Corporation tax return for bottle-up

Reference no: EM13759302

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 is 1234 Hill Street 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 prepare.

Required tax forms: 1120S (pages 1-5)

1125A

4797

Schedule D

Schedule k-1 (1 for each shareholder)

Reference no: EM13759302

Questions Cloud

Program specifications for a simple business problem : Given a set of program specifications for a simple business problem utilizing a modular design, code and test a program that meets the specifications and employs best programming practices.

Implementing organizational development interventions : Describe Organizational Development (OD)? How is it applied in your organization? When implementing Organizational Development (OD) interventions, how should managers deal with people who have low self-efficacy?

Munger mental models : In his article "A Lesson on Elementary, Worldly Wisdom as it Relates to Investment Management & Business," Charles Munger (1995) wrote about tools, techniques, and critical skills that great managers need to develop.

Solve the systems of equations by graphing : Need help solving a math question Solve the systems of equations by graphing. Check your solution.Y=-4x+23y+12x=6

Corporation tax return for bottle-up : 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 ..

Listening skills that you do well and two : Review the main principles of effective listening, and select two (2) listening skills that you do well and two (2) listening skills upon which you could improve. Next, create a scenario in which you could implement the improvements that you have sel..

Consider a sequence of bernoulli trials x1 : Consider a sequence of Bernoulli trials X1, X2, X3,..., when Xn =1 or 0. Assume Pr{Xn=1 l X1, X2, ..., X(n-1)} >= alpha > 0, n=1,2,...Prove that :a) Pr{Xn =1 for some n} = 1b) Pr{Xn =1 infinitely often} =1

Develop a checklist for child and environmental factors : Develop a checklist for Child, Family factors and Environmental factors. An overview of processes you would use to gather information prior to making a referral.

Plant growth : The plant grows with energy.

User Account

All Pages