Form 1065 (Schedule M-3) vs. Form 1065 Schedule D 2021-2023

Okay for this video i want to go over a simple tutorial for a form 1065 partnership return for the 2023 tax year so the company that we're going to have in front of us was newly formed in 2023 right so it doesn't have any prior activity it's an llc it's a multi-member llc so it's a partnership so 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 so 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 2023 tax year so it's a 2023 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 uh 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 so 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 2023 okay so to start let's go back to the slime 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 uh the company profile and...