The writer is very fast, professional and responded to the review request fast also. Thank you.
Book/movie review
22/08/2022
C:11-63
Bottle-Up, Inc., was organized on January 8, 2003, and made its S election on January 24, 2003. The necessary consents to the election were filed in a timely manner. Its address isXXXXX City, ST 33333. Bottle-Up uses the calendar year as its tax year, the accrual method of accounting, and the first-in, first-out (FIFO) inventory method. Bottle-Up manufactures ornamental glass bottles. It made no changes to its inventory costing methods this year. It uses the specific identification method for bad debts for book and tax purposes. Herman Hiebert and Melvin Jones own 500 shares each. Both individuals materially participate in Bottle-Up’s single activity. Herman Hiebert is the tax matters person. Financial statements for Bottle-Up for the current year are shown in Tables C: 11-2 through C: 11-4. Assume that Bottle-Up’s business qualifies as a U.S. production activity and that its qualified production activities income is $90,000. The S corporation uses the small business simplified overall method for reporting these activities (see discussion for Line 12d of Schedules K and K-1 in the Form 1120S instructions). Prepare a 2012 S corporation tax return for Bottle-Up, showing yourself as the paid preparer.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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