...Form 1120S Department of the Treasury Internal Revenue Service U.S. Income Tax Return for an S Corporation OMB No. 1545-0123 Do not file this form unless the corporation has filed or is attaching Form 2553 to elect to be an S corporation. ▶ Information about Form 1120S and its separate instructions is at www.irs.gov/form1120s. 2014 ▶ For calendar year 2014 or tax year beginning A S election effective date TYPE B Business activity code number (see instructions) , 2014, ending , 20 Name OR PRINT D Employer identification number Number, street, and room or suite no. If a P.O. box, see instructions. E Date incorporated City or town, state or province, country, and ZIP or foreign postal code F Total assets (see instructions) C Check if Sch. M-3 attached $ Yes No If “Yes,” attach Form 2553 if not already filed G Is the corporation electing to be an S corporation beginning with this tax year? (4) (3) (5) Name change Address change S election termination or revocation Final return (2) Amended return H Check if: (1) ▶ I Enter the number of shareholders who were shareholders during any part of the tax year . . . . . . . . . Caution. Include only trade or business income and expenses on lines 1a through 21. See the instructions for more information. 1a . . . . . . . . . . . . . . 1a . . . . . . . . . . . . . . 1b Balance. Subtract line 1b from line 1a . . . . . . . . . . . . . . . . . . . Cost...
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...1120S U.S. Income Tax Return for an S Corporation S Corporations or nominated S Corporations by filing or enclosing form 2553 are authorized to file their income tax returns with 1120S U.S. Income Tax Return for an S Corporation. This five-page form requires various financial particulars in Schedule B, K, L, M1, and M2. You may choose to terminate the nomination for being an S corporation using the provision in this form. Please provide accurate and truthful particulars of income, deductions, and tax as and when requested by the form. Steps to Prepare 1120S U.S. Income Tax Return for an S Corporation Form 1120S Enter the tax year, effective date of S selection, business activity code, mark box if Schedule M3 is enclosed, enter the employer identification number, and date incorporated and total assets. Continue by typing or printing the name and address....
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...|Process Scenario |CS-1410 |On-Site Swap | | | |Create Replacement Order | | | |Create and confirm outbound delivery | | | |Create and confirm return delivery. | |Business Process | | | |Case Description | |Description of the business process setting that you will be configuring to | | | |Create replacement order in Helix – Return and ship model are different | |Check the replacement...
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...S O LU T I O N TO C O R P O R AT I O N P R AC T I C E S E T No More Ice, Inc. 1 3 4 5 6 7 No More Ice, Inc. E. I. No. 98-7654321 A Schedule Attached to and Made Part of 2012 Form 1120—U.S. Corporation Income Tax Return List of Attached Schedules Schedule O—Consent Plan and Apportionment Schedule Form 1125-A—Cost of Goods Sold Forms 8949—Sales and Other Dispositions of Capital Assets Form 4626—Alternative Minimum Tax—Corporations Schedule D—Capital Gains and Losses Schedule G (Form 1120)—Information on Certain Persons Owning the Corporation’s Voting Stock Form 1125-E—Compensation of Officers Attachment—Supporting Details 9 11 12 13 14 15 16 17 18 19 20 21 INFORMATION FOR INSTRUCTORS CORPORATION PRACTICE SET (2013-2014 EDITION) No More Ice, Inc. Following are details on some of the calculations in the solution. Observations are made on areas which the students may find more difficult. You can reduce the difficulty of the practice set if you so choose by providing your students “clues” (or even the solutions) in some or all of these areas. Paragraph references are to the facts for the practice set. 1. Computation of Cost of Goods Sold (Form 1125-A). Amounts for beginning and ending inventories and for cost of goods sold are provided. Students must “back into” the cost of purchases; e.g., Cost of Goods Sold ........................................................................... Inventory Adjustment...
