EFTA01127919.pdf

2012 TAX RETURN FILING INSTRUCTIONS U.S. RETURN OF PARTNERSHIP INCOME FOR THE YEAR ENDING DECEMBER 31,, 2012 Prepared for BJAV MARINE, LTD 760 PARK AVENUE, STE # 7 NEW YORK, NY 10021 Prepared by RAICH ENDE MALTER & CO., LLP 1375 BROADWAY NEW YORK, NY 10018 To be signed and A PERSON AUTHORIZED TO SIGN THE RETURN dated by Amountoftax NOT APPLICABLE Mailtaxmtwm THIS RETURN HAS BEEN PREPARED FOR ELECTRONIC FILING. TO HAVE to IT TRANSMITTED ELECTRONICALLY TO THE IRS, PLEASE SIGN, DATE, AND RETURN FORM 8879-PE TO OUR OFFICE. WE WILL THEN SUBMIT YOUR ELECTRONIC RETURN. Fonrstobe ENCLOSED ARE COPIES OF SCHEDULE K-1 TO BE DISTRIBUTED TO THE distributed PARTNERS. to partners Return must be NOT APPLICABLE methadon or before Special DO NOT MAIL THE PAPER COPY OF THE RETURN TO THE IRS. Instructions CLIENT'SCOPY 210145 0601.12 EFTA01127919  li.S e-file Signature Authorizatk...i 0 U No. 150-2042 ram8879-PE for Form 1065 Deortmml ol In. Ti001/rY Immo, RIWOrga Sanwa ► Do not send to the IRS. Keep for your records. ► See instructions 2012 For canine year 2011, or tax my Onion:NI . 2012 end,; Name of partnership number BJAV MARINE, LTD I Patti' Return Information photo dolers only) 1 Gross receipts or sales less returns and allowances (Form 1065, kne 1c) 3,206,396. 2 Gross profit (Form 1065, line 3) 3,206,396. 3 Ordinary business Income (loss) (Form 1065, line 22) -2,890,234. 4 Net rental real estate income (loss) (Form 1065, Schedule K, line 2) 4 5 Other net rental income (loss) (Form 1065, Schedule K, line 3c) 5 [Part II Declaration and Signature Authorization of General Partner or Limited Liability Company Member Manager (Be sure to get a copy of the partnership's return) Under penalties of perjury, I declare Mat I am a general panner or limited liability company member manager of the above partnership and that I have examined a copy of the partnershp's 2012 electronic return of partnership income and accompanying schedules and statements and to the best of my knowledge and belief, it is true, correct, and complete. I further declare that the amounts n Part I above are the amounts shown on the copy of the partnership's electronic return of partnership Income. I consent to allow my electronic return originator (ERO), transmitter, or intermediate service provider to send the partnership's return to the IRS and to receive from the IRS (a) an acknowledgemeM of receipt or reason for rejection of the transmission and (b) the reason for any day In processing the return. I have selected a personal identification nurnber (PIN) as my signature for the partnership's electronic return of partnership Income. General Partner or Limited Liability Company Member Manager's PIN: check one box only UplauthorgeRAICH ENDE MALTER & CO., LLP to enter my PIN! ERO firm name do not enter all zeros as my signature on the partnership's 2012 electronically fled return of partnership income. C As a general partner or limded liability company member manager of the partnership. I wll enter my PIN as my signature on the partnership's 2012 electronically filed return of partnership income. General partner or limited liability company member manager's signature ► Title ► MANAGER/DIRECTOR Date ► Part III I Certification and Authentication ERO's EFIN/PIN. Enter your six-digit EFIN followed by your five-digrt self selected PIN. tlo not enter ale zeros I certify that the above numeric entry is my PIN, which Is my signature on the 2012 electronically filed return of partnership income for the partnership indicated above. I cortfrm that I am submitting this return in accordance with the requirements of Pub. 3112, IRS e•drle Application and Participation, and Pub. 4163, Modernized °Fie (MeF) Information for Authorized IRS e-fik Providers for Business Returns. ERO's signature ► Date ► ERO Must Retain This Form - See Instructions Do Not Submit This Form to the IRS Unless Requested To Do So For Paperwork Reduction Act Notice, see instructions. Form 8879-PE (2012) LHA 221031 11.15.12 EFTA01127920  U.... Return of Partnership 'noon. 1065 OMB No. tS410090 Foss Ciosticerrsoi 04 the Treasury Sarno! Revenue Service A Pilnetiol boa's.