{"id":5212,"date":"2019-12-20T23:09:34","date_gmt":"2019-12-20T12:09:34","guid":{"rendered":"https:\/\/casestudyhelp.com\/sample-questions\/?p=5212"},"modified":"2019-12-20T23:09:34","modified_gmt":"2019-12-20T12:09:34","slug":"get-answers-financial-statements-and-prepare-a-corporate-tax-return-project","status":"publish","type":"post","link":"https:\/\/casestudyhelp.com\/sample-questions\/get-answers-financial-statements-and-prepare-a-corporate-tax-return-project\/","title":{"rendered":"(Get Answers) Financial Statements and Prepare A Corporate Tax Return Project"},"content":{"rendered":"
\n

Are You Looking for Financial Statements and Prepare A Corporate Tax Return Project Assignment Question to Answers<\/strong><\/a> Solution?\u00a0If your adjusted gross income for 2019 was less than $69,000, you can file your\u00a0federal tax return.<\/em> Get Taxation Law Assignment Australia<\/strong><\/a>,\u00a0Australian Law Assignment<\/strong><\/a> &\u00a0Taxation Law Assignment Help<\/strong><\/a> from PhD\/MBA Experts at cost-effective rates? Acquire HD Quality research work with 100% Plagiarism free content<\/p>\n<\/blockquote>\n

\"Order-now\"<\/a><\/p>\n

Save the Guppies, Inc.<\/strong><\/p>\n

Federal Tax Return<\/strong><\/h2>\n

FACTS<\/strong><\/p>\n

Save the Guppies, Inc. is owned by James Molly and his wife, Mary Molly. The corporation manufactures stuffed polar bears (business activity code number 339900). The corporation has reported positive financial and taxable incomes since inception.<\/p>\n

The company is located at 123 Guppies Way, Washington, DC 20001. The company’s employer identification number is 12-3456789, and corporation uses a calendar year for tax purposes. The date of incorporation was February 19, 2011.<\/p>\n

James Molly (social security number 000-00 -0000) is a 53 percent shareholder and president of the company. Mary Molly (social security number 222-22-2222) is a 47 percent shareholder and vice president of the company. Both persons devote 100 percent of their time to the corporation. James\u2019s compensation is $131,468 per year, and Mary\u2019s compensation is $116,585 per year.<\/p>\n

The following additional pertinent facts apply to Save the Guppies, Inc.:<\/p>\n

    \n
  • It is not a personal holding company;<\/li>\n
  • The corporation is a closely-held C corporation and it does not engage in activities to which the at-risk or passive activity loss limitations would apply.<\/li>\n
  • Tax returns are filed on the accrual method.<\/li>\n
  • Inventory is valued at Cost under the FIFO method using the full absorption procedure.<\/li>\n
  • Internal Revenue Code Section 263A does not apply, as Save the Guppies; Inc. meets the \u2018small business exception\u2019.<\/li>\n
  • Business interest deduction does not apply as Save the Guppies; Inc. meets the small business exception.<\/li>\n
  • Accounting records of the corporation are computerized.<\/li>\n<\/ul>\n

    ADDITIONAL INFORMATION<\/strong><\/p>\n

      \n
    1. Save the Artic, Inc. made estimated tax payments attributable to 2019 of $45,000. The corporation also had a credit from an over payment of its prior year Federal income taxes of $12,000 that it elected to apply against its 2019 tax liability. Apply any over payment to 2020.<\/li>\n<\/ol>\n
        \n
      1. Ignore state income taxes.<\/li>\n<\/ol>\n
          \n
        1. Dividend income is from the following sources:<\/li>\n<\/ol>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
          Go Cold Inc (Save the Guppies owns 75% of all outstanding stock)……….<\/td>\n$ 12,999<\/td>\n<\/td>\n<\/tr>\n
          WeRtheWorld (owns 12% of all outstanding stock) \u2026………………………..<\/td>\n20,000<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
          SaveBears, Inc. (owns 25% of all outstanding) \u2026\u2026………………………….<\/td>\n17,001<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
          Total…………………………………………………………………………………………<\/td>\n<\/td>\n$<\/span><\/td>\n50,000<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
          <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
          4.\u00a0 An analysis of the Allowance for Doubtful Accounts reveals:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
          Balance, 01\/01\/19…………………………………………………………………………………………<\/td>\n$38,111<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
          2019 Transactions–<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
          Provision for bad debts…………………………………………………………………….<\/td>\n4,554<\/td>\n<\/td>\n<\/tr>\n
          Recoveries of bad debts……………………………………………………………………<\/td>\n-0-<\/td>\n<\/td>\n<\/tr>\n
          Accounts written off as uncollected…………………………………………………<\/td>\n<\/td>\n(2,877)<\/td>\n<\/tr>\n
          ………………………………………………………………………Balance,12\/31\/19<\/td>\n<\/td>\n$<\/span>39,788<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
            \n
          1. Goodwill of $34,500 arose on purchase of another business on 01\/31\/17. Amortization is not being taken for financial purposes.<\/li>\n<\/ol>\n
              \n
            1. Assume that deductions for tax depreciation (i.e., Modified Accelerated Cost Recovery) for the year total $130,500. For this practice set do not complete Form 4562 (Depreciation and Amortization).<\/li>\n<\/ol>\n
                \n
              1. $94,530 of the Accrued Wages as of 12\/31\/18 were paid by 3\/15\/19. $92,547 of the Accrued Wages as of 12\/31\/19 were paid by 3\/15\/20. The M-1 should be adjusted through the Wage Expense.<\/li>\n<\/ol>\n

