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1. To complete the Course Project, you will prepare and submit a partnership tax return including IRS Form 1065, U.S. Return of Partnership Income, and accompanying schedules and supporting forms. This can be an extremely complex process requiring consideration of a variety of ever-changing rules within the Internal Revenue Code. In this week’s graded discussion we’ll address the issues relating to each of these IRS forms and how they interconnect to comprise the tax return package. You’ll have the opportunity to ask specific questions here in this discussion and also respond to and collaborate with your classmates and instructor to resolve some of the thornier aspects of the partnership tax return.First, can anyone summarize the required IRS forms that will be needed to complete the partnership tax return for our Course Project? Once the forms are summarized early in this discussion, we’ll look for subsequent comments explaining the key data elements required to complete each form, and where these data elements can be located within the given fact pattern for the project. Finally, we’ll want to address any areas of potential confusion, such as which specific expenses are deductible versus not deductible for the purposes of reporting nondeductible expenses under the Other Information section, Item 18c, of Schedule K on Form 1065.There are many details to consider in preparing a partnership tax return, hence the reason that tax professionals require extensive training, so it’s understandable that this Course Project can at first appear overwhelming. Although this is a graded discussion, this is your area this week to comment on and resolve any lingering questions that you may have regarding completion of the partnership tax return project. Can anyone get us started with a relevant question or comment regarding the required IRS forms for this effort? 2. ELABORATE ON THIS 1 from SharonCollapse SubdiscussionSharon MimsSharon MimsSundayOct 17 at 1:27pmManage Discussion EntryHi,Form 1125-A- Cost of Goods SoldThe cost of goods sold calculation adds all purchased materials or products for resale and any direct labor or other direct expense that was incurred in the manufacture, production, or acquisition of the products being offered for sale by the entity to the beginning inventory.The items that make up costs of goods sold include:* Cost of items intended for resale.* Cost of raw materials.* Cost of parts used to make a product.* Direct labor costs.* Supplies used in either making or selling the product.* Overhead costs, like utilities for the manufacturing site.* Shipping or freight in costs.https://www.freshbooks.com/hub/accounting/cost-of-…3Thanks for getting us started with talking about the different forms. What do you feel is the most confusing part of preparing a partnership return? Class?