** easily Per colonder raw 2012, et la; yew bascirnng EXTENSION GRANTED TO 09/16/17-- Nome co oenneniblir . ending 2012 0 Colons* IdenOtwaton CHARTERING BJAV MARINE, LTD a Principal procksal or wawa Print !rumba. fl eet androom or gulls .0.e. P.O,bah amp the IrstruolOns. E Delo Dinh's,' stoned Of CHARTER OCEAN M".760 PARK AVENUE, STE 1 7 03/10/2011 VESSEL Gay or town. Oats, and ZIP aide F loi ass Es thativioo Ocelo nuoitor NEW YORK NY 10021 522,207,986. G Check applicable boxes: (1) L3 Initial return (2) IJ Fnal return (3) LJ Name change (4) LJ Address change (5) LJ Amended return (6) C Technical termination - also chock (1) or (2) H Check accounting (natio& (1) El Cash (2) CU Accrual (3) El Other (specify) 10,- I Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year 10- 2 .1 Check II Schedules C and /.1-3 are attached Caution. Include only trade or business income andexpenses on fines Thr throegh 22 below. See the Ms:ructions for mote in °anchor). 1 a Gross receipts or sales le 3,206,396. b Returns and alowances lb e Balance. Subtract Me lb from ire la le 3,206,396. • 2 Cost of goods sold (attach Form 1125-A) 2 € 3 Gross profit. Subtract line 2 from line lc 3 3,206,396. 8 c 4 Ordinary Income (loss) from other partnerships, estates, and trusts (attach statement) 4 5 Net gum profit (loss) (attach Schedule F (Form 1040)) 5 6 Net gain (loss) from Form 4797, Part II, inc 17 (attachForm 4797) 6 7 Other Income (loss) (attach statement) 7 8 Total Income (loss). Combine Ines 3 through 7 e 3,206,396. 9 Salaries and wages (other than to partners) (lessemployment credits) 9 1,404,060. Deductions (see the instructions for imftations) 10 Guaranteed payments to partners 10 11 Repairs and maintenance STMT ? 11 919,406. 12 Bad debts 12 13 Rent 13 14 Taxes and licenses 14 15 Interest 15 16 a Depreciation (if required, attach Form 4562) 1N 1,308,859. 1, b Less depreciation reported on Form 11254 and elsewhere on return 1 ift 1,308,859. 17 Depletion (Do not deduct ell and gas depiedon.) 17 18 Retirement plans, etc. 18 19 Employee benefit programs 19 11,108. 20 Other deductions (attach statement) SEE STATEMENT 1 20 2,453,197. 21 Total deductions. Add the amounts shown in the Far right column for Ines 9 through 20 21 6,096,630. 22 Ordinary business Income (loss). Subtract inc 21 from line 8 n -2,890,234. pinked piney.10.4twe ;bellboys scarninco Iwo return. scludng occentparweg screduies and ottemanls.iSend bawd at Beet Of my kncrecgo and oast ;1;alms. tO MO all inkornalion ol wrwli Inflow has Goy cceci. and corwlete Omission el mops. (one Sion general pence or Ignited lotIlrly COMPr ',Web.' fren•Cle kroxleage M.y the , dlocusa Oils raisin, Sign Here wilily* IMAM' town below 10 Sgtozoie of general coring or lisinini mashy corpses. miralhar masonic O. Data Me ns. 17 M Yes C No PrirriTYPoPop,ver's oats ninalers sigmas* Oak Check LJ 0 Prim ast•rnSnied Paid THOMAS TURRIN Prana rer Flute non pg. UseOniy RAICH ENDE HALTER & CO., LLP Fran GIN Pints aCliftSS 01375 BROADWAY NEW YORK, NY 10018 Phone no. LHA For Paperwork Reduction Act Notice, see separate instrections. Form 1065 (2012) 211001 12-31.1Z EFTA01127921 Form 1065 (2012) BJAV MARINE, ,J.CD Page 2 ":SOhedSStBI Other Information 1 What type of entity is fling this return? Check the wiles* box Yes No a - Domestic general partnership 0 C Domestc limited partnership c O Domestic limited Utility company d 0 Domestt Fruited that), partnership 1;!irr e IA Foreign partnership f Q Other Ile- , . . . 2 At any time during the tax year, was any partner in the partnership a dsregarded entity, a partnership (Including an entity treated as a partnership), a trust, an S corporation, an estate (other than an estate of a deceased partner), or a nominee or similar person? 