                 <\/p>\n

                  \n
                1. Contributions included:<\/li>\n<\/ol>\n

                   <\/p>\n

                  Save the Seal (a 501(c)(3) Org)…………………………………………………………..<\/p>\n

                   <\/p>\n

                  Committee to Elect Senator Edward Greenpeace\u2026\u2026\u2026\u2026\u2026…………………… Save the Whales Org (a 501(c)(3) Org)\u2026………………………………………………<\/p>\n

                   <\/p>\n

                  Total…………………………………………………………………………………………..<\/p>\n

                   <\/p>\n

                  $4,150<\/p>\n

                   <\/p>\n

                  1,200<\/p>\n

                   <\/p>\n

                  2,873<\/span><\/p>\n

                   <\/p>\n

                  $8,223<\/span><\/p>\n


                  \n<\/span><\/p>\n

                   <\/p>\n

                  All contributions were paid in cash during the year except for Save the Whales Org contribution which was pledged by the corporation (i.e., approved by the Board of Directors) on December 2 7, 2019 and paid on March 30, 2020.<\/p>\n

                  \n

                    \n
                  1. Included in interest income is $1,500 from Washington DC General Obligation Bonds held throughout the current year. These bonds are included in the marketable securities account.<\/li>\n<\/ol>\n
                      \n
                    1. On 05\/07\/19 the corporation sold 2,580 shares of SaveBears, Inc. common stock for $14,913. The stock had been purchased on 04\/30\/14 for $17,001.<\/li>\n<\/ol>\n

                      \n

                        \n
                      1. Disregard any penalty on underpayment of estimated tax.<\/li>\n<\/ol>\n

                        \n

                          \n
                        1. Meals expense related to various employee and owner lunches where they discussed various aspects of the business.<\/li>\n<\/ol>\n

                          REQUIRED<\/strong><\/h3>\n

                          From the above information, prepare Save the Guppies, Inc.’s 2019 Federal income tax return (Form 1120), including all needed supporting statements, schedules, and forms. Unless otherwise noted, assume Save the Guppies, Inc. follows the policies of making all elections to minimize its current income taxes and, to the extent possible, of conforming procedures for financial and tax accounting. Round amounts to the nearest dollar. If additional information is needed, make realistic assumptions and fill in all required data. The forms that you will need to complete include Forms 1120, 1125-A, 1125-E, Schedule D and Schedule G. These forms can be found at http:\/\/apps.irs.gov\/app\/picklist\/list\/formsPublications.html<\/span>. Y<\/strong> o u are required to use the 2018 income tax forms (these are the most current \u2018finalized\u2019 forms available.\u00a0\u00a0 If you have any question, refer to your textbook to apply the most current law per South-Western 2020 Corporations, Partnerships, and Estates & Trusts. <\/strong>You will complete these forms in the PDF format. Just type or neatly write in the amounts on the various lines and then print those forms off when complete. I will not accept electronic documents. Instructions to the Forms can be very beneficial in the preparation of the tax forms.<\/p>\n

