ACC 4202 - Tax Return ProjectThe Dapper-Dons Partnership was formed ten years ago as a general partnership to customtailor men's clothing. Dapper-Dons is located at 123 Flamingo Drive in City, ST, 54321. BobDapper manages the business and has a 40% capital and profits interest. His address is 709Brumby Way, City, ST, 54321. Jeremy Dons owns the remaining 60% interest but is not active inthe business. His address is 807 Ninth Avenue, City, ST, 54321. The partnership values itsinventory using the cost method and did not change the method used during the current year.The partnership uses the accrual method of accounting. Because of its simplicity, the partnershipis not subject to the partnership audit procedures. The partnership has no foreign partners, noforeign transactions, no interests in foreign trusts, and no foreign financial accounts. Thispartnership is neither a tax shelter nor a publicly traded partnership. No changes in ownership ofpartnership interests occurred during the current year.The partnership made cash distributions of $155,050 and $232,576 to Dapper and Dons,respectively, on December 30 of the current year. It made no other property distributions.Financial statements for the current year are presented on the following pages. Assume thatDapper-Dons' business qualifies as a U.S. production activity and that its qualified productionactivities income is $600,000. Dapper-Dons, being an eligible small pass-through partnership,uses the small business simplified overall method for reporting these activities (see discussion forLine 13d of Schedules K and K-1 in the Form 1065 instructions).Required:Prepare a current year (2015 for this problem) federal partnership tax return for Dapper-DonsPartnership. Please remember to include all required related forms, schedules and attachments.You are NOT required to prepare a state tax return. Finally, remember that this is an individualeffort and forms must be prepared manually, that is, without the use of tax software.