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...Revised January 2016 Subject to Change Advanced Placement Examination Credit In order to receive credit for your AP exam scores, please request an official score report to be sent electronically from the College Board. You can request a score report to be sent by contacting the College Board at 1.888.308.0013 or by visiting www.collegeboard.com. AP score reports are sent to OHIO throughout the year. For a complete list of course names and descriptions, please visit Ohio University’s online catalog and search under courses. The catalog can be found at: www.catalogs.ohio.edu AP SUBJECT SCORE OHIO UNIVERSITY EQUIVALENCY SEMESTER HOURS AP SUBJECT SCORE OHIO UNIVERSITY EQUIVALENCY SEMESTER HOURS Art History (13) (ARH) 3 AH 2110 4 Comp Government & Politics (58) (GPC) 3 POLS 2300 3 4 AH 2110, AH 2120 8 4 POLS 2300 3 5 AH 2110, AH 2120 8 5 POLS 2300 3 Art Studio: 2-D Design (15) (ASG)* 3 ART 1XXL 3 Computer Science A (31) (CSA) 3 CS 2400 4 4 ART 1XXL 3 4 CS 2400 4 5 ART 1XXL 3 5 CS 2400 4 Art Studio: 3-D Design (16) (ART3D)* 3 ART 1XXL 3 Computer Science AB (33) (CSAB) 3 CS 2400 4 4 ART 1XXL 3 4 CS 2400 4 5 ART 1XXL 3 5 CS 2400 4 Art Studio: Drawing (14) (ASD)* 3 ART 1XXL...
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...Error Report For Lori Corp: o 1120 Warning: This Corporation should file forms for Tax Year 2011. o 1120 Error: The Business activity code no. is not valid; must be between 111100 and 813000 OR if applicable, enter "Inactive". o 1120 Warning: Determine whether the IRS may discuss this return with the preparer and select appropriate response box. o 1120 Warning: The amount entered as buildings and other depreciable assets at the end of tax year on Sch L does not equal the amount from Form 4562. o 1120 Warning: The amount entered as accumulated depreciation at the end of tax year on Sch L does not equal the amount from Form 4562. o 1120 Warning: The end-of-year unappropriated retained earnings reported on Sch L should equal the amount reported on Sch M-2. o 1120 Warning: The Corporation qualifies as a small corporation or is otherwise exempt from the alternative minimum tax. o 1120 Informational: Either the Yes or the No box should be checked. Override and Estimate Report For Lori Corp: o No results were found. Please review your return carefully. 2010 Tax Summary (1120) Federal Information Lori Corp 13-1928472 Total Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $700,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... Total Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . $430,900. . . . ....
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...Doyin Ogunbajo's Ultimate Golf Journal January 2011 Trans # 53 Type Invoice Date 1/2/2011 Num 2 Adj Name Yanov, Tamara Yanov, Tamara Yanov, Tamara Yanov, Tamara State Board of Equ... Memo -MULTIPLE-MULTIPLE-MULTIPLECA Sales Tax Account 1200 · Accounts Re... 4020 · Clothing Sales 1120 · Inventory As... 5000 · Cost of Goo... 2200 · Sales Tax P... Debit Credit 600.54 559.94 80.00 80.00 40.60 680.54 54 Invoice 1/2/2011 3 Costini, Maria Costini, Maria Costini, Maria Costini, Maria Costini, Maria State Board of Equ... Golf Clubs: S... -MULTIPLE-MULTIPLE-MULTIPLECA Sales Tax 1200 · Accounts Re... 4030 · Equipment S... 1120 · Inventory As... 5000 · Cost of Goo... 4010 · Accessory S... 2200 · Sales Tax P... Golf Clubs: ... Golf Clubs: ... Golf Clubs: ... CA Sales Tax 1200 · Accounts Re... 4030 · Equipment S... 1120 · Inventory As... 5000 · Cost of Goo... 2200 · Sales Tax P... Golf Bags -MULTIPLE-MULTIPLEGolf Clubs: Ir... CA Sales Tax 10% Discoun... 1200 · Accounts Re... 4010 · Accessory S... 1120 · Inventory As... 5000 · Cost of Goo... 4030 · Equipment S... 2200 · Sales Tax P... 6130 · Sales Discou... 1,034.64 750.00 362.50 362.50 214.70 69.94 1,397.14 55 Invoice 1/2/2011 4 Hammar, Azar Hammar, Azar Hammar, Azar Hammar, Azar State Board of Equ... Invoice 1/2/2011 5 Palm Springs Scho... Palm Springs Scho... Palm Springs Scho... Palm...
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...Form Department of the Treasury Internal Revenue Service A Check if: 1a Consolidated return (attach Form 851) . b Life/nonlife consolidated return . . . 2 Personal holding co. (attach Sch. PH) . . 1120 U.S. Corporation Income Tax Return For calendar year 2011 or tax year beginning Name OMB No. 1545-0123 , 2011, ending , 20 See separate instructions. 2011 Falcon Machinery Corp. B Employer identification number TYPE OR PRINT 35-0816302 C Date incorporated Number, street, and room or suite no. If a P.O. box, see instructions. 271 East Beaumont Street City or town, state, and ZIP code 07/01/1998 D Total assets (see instructions) 3 Personal service corp. (see instructions) . . 4 Schedule M-3 attached Chicago, Illinois 60612 E Check if: (1) Initial return (2) Final return (3) Name change $ (4) Address change 1a b c d e Income Merchant card and third-party payments. For 2011, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1a 1b 1c 1d . . . . . . . . . . . . . Gross receipts or sales not reported on line 1a (see instructions) . . Total. Add lines 1a and 1b . . . . . . . . . . . . . Returns and allowances plus any other adjustments (see instructions) Subtract line 1d from line 1c . . . . . . . . . . . Cost of goods sold from Form 1125-A, line 8 (attach Form 1125-A) Gross profit. Subtract line 2 from line 1e . . . . . . . . Dividends...