3 Al the end of the tax year. a Did any foreign or domestic corporation, partnership (Including any entity treated as a partnership), trust, or tax-exempt organization, or any foreign government own, directly or Indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. If Yes,' attach Schedut B-1, Information on Partners Ovinitg 50% or More of the Partnership X b Did any Individual or estate own, directly or Indirectly, an Interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. If Yes,' attach Schedule 8.1. Information on Partners Owning 50% or More of the Partnership X 4 At the end of the tax year, did the partnership: ' a Own directly 20% or more, or own, fl eetly or indkectly, 50% or more of the total voting power of all asses of stock entitled to vote of any foreign _ .,. . .,... or domestic corporation? For rules of constructive ownership, see instruction . If Yes; complete (i) through (iv) below X @Name of Corporation (II)EnCirVer (III) Country of 0 ") Porterage Identilicatian Owned 0 Marrow 01 wry/ incorporation Wing mock b Own drectly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more ki the profit, loss, or capital in any foreign or domestic partnership (Including an entity treated as a partnerstp) or in the benefcial merest of a trust? For rules of constructive ownership, see instructions. If Yes; complete (I) through (v) below X (I)Name of Entity low(ii) Fi.r e ar 010 Type of Entity (iv)Country of ti Pinyon PertalN Doled inn 0200 Organization Prot loss,orCna Yes No S Did the partnership Me Form 8893, Election of Partnership Level Tax Treatment, or an election statement under section 6231(a)(1)(8)(h) for partnershiptvel tax treatment, that is in effect for this tax war? See Form 8893 for mere delais 6 Does the partnership satisfy all four of the following conditions? a The partnership's total receipts for the tax year were less than 2250,000. ''''' ='?"- b The partnership's total assets at the end of the tax year were less than $ 1million. c Schedules K-1 are filed with the return and furnished to the partners on or before the due dale (Including extensions) for the partnership return. d The partnership is not ling and is not required to file Schedule 11-3 If Yes; the partnership is not required to complete Schedules L, M-1, and M-2; item F on page 1 of Form 1085; or Item L on Schedule K-1. 7 ts this partnership a publicly traded partnership as defined h section 469(k)(2P 8 During the tax year, did the partnership have eny debt that was cancekd, was forgiven, or had the terms modified so as to reduce the principal amount of the debt? X 9 Its this partnership filed, or is it required to fle,Form 8918, Mahal Advisor Disclosure Statement, to provide information on any reportable transaction? X 10 At any time during calendar year 2012, did the partnership have an interest in or a signature or other authority over a financial account In a .... foreign country (such as a bank account, securities account, or other financial account)? See the instructions for exceptions and tiling requirement for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. ti Yes; enter the name of the foreign county. llo. X Form 1065 ;2012r 211011 17.31.12 2 EFTA01127922 Form 1065 (2012) BJAV MARINE, uPD Paoe 3 :Sciiaideie'BI Other Information Yes No II At any time during the tax year, did the partnership receive a distrbulion from, or was k the grantor ol, or transteror to, a foreign trust? If 'Yes, The partnership may haw to fie Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gilts. . .....,..... See Mstructions 12a Is the partnership making, or had it previously made (and not revoked), a section 754 election? See instructions for details regarding a section 754 election. ,)t_,-; b Did the partnership make for this tax year an optional basis adjustment under section 743(b) or 734(biftYes; attach a statement showing the computation and alocation of the basis adjustment. See instructions X c Is the partnership required to adjust the basis of partnership assets under section 74394 or 734(b) because of