 by and between the undersigned, to wit:        
NOW, THEREFORE, IT IS AGREED:         
1    Formation    The undersigned hereby form a General Partnership in accordance with and subject to the laws of the State of Georgia.
2    Name    The name of the partnership shall be BADEC. 
3    Term    The partnership shall begin on 04/02/2014 and shall continue until December 31, 2014 of the same year and thereafter from year to year unless earlier terminated as hereinafter provided. 
4    Purpose    Acquire, rehabilitate and resale residential real property.
5    Meetings    Periodic meetings shall be held as determined by the partnership. 
6    Capital Contributions    The partners may make capital contributions to the partnership on the date of each periodic meeting in such amounts as the partnership shall
7    Value of the Partnership.    The current value of the assets of the partnership less the current value of the liabilities of the partnership (hereinafter referred as to value of the partnership) shall be determined as of the time of securities market close on the last Friday of each month. 
8    Capital Accounts    A capital account shall be maintained in the name of each partner.  Any increase or decrease in the value of the partnership on any valuation date shall be credited or debited, respectively, to each partner’s capital account in proportion to the sum of all partner capital accounts on that date.  Any other method of valuating each partner’s capital account may be substituted for this method, provided the substituted method results in exactly the same valuation as previously provided herein.  Each partners capital contribution to, or capital withdrawal from, the partnership, shall be credited, or debited, respectively, to that partner’s capital account.
9    Management    Each partner shall participate in the management and conduct of the affairs of the partnership in proportion to the value of his/her capital account.  Except as otherwise determined, all decisions shall be made by the partners whose capital accounts total a majority of the value of the capital accounts of all the partners. 
10    Schedule of Sharing of Profits, Losses and Seprately Stated Items. Ordinary Business Income is allocated according to individual partnership interest. Separately stated items are allocated as follows:   
        Interest Income are allocated 100% to Investor
        Contributions are allocated 20% to Bill Bacon
        Contributions are allocated 80% to Cathy Cox
        Net Long-term Capital Gains (Losses) are allocated 100% to Doris Day
        Net Short-term Capital Gains (Losses) are allocated 100% to Elroy Elders
        Interest Income are allocated 100% to Farah  Fawcett
        Qualified Dividends are allocated 100% to Gomez Gonzalez
        Unqualified Dividends are allocated 100% to Andrew Anderson
        Real Estate/Housing Credits are allocated 100% to Bill Bacon
        Tax Exempt Interest Income Items are allocated 25% to Cathy Cox
        Tax Exempt Interest Income Items are allocated 75% to Doris Day
        All separateely stated items that are not addressed in this section of the agreement are allocated according to individual partnership interests
11    Books of Accounts    Books of account of the transactions of the partnership shall be kept and at all times be available and open to inspection and examination by any partner. Books will be kept on the accrual accounting method on a calendar year basis.  Partner Andrew Anderson will maintain the partnership books and serve as addressee of partnership matters.
12    Annual Accounting    Each calendar year, a full and complete account of the condition of the partnership shall be made to the partners. 
13    Bank Account    The partnership may select a bank for the purpose of opening a bank account.  Funds in the bank account shall be withdrawn by checks signed by any partner designated by the partnership. 
14    Broker Account    None of the partners of this partnership shall be a broker.  However, the partnership may select a broker and enter into such agreements with the broker as required for the purchase or sale of securities.  Securities owned by the partnership shall be held in the partnership name unless another name shall be designated by the partnership. Any corporation or transfer agent called upon to transfer any securities to or from the name of the partnership shall be entitled to rely on instructions or assignments signed by any partner without inquiry as to the authority of the person(s) signing such instructions or assignments, or as to the validity of any transfer to or from the name of the partnership.  At the time of a transfer of securities, the corporation or transfer agent is entitled to assume (1) that the partnership is still in existence, and (2) that this Agreement is in full force and effect and has not been amended unless the corporation or transfer agent has received written notice to the contrary. 
15    No Compensation    No partner shall be compensated for services rendered to the partnership, except reimbursement for expenses. 
16    Additional Partners    Additional partners may be admitted at any time, upon the unanimous consent of all the partners, so long as the number of partners does not exceed twenty-five (25). 
16a    Transfers to a Trust    A partner may, after giving written notice to the other partners, transfer his/her interest in the partnership to a revocable living trust of which he/she is the grantor and sole trustee.
16b    Removal of a Partner    Any partner may be removed by agreement of the partners whose capital accounts total a majority of the value of all partner’s capital accounts.  Written notice of a meeting where removal of a partner is to be considered shall include a specific reference to this matter.  The removal shall become effective upon payment of the value of the removed partner’s capital account, which shall be in accordance with the provisions on full withdrawal of a partner noted in paragraphs 18 and 20.  The vote action shall be treated as receipt of request for withdrawal. 
17    Termination of Partnership    The partnership may be terminated by agreement of the partners whose capital accounts total a majority in value of the capital accounts of all the partners.  Written notice of the meeting where termination of the partnership is to be considered shall include a specific reference to this matter.  The partnership shall terminate upon a majority vote of all partner’s capital accounts.  Written notice of the decision to terminate the partnership shall be given to all the partners.  Payment shall than be made of all the liabilities of the partnership and a final distribution of the remaining assets either in cash or in kind, shall promptly be made to the partners or their personal representatives in proportion to each partner’s capital account.
