Form 1065 (Schedule M-3) vs. Form 1065 Schedule D 2021-2024

Okay, for this video, I want to go over a simple tutorial for a Form 1065 partnership return for the 2021 tax year. The company that we're going to have in front of us was newly formed in 2021, so it doesn't have any prior activity. It's an LLC, a multi-member LLC, so it's a partnership. We're going to walk through the financial statements, the capital roll forward schedule. We'll look at the tax return itself, how to populate those various fields, what you need to include, and then we'll also look at the K-1s and the basis reconciliations or roll forwards for each of the partners. As far as what we have in front of us here, obviously, we've got the Form 1065 in front of us. This is for the 2021 tax year, so it's a 2021 Form 1065. I've also got one slide in front of us that covers kind of the fact pattern we're going to be working with, right? So, some background info on the LLC: who are the owners, what kind of income and expense activity we have. And then, I have an Excel spreadsheet here which has the financial statements for the entity for the year. We've got our profit and loss statement here on the left-hand side, and then on the right-hand side, we've got the balance sheet for the company as of December 31st, 2021. Okay, so to start, let's go back to the slide. I'm going to run through the fact pattern in its entirety. We'll flip back and forth between the financial statements and the tax return as needed, but I want to go through the fact pattern first, so we get a sense of the company profile and what we're working with here. Okay, so the company itself, two individuals: we...