                           <\/p>\n

                          Save the Guppies, Inc.<\/p>\n

                          BALANCE SHEET<\/p>\n

                          For the Year Ending December 31, 2019<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                          <\/td>\n<\/td>\n<\/td>\n<\/td>\nBeginning<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nEnding<\/td>\n<\/tr>\n
                          ASSETS<\/td>\n<\/td>\n<\/td>\nof Year<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nof Year<\/td>\n<\/tr>\n
                          Current Assets:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Cash & Marketable Securities<\/td>\n$<\/td>\n412,985<\/td>\n$<\/td>\n398,774<\/td>\n<\/td>\n<\/tr>\n
                          Accounts Receivables<\/td>\n<\/td>\n<\/td>\n178,954<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n187,954<\/td>\n<\/td>\n<\/tr>\n
                          Allowance for Doubtful Accounts<\/td>\n<\/td>\n<\/td>\n(38,111)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n(39,788)<\/td>\n<\/tr>\n
                          Inventory<\/td>\n<\/td>\n<\/td>\n315,874<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n305,111<\/td>\n<\/td>\n<\/tr>\n
                          Total Current Assets<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          <\/td>\n<\/td>\n869,702<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n852,051<\/td>\n<\/td>\n<\/tr>\n
                          Machinery, Building and Land:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Machinery<\/td>\n$<\/td>\n458,784<\/td>\n$<\/td>\n475,880<\/td>\n<\/td>\n<\/tr>\n
                          Less: Accumulated Depreciation<\/td>\n<\/td>\n<\/td>\n(175,845)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n(247,215)<\/td>\n<\/tr>\n
                          Building<\/td>\n<\/td>\n<\/td>\n575,998<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n575,998<\/td>\n<\/td>\n<\/tr>\n
                          Less: Accumulated Depreciation<\/td>\n<\/td>\n<\/td>\n(136,557)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n(151,326)<\/td>\n<\/tr>\n
                          Land<\/td>\n<\/td>\n<\/td>\n98,547<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n98,547<\/td>\n<\/td>\n<\/tr>\n
                          Total Equipment, Building and Land<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          $<\/td>\n820,927<\/td>\n<\/td>\n$<\/td>\n751,884<\/td>\n<\/td>\n<\/tr>\n
                          Other Assets:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n28,425<\/td>\n<\/td>\n<\/tr>\n
                          Goodwill<\/td>\n<\/td>\n<\/td>\n28,425<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          TOTAL ASSETS<\/td>\n$<\/td>\n1,719,054<\/td>\n$<\/td>\n1,632,360<\/td>\n<\/td>\n<\/tr>\n
                          <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          LIABILITIES AND SHAREHOLDER EQUITY<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Current Liabilities:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Accounts Payable<\/td>\n$<\/td>\n154,787<\/td>\n$<\/td>\n145,987<\/td>\n<\/td>\n<\/tr>\n
                          Accrued Wages<\/td>\n<\/td>\n<\/td>\n124,530<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n112,547<\/td>\n<\/td>\n<\/tr>\n
                          Note Payable (less than one year)<\/td>\n<\/td>\n<\/td>\n98,541<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n99,897<\/td>\n<\/td>\n<\/tr>\n
                          Total Current Liabilities<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          <\/td>\n$<\/td>\n377,858<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n358,431<\/td>\n<\/tr>\n
                          Notes Payable (one year or more)<\/td>\n<\/td>\n<\/td>\n329,028<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n228,004<\/td>\n<\/td>\n<\/tr>\n
                          Total Liabilities<\/td>\n$<\/td>\n706,886<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n586,435<\/td>\n<\/td>\n<\/tr>\n
                          Common Stock (200,000 shares authorized, 19,702<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          shares issued and outstanding, $10 par)<\/td>\n$<\/td>\n98,754<\/td>\n$<\/td>\n98,754<\/td>\n<\/td>\n<\/tr>\n
                          Additional Paid in Capital<\/td>\n<\/td>\n<\/td>\n589,445<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n589,445<\/td>\n<\/td>\n<\/tr>\n
                          Retained Earnings<\/td>\n<\/td>\n<\/td>\n323,969<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n357,726<\/td>\n<\/td>\n<\/tr>\n
                          Total Shareholders’ Equity<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1,012,168<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1,045,925<\/td>\n<\/td>\n<\/tr>\n
                          TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY<\/td>\n$<\/td>\n1,719,054<\/td>\n$<\/td>\n1,632,360<\/td>\n<\/td>\n<\/tr>\n
                          <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                           <\/p>\n\n\n\n\n\n\n\n\n
                          <\/td>\nSTATEMENT OF RETAINED EARNINGS<\/td>\n<\/td>\n<\/tr>\n
                          Beginning Retained Earnings<\/td>\n$<\/td>\n323,969<\/td>\n<\/tr>\n
                          Net Income for the Year<\/td>\n<\/td>\n<\/td>\n<\/td>\n421,094<\/td>\n<\/tr>\n
                          Dividend Paid in Cash<\/td>\n<\/td>\n<\/td>\n<\/td>\n(387,337)<\/td>\n<\/tr>\n