18    Voluntary Withdrawal    Any partner may withdraw a part or all of the value of his/her capital account in the partnership and the partnership shall continue as a taxable entity.  The partner withdrawing a portion or all of the value of his/her capital account shall give notice of such intention in writing to the Recording Partner.  Written notice shall be deemed to be received as of the first meeting of the partnership at which it is presented.  If written notice is received between meetings it will be treated as received at the first following meeting.  In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which written notice is received from a partner requesting a partial or full withdrawal, will be used to determine the value of the partner’s capital account.  The partnership shall pay the partner who is withdrawing a portion or all of the value of his/her capital account in the partnership in accordance with paragraph 20 of this Agreement. 
19    Death or Incapacity of a Partner    In the event of the death or incapacity of a partner (or the death or incapacity of the grantor and sole trustee of a revocable living trust, if such trust is a partner pursuant to Paragraph 16A hereof), receipt of notice of such an event shall be treated as notice of full withdrawal.
20    Terms of Payment    In the case of a partial withdrawal, payment may be made in cash or securities of the partnership or a mix of each at the option of the partner making the partial withdrawal.  In the case of a full withdrawal, payment may be made in cash or securities or a mix of each at the option of the remaining partners.  In either case, where securities are to be distributed, the remaining partners select the securities. Where cash is transferred, the partnership shall transfer to the partner (or other appropriate entity) withdrawing a portion or all of his/her interest in the partnership, an amount equal to the lesser of (i) ninety-seven percent (97%) of the value of the capital account in the partnership being withdrawn or (ii) the value of the capital account being withdrawn, less the actual cost to the partnership of selling securities to obtain cash to meet the withdrawal.  The amount being withdrawn shall be paid within 10 days after the valuation date used in determining the withdrawal amount.  If a partner withdrawing a portion or all of the value of his/her capital account in the partnership desires an immediate payment in cash, the partnership at its earliest convenience may pay eighty percent (80%) of the estimated value of his/her capital account and settle the balance in accordance with the valuation and payment procedures set forth in paragraphs 18 and 20.  When securities are transferred, the partnership shall select securities to transfer equal to the value of the capital account or a portion of the capital account being withdrawn (i.e. without a reduction for broker commissions).  Securities shall be transferred as of the date of the clubs valuation statement prepared to determine the value of that partner’s capital account in the partnership.  The Clubs broker shall be advised that ownership of the securities has been transferred to the partner as of the valuation date used for the withdrawal.
21    Forbidden Acts    No partner shall:
21a        Have the right or authority to bind or obligate the partnership to any extent whatsoever with regard to any matter outside the scope of the partnership purpose.
21b        Except as provided in paragraph 16A, without the unanimous consent of all the other partners, assign, transfer, pledge, mortgage or sell all or part of his/her interest in the partnership to any other partner or other person whomsoever, or enter into any agreement as the result of which any person or persons not a partner shall become interested with him in the partnership.
21c        Purchase an investment for the partnership where less than the full purchase price is paid for same.
21d        Use the partnership name, credit or property for other than partnership purposes.
21e        Do any act detrimental to the interests of the partnership or which would make it impossible to carry on the purpose of the partnership. This Agreement of Partnership shall be binding upon the respective heirs, executors, trustees, administrators and personal representatives of the partners. The partners have caused the Agreement of Partnership to be executed on the dates indicated below, effective as of the date indicated above.
First Name    Last Name    SSN    Address    City     State    Zip    Partner Information
Andrew    Anderson    756-12-1111    10 Sysco Way    Atlanta    GA    30039    General
Bill    Bacon    756-12-2222    20 Sysco Way    Atlanta    GA    30039    General
Cathy    Cox    756-12-3333    30 Sysco Way    Atlanta    GA    30039    General
Doris    Day    756-12-4444    40 Sysco Way    Atlanta    GA    30039    General
Elroy    Elders    756-12-5555    50 Sysco Way    Atlanta    GA    30039    General
Farah     Fawcett    756-12-6666    60 Sysco Way    Atlanta    GA    30039    General
Gomez    Gonzalez    756-12-7777    70 Sysco Way    Atlanta    GA    30039    General
Investor            Contribution Date    Contribution 1        Contribution 2        Contribution 3        Contribution 4        Net Contributions    Partnership Interest
First Name    Last Name    SSN        Item    Value    Item    Value    Item    Value    Item    Value       
Andrew    Anderson    756-12-1111    02/04/2013    Cash    $50.000                            $50.000    15%
Bill    Bacon    756-12-2222    02/04/2013    Cash    $150.000                            $150.000    26%
Cathy    Cox    756-12-3333    02/04/2013    Cash    $100.000                            $100.000    20%
Doris    Day    756-12-4444    02/04/2013    Cash    $50.000                            $50.000    10%
Elroy    Elders    756-12-5555    02/04/2013    Cash    $40.000                            $40.000    8%
Farah     Fawcett    756-12-6666    02/04/2013    Cash    $30.000    Land    $50.000                    $80.000    16%
Gomez    Gonzalez    756-12-7777    02/04/2013    Cash    $10.000    Computer    $7.000    Furniture    $3.000            $20.000    4%
                                                    100%
BADEC Partnership           
02/04/2013           
           