a substantial bust-in loss (as defined under section 743(d)) or substantial basis reduction (as defined under section 734(d))? II Yes: attach a statement showing the computation and allocation of the basis adjustment. See instructions X 13 Check this box if, during the current or prior tax year, the partnership distributed any properly resealed in a like-kind exchange or contributed such ,.94. ?..,.. j,"`:1 • . ..,, property to another entity (other than disregarded entities wholy-owned by Um partnersNp throughout the lax year) Ika• M .... '-'• • 14 At any time during the tax year, did the partnership distribute to any partner a tenancy-in-common or other un*vtded rarest in partnership Properly! X 15 If the partnership is required to file Form 8858, Information Return of U.S. Persons With Respect To Foreign Disregarded Entities, enter the number of Forms 8858 attached. See Instructions Illo 16 Does the partnership have any foreign partners? If Yes; enter the number of Forms 8805, Foreign Partners Information Statement of Section 1446 Withholding Tax, tied forts partnership. OP X 17 Enter the number of Forms 8865, Return ol U.S. Persons With Respect to Certain Foreign Partnerships, attached to this return. ler. llta Did you make any payments in 2012 that would require you to file Form(s) 1099? See instructions X b It Yes; did you or will you file required Form(s) 1099? 19 Enter the number of Form(s) 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations, attached to this return. Ila• 20 Enter the number of partners Mat are foreign governments under section 892. Illa• Designation of Tax Matters Partner (see instructions) Enter below the general partner or member-manager designated as the tax matters partner (TMP) for the tax year of this return: Name of Identifying designated TMP 94 EILEEN ALEXANDERSON, DIRECTOR/ MANAGER number of IMP ► If the IMP is an entity,name of IMP Phone representative ► number ol TMP ► Address of kb designated IMP Form 1065 (2012) 211021 1231. it 3 EFTA01127923 Form 1065 2012 BJAV MARINE, iD Page 4 I SOliedtihiEl Partners' Distributive Share Items Total *moot 1 Ordinary business income (loss) (page 1, line 22) 1 -2,890,234. 2 Net rental real estate income (loss) (attach Form 8825) 2 3 a Ma gross rental income (loss) b Expenses from other rental activitis (attach statement) I III c ether net rental Income (loss). Subtract line 3b from line 3a So 4 Guaranteed payments 4 Income (Loss) 5 Interest income 5 6 Dividends: a (kanary dividends It b Qualified dividends 1 716I illi 7 Royaltes 7 8 Net short-tam capital gain (loss) (attach Schedule D (Form 1065)) 8 9 a Net longterm capital gain (loss) (attach Schedule 0 (Form 1065)) 9a b Collectibles (28%) gain (loss) e Unrecaptured section 1250 gain (attach statement) 10 Net section 1231 gain (loss) (attach Form 4797) 10 11 Other income (loss) (see instructions) TypeIl. 11 12 Section 179 deduction (attach Form 4562) 12 1 13 a Contntutions 13a b Investment interest expense 13b 2 a Section 59(eX2) expenditures: (1)TYPOIP (*Amount Illi• 1302) d Other deductions (see instructions)Typoilla 136 , fr, m— c 14 a Net earnings (loss) from selEemploymeat 14a 0. zip b Gross farming or fishing income Plb e Gross nonfarm income 14c 16 a Low-income housing credit (section 420(5)) 15a b Low-Mcome housing credit (other) 15b 31 — e Gushed rehabilitation expenditures (rental real estate) (attach Form 3468) 15c 5 d Other rental real estate credits (see instructions) e Other rental meat (see instructions) Type SP Type,. 