WE WRITE CUSTOM ACADEMIC PAPERS

100% Original, Plagiarism Free, Tailored to your instructions

Order Now!

Corporate Tax Returns

Corporate Tax Returns
Corporate Tax Return through https://taxpro.intuit.com/proseries _requestid=26795

Part 1: Trust and Estate Corporate Return

Part 2: Partnership Return.
Trust and Estates – Part 1 (175 Points)

For this assignment, you will complete two tax returns (Corporation Return and Partnership Return), for 175 points each. You may use the tax software found at http://accountants.intuit.com/tax/proseries/
Please note there is a limit of 5 returns per session.
PART I – Tax Return #1, Corporate Return

Background
Jane Collier, James Taye, and Steve Allwine each own one-third of the common stock of Tasty Treats and Beverages. The corporation was incorporated on April 3, 2004. It has only one class of stock outstanding and operates as a C corporation for tax purposes. Tasty Treats and Beverages caters kid-friendly social events.
• Located at 1215 Blue Horizon, Dallas, TX 12234.
• Employer Identification Number is 12-34567890.
• Business activity is catering food. Its business activity code is 722300.
• The shareholders also work as officers for the corporation as follows:
• Jane is the chief executive officer and president (Social Security number 242-62-5786).
• James is the executive vice president and chief operating officer (Social Security number 563-58-8923).
• Steve is the vice president of finance (Social Security number 575-58-1572).
• All officers devote 100% of their time to the business
• All officers are U.S. citizens.
• Use the accrual method of accounting and have a calendar year-end.
• Four equal estimated tax payments of $28,000 each quarter. Its tax liability last year was $85,000.
• If it has overpaid its federal tax liability, the corporation would like to receive a refund.
• Dividend paid of $20,000 to its shareholders on October 1. The Corporation had ample earnings and profits (E&P) to absorb the distribution.
Financial Statements
Tasty Treats and Beverages, Inc.
Income Statement
For year ended December 31, 2013

Revenue from sales 1,500,000
Sales returns and allowances (25,000)
Cost of goods sold (325,000)
Gross profit from operations 1,150,000

Other Income:
Capital loss (7,500)
Dividend income 15,000
Interest income 12,000
Gross income 1,169,500

Expenses:
Compensation (750,000)
Depreciation (12,000)
Bad debt expense (7,800)
Meals and entertainment (3,000)
Maintenance (2,500)
Property taxes (10,000)
State income taxes (30,000)
Other taxes (11,000)
Rent (28,000)
Interest (7,300)
Advertising (6,200)
Professional services (5,000)
Employee benefits (8,000)
Supplies (2,500)
Other expenses (1,750)
Total expenses (885,050)

Income before taxes 284,450
Federal income tax expense 96,713
Net income after taxes 187,737

Tasty Treats and Beverages, Inc.
Balance Sheet
December 31, 2013

ASSETS January 2013 December 2013
Cash 175,000 190,000
Accounts Receivable 63,000 54,000
Allowance for doubtful accounts (8,000) (7,000)
Inventory 225,000 275,000
US government bonds 30,000 25,000
State and local bonds 50,000 50,000
Investments in stock 325,000 335,000
Fixed assets 475,000 485,000
Accumulated depreciation (198,000) (215,000)
Other assets 11,000 12,000
Total assets 1,148,000 1,204,000

Liabilities and Stockholder’s Equity
Accounts payable 225,000 200,000
Other current liabilities 135,000 55,000
Other liabilities 75,000 68,263
Capital stock 250,000 250,000
Retained earnings 463,000 630,737
Total liabilities and stockholder’s equity 1,148,000 1,204,000

Additional Information
• Inventory-related purchases during 2013 were $175,000. It values its inventory based on cost using the FIFO inventory cost flow method. Assume the rules of §263A do not apply.
• Of the $12,000 interest income, $1,500 was from a City of Dees bond that was used to fund public activities (issued in 2011), $1,750 was from an Border city bond used to fund private activities (issued in 2004), $2,500 was from a U.S. Treasury bond, and the remaining $6,250 was from a money market account.
• Dividend income came from ABC Inc. Owned 10,000 shares of the stock in ABC Inc. at the beginning of the year. This represented 10 percent of outstanding stock.
• On September 1, 2013, the corporation sold 1,000 shares of its ABC stock for $15,000. It had originally purchased these shares on June 13, 2006, for $7,500. After the sale, the Corporation owned 9 percent of ABC.
• compensation is as follows:
• Jane $175,000
• James $150,000
• Steve $150,000
• Other $275,000
• The Corporation wrote off $10,000 in accounts receivable as uncollectible during the year.
• Regular tax depreciation was $28,000. None of the depreciation should be claimed on Form 1125A.
• The $7,300 interest expense was from a business loan.
• Other expenses include $3,000 for premiums paid on term life insurance policies for which Tasty Treats and Beverages, Inc. is the beneficiary. The policies cover the lives of Jane, James, and Steve.

Our Service Charter

  1. Excellent Quality / 100% Plagiarism-Free

    We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers.
  2. Free Revisions

    We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed.
  3. Confidentiality / 100% No Disclosure

    We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service.
  4. Money Back Guarantee

    If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit.
  5. 24/7 Customer Support

    We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.

Excellent Quality
Zero Plagiarism
Expert Writers

Instant Quote

Instant Quote
Subject:
Type:
Pages/Words:
Single spaced
approx 275 words per page
Urgency (Less urgent, less costly):
Level:
Currency:
Total Cost: NaN

Get 10% Off on your 1st order!