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...there is no state income taxes. Payroll Tax Expense 25,810 FICA Payable 22,338 FUTA Payable 3,472 Deferred Tax Asset 10,438 Federal Tax Expense 95,307 Deferred Tax Liability 105,745 Checkfigures: Here are a couple of checkfigures. I’ve given you some actual numbers and for others I’ve given you partial answers. Hopefully this is a good check for you as you complete the project. Form 1120 – Page 1 (Taxable Income) Line 20 = $XXX,190 (where XXX represents numbers) Line 25 U.S. Production Activities Deduction = 0 Line 30 = 0 Line 36 = $40,000 Form 1120 – Page 2 Line 7 = $33,000 Form 1120 – Page 5 – Schedule L (Balance Sheet) Leave beginning of year information/columns blank (columns (a) and (b)) Complete columns (c) and (d) with ending numbers. Reminder: you will get these numbers off the financial statement you prepared. Line 2b = 3X,X00 Line 10b = 1XX,XXX Line 15 = $1,581,928 Line 23 = 4XX,XXX Form 1120 – Page 5 – Schedule M-1 Reconciliation of Income (Loss) Line 2: 9X,XXX Line 8a: 3XX,XX0 Line 10: 0 Form 1120 – Page 5 – Schedule M-2 Retained Earnings Line 1 = 0 Form 4562 Line 9 = X5X,XXX Line 13= 6X,XX0 Line 19c column (d) recovery period = 7 yrs Form...
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...CHAPTER 22 – PROBLEM 50 & 51 [pic] 50. (LO3) Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75 percent, respectively. a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? |Description | | Year 1 | | Year 2 |Explanation | |Sales revenue |(1) | 175,000 |(2) | 310,000 | | |Cost of goods sold |(3) | (60,000) |(4) | (85,000) | | |Salary to Jack and Jill |(5) | (40,000) |(6) | (50,000) | | |Employee wages |(7) | (15,000) |(8) | (20,000) | | |Depreciation expense |(9) | (10,000) |(10) | (15,000) | | |Miscellaneous |(11) | (7,500) |(12) | (9,000) | | |Total expenses |(13) |(132,500) |(14) |(179,000) |Year 1: (3) + (5) + (7) + (9) + (11) | | ...
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...A C Corporation requires Form 1120 to be completed for tax purposes, while an S Corporation requires Form 1120S. Both forms contain Schedules M-1, M-2 and M-3. Schedule M-1 is used to reconcile book income to taxable income. Schedule M-2 is for analysis of accumulated adjustments. Schedule M-3 must be used, instead of Schedule M-1, if a corporation has total assets of $10 million or more. (Department of the Treasury, 2015) In order to reconcile for the ABC Company as a C Corporation, using Schedule M-1, we start with net income per books, add the amount of income tax owed as well as expenses (ex. the casualty loss; the charitable contribution), then subtract tax exempt interest (dividend income) and other deductions in order to arrive at taxable income. (Department of the Treasury, 2015) In order to reconcile for the ABC Company as an S Corporation, using Schedule M-1, we start with net income per books, add income and expenses from Schedule K, then subtract tax exempt interest and other deductions from Schedule K in order to arrive at taxable income. (Department of the Treasury, 2015) I recommend that the ABC Company remains a C Corporation, and does not apply for S Corporation status at the end of the year. Historically, ABC Company has experienced a loss every other year. Year 6 and year 8 had net short-term capital losses. If the trend continues, it can be expected that ABC Company will experience a net loss for year 10. Since net operating losses cannot be carried...