15d 15e I Other credits (see instructions) Type la 151 to a Name of country or U.S. possession la b Gross income from al sources 16b c Gross income sourced at partner level 16c Foreign Transactions Foreign gross income sourced at partnership level — _ , Prsthe m nt"? .._or e General category .. Ila• l Other p. 16f Deductions aerated and apportioned at partner level .,. g Interest expense Ile• n Other ili.. 162 Deductions allocated and apportioned at partershia levet to foreign source income . Paulx I 011907 ►Pr .... I General category _ illo k Oter IP 16k I Total foreign taxes (check one): IP. Paid 0 Accrued 161 mReduction in taxes avalable for credt (attach statement) 16m n Other foreign lax information (attach statement) 17 a Post•1986 depreciation adjustment 17a Minimum Tax (AMT) Items Altai -tabVe b Adjusted gain or loss 17b c Depletion (other than el and gas) 17o 0 Oil, gas, and geothermal properties • gross income 17d e Oil, gas, and geothermal properties • deductions 17e I Other AMT items (attach statement) 17f 18 a Tax-exempt Interest income lea Other Information b Other tax-exempt income lab c Nondeductible expenses SEE STATEMENT 3 tie 21,500. 19 a Distrtutions of cash and marketable securities tfla b Ens/buttons of other property 196 20 a Investment income 20a b Investment expenses 20b e Other items and amounts (attach statement) form 1065 r2012j 211041 1241.12 4 EFTA01127924 RormZ(2012) BJAV MARINE, ' 13 Analysis of Net Income(Loss) S aes Mat Inane Boat -2,890,234. 2 Analysis by (Ii)Indiedual (iii) Individual (v)Exempt (I)Corporate (active) (passive) (W)Partnership organization (vi)Nominee/Other partner type: s General partners -2,861,332. b Lirrited partners -28,902. Scitiodide LI Balance Sheets per Books Beginning of lax year End of tax year Assets (a) b) (c) (d) 1 Cash 1,190. 194,978. 2a Trade notes and accounts receivable b Less allowance Ice bad debts 3 Inventories 4 LIS. government obligations 5 Tax•exempt securites 6 Other current assets (attach statement) 7atemwmtuneruesommilw.00iimmu_ b Mortgage and real estate loans Other investments (attach statement) 9a Buildings and other depreciable assets 22,503,742. 23,643,790. b Less accumulated depreciation 529,569. 21,974,173. 1,838,428. 21,805,362. 10a Depletable assets b Less accumulated depletion 11 Land (net of any amortization) 12a 'Menai* assets (amortizable only) 231,193. 231,193. b Less accumulated amortization 107703. 220,490. 23,5477 207,646. 13 Other assets (attach statement) 14 Total assets 22,205,853 22,207,986. Liabilities and Capital 15 Accounts payable 133,273. 165,993. 16 uxtgaals. notes, bona payable in mat ran 1 year 17 Other current liabilities (attach statement) STATEMENT 4 66,02. 1. 34,493. 18 Al nonrecourse loans 19a Lawn hart pans to meson rebatedto permit Martgagia. Nita bonds payable S 1 yeas or mole 20 Other liabilities (attach statement) 21 Partners' capital accounts 22,006,559. 22,007,500. 22 Total liabilities and capital 22,205,853. 22 207,986. SithatitiltMall Reconciliation of Income (Loss) per Books With Income Loss) per Return Note. Schedule he3 may be required Stead ot Schedule 11.1 (see instructions). I Net income (loss) per books 6 Income recorded on books this year not included 2 Income included on Schedule K, lines 1, 2.3c, on Schedule K, lines 1 through 11 (itemize): 5,6a, 7,8, 9a, 10, and 11, not recorded on books a Tax-exempt iaterest $ this year (itemize): 3 Guaranteed payments (other than health 7 Deductions included on Schedule K, Ines 1 Insurance) through 13d, and 161, not charged against 4 Capron nacenciad on books tea year not Included on book income this year (itemize): Salad* K. lbws I tnecugh 134. and tel Ow** a Depreciation $ a Depreciation $ 8 Add lines 6 and 7 0 Travel and entertainment $ 9 Income (loss) (Analysis of Net Income (Loss), 5 Add lines 1 through 4 line 1). Subtract line 8 from line 5 l Sew-dole TA-21 Analysis of Partners Capital Accounts 1 Balance at beginning of year 22,006,559. 6 Distributions: a Gash 2 Capital contrbuted: a Gash 2,912,675. b Properly b Property 7 Other decreases (itemize): 3 Net income (loss) per books -2,911,734. 4 Other Increases (Itemize): 8 Add lines 6 and 7 $ Add lines 1 through 4 22,007,500. 9 piton aendd yew. Sulanel anealromins I 22,007,500. 