The writer is very fast, professional and responded to the review request fast also. Thank you.
Book/movie review
22/08/2022
The tax return projects consists of preparing a C corporation return, part of an S corporation return, and part of a partnership return. These returns are drawn from problems 4, 6, and 5 in Appendix E of South-Western’s Federal Taxation Comprehensive Volume (2021) with the following additional information. Use 2020 forms.
Prepare the federal income tax return on the appropriate IRS forms. (Even if you use a software program, you must turn in manual entries on IRS forms.) Copies of those forms and instructions are available at www.irs.gov. Form 1125-A is required if there is inventory. You will need to prepare pp. 1-6 of the 1120. Also prepare Form 1125-E and Schedule G if necessary. You will not need to prepare (insufficient detail) Form 4562. Please prepare M-1 instead of M-3.
Prepare a brief top sheet summarizing the factual information in the format of the tax formula.
You might want to start with page 1 of the 1120 and manually make entries (Pencil recommended). You might also want to work out the figures for the tax formula roughly first before beginning the return.
Taxable Income, L. 30 508,000; M-1 line 1 397,320; M-1, line 10 514,000
Schedule L is book basis, not tax basis.
Per the syllabus, manual return is 33 points, plus 10 points extra credit.
.
S Corporation Return:
Comprehensive Problem (Premium, Inc.)
Prepare Schedule K, M-1, M-2, K-1 (K-1 for George Smith)
1120S page 1 line 21 ordinary business income 639,574
Schedule L
Schedule K complete to following lines:
1, 4, 12a, 16c, 16d, 17a, 18
K-1 (George Smith) complete K-1, including the following lines:
1, 4, 12a, 16c, 16d, 17a, 17v (17v is QBI deduction information: QBI, W-2 wages (given in the problem), UBIA)
Schedule M-2 – line 8 (a) 715,722 (b) 0 (c ) 0 (d) 0
Lines 3 & 5 (a) have separately stated and nondeductibles
Schedule M-2 line 1: (a) 111,148
Schedule M-1 line 1: 704,574; Line 8: 719,574
Partnership return:
Comprehensive Problem (ROCK the Ages LLC), Appendix E
Prepare Schedule K, M-1, M-2 (book basis), K-1 (Ryan Ross). Please prepare M-1 rather than M-3.
1065 page 1 line 22 ordinary business income 979,200; Schedule L is book basis.
Schedule K, complete the following lines:
1, 4a&c, 5, 8, 9a, 12, 13a, 14a, 14c, 18a, 18c, 19a, 20a
Schedule K-1 (Ryan Ross) complete K-1, including the following:
1, 4a&c, 5, 8, 9a, 12, 13a, 14a, 14c, 18a, 18c, 19a, 20a, 20z (20z is QBI deduction information: QBI, W-2 wages, UBIA)
M-1 line 1 840,000 line 9 2,336,800
M-2 line 1 800,000 line 9 640,000
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more