Assets           
    Cash         $430.000
    Computer         $7.000
    Furniture         $3.000
    Land         $50.000
       Total Assets         $490.000
Liabilities           
           
Equity           
    Capital-Anderson         $50.000
    Capital-Bacon         $150.000
    Capital-Cox         $100.000
    Capital-Day         $50.000
    Capital-Elders         $40.000
    Capital-Fawcett         $80.000
    Capital-Gonzalez         $20.000
       Total Liabilities plus Equity         $490.000
    BADEC Partnership           
Gross Income     04/02/2013 - 12/31/2013           
               
               
    Repair Revenue        $100.000   
    Interest Income        $600   
    Dividends (Qualified)        $2.000   
    Net Short-term Capital Gain        $5.000   
        Total Income from all sources    $107.600   
Expenses               
               
               
    Guaranteed payments        $10.000   
    Renovation Expense        $5.500   
    Rent        $1.500   
    Depreciaton expense        $2.066   
    Licenses         $500   
    Travel Expenses        $800   
    Supplies Expenses        $700   
    Net Long-term Capital Loss        $10.000   
    Charitable Contributions         $5.000   
        Total Expenses    $36.066   
Net Income               
            $71.534   
               
               
    Partners withdrawal- Elders        $5.000   
    Partners withdrawal- Fawcett        $6.000   
    Partners withdrawal- Gonzalez        $7.000   
BADEC Partnership           
31/12/2013           
           
Assets           
    Cash         $485.600
    Computer         $7.000
    AccDep-Computer         $(1.745)
    Furniture         $3.000
    AccDep-Furniture         $(321)
    Land         $50.000
       Total Assets         $543.534
Liabilities           
           
Equity           
    Capital-Anderson         $57.299
    Capital-Bacon         $171.898
    Capital-Cox         $114.599
    Capital-Day         $57.299
    Capital-Elders         $40.840
    Capital-Fawcett         $85.679
    Capital-Gonzalez         $15.920
       Total Liabilities plus Equity         $543.534

 

Form  1065

DepartmentoftheTreasury

InternalRevenueService

U.S.ReturnofPartnershipIncome

Forcalendar year2013, or taxyearbeginning                             , 2013, ending                   , 20               .

aInformation about Form1065 and itsseparateinstructionsisatwww.irs.gov/form1065.