12.31.12 5 Earn 1085 (2012) EFTA01127925 SCHEDULE B-1 Information on Partners Owning bulo or (Form 1065) (Rev. December 2011) More of the Partnership OMB No. 15450399 Pepe:tort on I S Treasury Inatmel Revenue Sava Attach to Form 1065. See Instructions. Name of partnership Empbyet ideolibobico rather BJAV MARINE, LTD riffirir Entities Owning 50% or More of the Partnership (Form 1065, Schedule B, Question 3a) Complete columns (I) through (v) below for any foreign or domestic corporation, partnership (Including any entity treated as a partnership), trust, tax•exempt organization, or any foreign govemment that owns. drectly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership (see instructions). (0 Name of Entity (1i) Employer (v) Maximum Identification Type of Entity Country of Organization Percentage Owned Number (f any) In Profit Loss, or Capital Part II Individuals or Estates Owning 50% or More of the Partnership(Form 1065, Schedule B, Question 3b) Complete columns () through (iv) below for any individual or estate that owns, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership (see Instructions). () Name of Individual or Estate (i) Identifying (i) Country of Citizenship (see instructions) (iv) Maximum Number (if any) Percentage Owned in Profit, Less, or Capital LEON D BLACK UNITED STATES 100.00 DEBRA BLACK UNITED STATES 100.00 LHA For Paperwork Reduction Act Notice, see the Instructions for Form 1065. Schedule B-I (Form 1065) (Rev. 12-2011) 224551 050112 6 EFTA01127926 SCHEDULE C (Form 1065) Additional Information for Schedule M-3 Filers pen. December 2011) OMB No. 1545.8099 DepoerrentNCemway Ar.ach to Form 1065. See separate instructions. Inuttna1Remme Sores Name of partriershet Employs elenliSzoten number BJAV MARINE, LTD At any time during the tax year, were there any transfers between the partnership and its partners subject to the disclosure requirements of Regulations section 1.7074? 2 Do the amounts reported on Schedule Ili-3, Part II, Ines 7 or 8, column (d), reflect allocations to this partnership from another censorship of income, gain, loss, deduction, or credit that are disproportionate to this partnership's share of capital in such partnership or its rata for sharing other items of such partnership? 3 At any time during the tax year, did the partnership sell, exchange, or transfer any interest in an Intangible asset to a related person as defined in sections 267(b) and 707(b)(1)? At any time during the tax year, diddle partnership acquire any interest in an intangible asset from a related person as defined n sections 267(b) and 707(b)(1)? 5 At any time during the tax year, did the partnership make any change in accounting principle for financial accounting purposes? See instructions for a definition of change in accounting principle 6 At any time during the tax year, did the partnership make any change in a method of accounfeig for U.S. income tax purposes? ,NIA For Paperwodc Reduction Act Notice, see the Insimetions for Form 1065. Soltedule C (Forme 1086) (Rev. tt-1011) 211151 05-01.12 7 EFTA01127927 SCHEDULE M-3 het Income (Loss) ReconciliatiL..i OMB No .54501 (Form 1065) for Certain Partnerships Depart/9ml ofIN Trenton InntnW FlwantoSet Ile. Attach to Form 1065 or Form 1065-B. ► Information about Schedule M3 (Form 1065) and its instructions is at .irsgovflorm1066. 2012 Name of partnership Employer identl5c alien number BJAV MARINE, LTD This Schedule M-3 is being filed because (check all that apply): A an The amount of the partnership's total assets at the end of the tax year is equal to $10 milion or more. M The amount of the partnership's adjusted total assets for the year is equal to S10 million or more. It box B is checked, enter the amount of adjusted total assets for the tax year 25,119,720. . C 0 The amount of total receipts for the tax year is equal to $35 milbon or more. If box C is checked, enter the total receipts for the tax year D 0 An entity that is a reportable entity partner with respect to the partnership emits ors deemed to own an interest of 50 percent or more in the partnership's capital, profit, or loss, on any day during the tax year of the partnership.