                          Ending Retained Earnings<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          $<\/td>\n357,726<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                           <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                          Save the Guppies, Inc.<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          INCOME STATEMENT<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          For the Year Ending December 31, 2019<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Revenue:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Sales<\/td>\n$<\/td>\n13,750,000<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Returns & Allowance<\/td>\n<\/td>\n(29,887)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Net Sales<\/td>\n<\/td>\n13,720,113<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Purchases<\/td>\n<\/td>\n(12,200,942)<\/td>\n<\/td>\n<\/tr>\n
                          Gross Profits<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n1,519,171<\/td>\n<\/tr>\n
                          Operating Expenses<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Officer Wages<\/td>\n$<\/td>\n248,053<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Wage Expense<\/td>\n<\/td>\n512,450<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Rent Expense<\/td>\n<\/td>\n36,000<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Interest Expense<\/td>\n<\/td>\n58,331<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Penalty Expense<\/td>\n<\/td>\n2,300<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Advertising Expense<\/td>\n<\/td>\n10,589<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Contributions<\/td>\n<\/td>\n8,223<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Bad Debt Expense<\/td>\n<\/td>\n4,554<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Depreciation Expense<\/td>\n<\/td>\n125,987<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Officer’s Life Insurance Premiums<\/td>\n<\/td>\n11,125<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Payroll Taxes<\/td>\n<\/td>\n64,993<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Repairs and Maintenance<\/td>\n<\/td>\n10,987<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Meals<\/td>\n<\/td>\n6,800<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Miscellaneous Expense<\/td>\n<\/td>\n15,997<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Total Operating Expenses<\/td>\n<\/td>\n<\/td>\n<\/td>\n$<\/td>\n(1,116,389)<\/td>\n<\/tr>\n
                          <\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Net Income from Operations<\/td>\n<\/td>\n<\/td>\n$<\/td>\n402,782<\/td>\n<\/tr>\n
                          Other Income and Loss:<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Dividend Income<\/td>\n$<\/td>\n50,000<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Interest Income<\/td>\n<\/td>\n3,150<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Loss on the Sale of Stock<\/td>\n<\/td>\n(2,088)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n51,062<\/td>\n<\/tr>\n
                          <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          Net Income (Loss) before Income Tax<\/td>\n<\/td>\n$<\/td>\n453,844<\/td>\n<\/tr>\n
                          Federal Income Tax Expense<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n(32,750)<\/td>\n<\/tr>\n
                          Net Income<\/td>\n<\/td>\n<\/td>\n$<\/td>\n421,094<\/td>\n<\/tr>\n
                          <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                           <\/p>\n

                          You will need to take the information in these Financial Statements and prepare a Corporate Tax return.\u00a0 All the information that is needed to complete the return is contained in these financial statements and footnotes.<\/p>\n

                          Here are some check figures from the Form 1120:
                          \nLine 11 – Total Income:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,570,821
                          \nLine 27 – Total deductions:\u00a0 \u00a0 \u00a0 1,110,627
                          \nLine 30 – Taxable Income:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0430,694<\/p>\n

                          *Please note:\u00a0 You are required to compute the tax return using the tax rules that we learned through the semester contained in the 2020 South-Western Corporations, Partnerships, Estates and Trusts Textbook.<\/p>\n

                          You are required to complete these assignments using the South-Western material and class notes you have compiled during the semester.\u00a0 You will not consult any third-party resources other than those identified
                          \nabove.<\/p>\n

                          The material contained in this assignment in strictly proprietary and the property of the instructor.\u00a0 If this material or any portion of it is uploaded to any third-party websites or shared with any third-parties, outside of your peers, the instructor reserves the right to issue a zero on this assignment to all deemed to have violated these instructions.
                          \nGood luck to everyone.<\/p>\n

                           <\/p>\n

                          Reference ID:\u00a0#getanswers19120009<\/span><\/strong><\/p>\n