OMBNo.1545-0099

2013

APrincipal business activity

 

 

 

Type or Print

Nameofpartnership

DEmployer identification number

BPrincipal productorservice

Number, street,androomorsuite no.IfaP.O.box,seetheinstructions.

EDatebusiness started

C Businesscodenumber

Cityortown,stateorprovince,country,andZIPorforeignpostalcode

FTotalassets(seethe instructions)

$

 

 

G    Checkapplicableboxes:     (1)        Initialreturn       (2)        Finalreturn       (3)        Namechange  (4)          Address change       (5)        Amended return

(6)        Technicaltermination-alsocheck(1)or(2)

H     Checkaccountingmethod: (1)        Cash             (2)        Accrual         (3)           Other (specify)a

I      NumberofSchedules K-1.Attachoneforeachpersonwhowas apartneratanytimeduringthetaxyeara

J     CheckifSchedules C andM-3areattached       .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .

 

Caution. Includeonlytrade orbusinessincomeand expensesonlines1athrough22 below.Seetheinstructionsformore information.

 

Income

1a  Grossreceiptsorsales.  .  .  .  .  .  .  .  .  .  .  .  .

b  Returnsandallowances  .  .  .  .  .  .  .  .  .  .  .  .

1a

 

 

 

 

 

1b

 

 

c  Balance.Subtractline1bfromline1a.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

2      Costofgoodssold(attachForm 1125-A)          .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

3      Grossprofit.Subtractline2 fromline1c .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

4      Ordinary income(loss)fromotherpartnerships,estates, andtrusts(attachstatement).  .

5      Netfarm profit(loss)(attachSchedule F(Form1040))           .  .  .  .  .  .  .  .  .  .  .  .

6      Netgain(loss)fromForm 4797, PartII,line17 (attachForm 4797)             .  .  .  .  .  .  .  .

7      Other income(loss)(attachstatement)          .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

8      Total income (loss).Combinelines3 through7  .  .  .  .  .  .  .  .  .  .  .  .  .  .

1c

2

 

 

3

 

 

4

 

 

5

 

 

6

 

 

7

 

 

8

 

 

Deductions (seetheinstructionsforlimitations)

9      Salariesandwages (otherthan topartners)(lessemploymentcredits)  .  .  .  .  .  .  .

10      Guaranteedpaymentstopartners .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

11      Repairsandmaintenance.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

12      Baddebts.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

13      Rent.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

14      Taxesandlicenses.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

15      Interest.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

9

 

 

10

 

 

11

 

 

12

 

 

13

 

 

14

 

 

15

 

 

16a  Depreciation (ifrequired, attachForm 4562).  .  .  .  .  .

b  LessdepreciationreportedonForm 1125-Aand elsewhereonreturn

16a

 

 

 

 

 

16b

 

 

16c

17      Depletion (Donot deductoiland gasdepletion.)           .  .  .  .  .  .  .  .  .  .  .  .  .

18      Retirement plans, etc. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

19      Employeebenefitprograms .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

20      Other deductions(attachstatement)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

21      Total deductions.Addtheamountsshownin thefarrightcolumnforlines9 through20.

17

 

 

18

 

 

19

 

 

20

 

 

21

 

 

22      Ordinarybusinessincome (loss).Subtractline21 fromline8               .  .  .  .  .  .  .  .  .

22

 

 

 

Sign

Here

Under penalties ofperjury, Ideclare thatIhaveexamined thisreturn, includingaccompanyingschedules andstatements,andtothebestofmy knowledgeandbelief, itis true, correct,andcomplete.Declaration ofpreparer (otherthan generalpartnerorlimitedliabilitycompanymembermanager) is basedonallinformationofwhichpreparer hasanyknowledge.

MaytheIRSdiscussthisreturnwiththe

preparer shown below  (see instructions)?              Yes          No

Signatureofgeneralpartnerorlimitedliabilitycompanymembermanager                             Date

Paid Preparer Use Only

Print/Typepreparer’sname

Preparer’s signature

Date

 

Check        if self-employed

PTIN

Firm’sname   a

Firm'sEINa

Firm’saddressa

Phoneno.

            

Text Box: F Text Box: FForPaperworkReductionAct Notice,seeseparateinstructions

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