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...Case analysis Texas Air, Inc. I. Main Problem * Pricing Strategy Sub problem: * Late departures * Poor service and safety II. Objectives * To defend its price leadership over its competitors in the airline industry. * To amend its pricing strategy to avoid massive losses. * To shun being the lowest rank out of fourteen major airline in its evaluation on time arrival. * To improve service and safety of the Texas Air Inc. III. SWOT analysis Strengths * Price leadership * Largest airline system * High number of established, high frequency discount rates Weaknesses * Poor service and safety * Ultra low-fares Opportunities * Growth and expansion * partnership Threats * Competition * Passengers complaints IV. Alternative Course s of Actions (ACAs) ACA1. Texas Air Inc. will now be increasing its price by 30%. Expect high quality service would be given to its consumers. ACA2. Set aside pricing philosophy Peanut and MaxSaver fares. V. Recommendation We decided to adapt ACA1 because this can be better strategic move for the Texas Air Inc. In this strategy, they can avoid passenger’s complaints such as late departures, canceled flights and dirty planes. We believe that they can give their passengers a high quality services. VI. Marketing Strategy Executive Summary: Early in 1987, Texas Air bought Eastern Airlines and the financially troubled People Express. Texas merged Continental, New York...
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...CRU Computer Rentals (Operational Management Assignment) Executive Summary CRU is one of the two national computer rental companies. They purchase CPU, monitor, printer and other peripherals and rent them out for long term leases and short term rentals. The case covers the problem faced by the company in 1997 when the rental market started to decline and the efforts by the company to bring up the sales plunged the company to losses. Problem Statement In 1996, they had a revenue of 15 million$ and the average number of units that were on rent was at 1000 units per week. But at the beginning of 1997, the rental market began to decline and the demand fell down to 600units per week at CRU. This was a matter of grave concern to CRU and they desperately thought of ways to bring up the utilization rate. To get around the issue, they started offering some customer incentives and also started offering bonus payments to the sales staff for new demand generated. As a result of this, the sales went up to 1400 per week with 600 of them going for 8 weeks and the remaining for 4 weeks. The average time per buffer was kept the same as that of 1996. As a result of this effort, the revenues and utilization rates went up. But contrary to the expectations of the CEO who considered utilization rate as a good figure of performance of the company, the net profit went negative. The problems here are as listed below. 1) What went wrong with the decision to launch the sales drive? What...
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...INSTRUCTIONS FOR FILING 2010 U.S. CORPORATION INCOME TAX RETURN April 08, 2011 SIGNATURE: An authorized officer of the corporation should sign and date the return at the bottom of the first page. FILING: File your 2010 Form 1120, U.S. Corporation Income Tax Return, (or Form 1120-H, U.S. Income Tax Return for Homeowners Associations) with: Department of the Treasury Internal Revenue Service Center Cincinnati, OH 45999-0012 File your 2010 Form 1120/1120-H on or before: March 15, 2011 The IRS may treat tax returns and estimated tax payments that are lost in the mail as not filed on time, unless you send them by registered or certified mail. To avoid the risk of your tax return being lost, mail it via (1) certified U.S. mail, return receipt requested, or (2) one of the private delivery services listed in the IRS instructions under "When to File." Save the receipt, and you will be presumed to have timely filed your return - even if it is not received by the IRS. TAX DUE OR REFUND, OVERPAYMENT, ESTIMATED TAXES: No tax is due with your Federal income tax return. Form 1120 U.S. Corporation Income Tax Return For calendar year 2010 or tax year beginning , 2010, ending G See separate instructions. Name OMB No. 1545-0123 Department of the Treasury Internal Revenue Service , B C 2010 Employer identification number A Check if: 1 a Consolidated return b 2 3 4 (attach Form 851) Life/nonlife consolidated return Personal holding co (attach Sch PH)...
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...Legal Forms of Business Paper University of Phoenix LAW/531 Aaron Gershonowitz November 7, 2011 Legal Forms of Business There are many different forms of business in today’s society. They run from sole proprietorship to corporate form. When someone wants to start a business, he/she has to decide what form of business he/she wants to be a part of. Of all the forms of business out there, this paper will be discussing seven of them, along with scenarios that each of these seven forms would be preferred. The forms of business being discussed in this paper will be: sole proprietorship, general partnership, limited liability partnership, Limited Liability Company, S corporation, franchise, and corporate form. Sole Proprietorship A sole proprietorship is a business that is owned by one person. Someone new to the business world would want to start out having this type of business if he/she wants to keep the business small. There are several major advantages to operating a business as a sole proprietorship, and they include the following: • Forming a sole proprietorship is easy and does not cost a lot. • No federal or state government approval is required. • The owner has the right to make all management decisions concerning the business, including those involving hiring and firing employees. • The sole proprietor owns all of the business and has the right to receive all of the business’s profits. • A sole proprietorship can...
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