f1120
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f1120

Course: HOMEWORK AC420, Spring 2011

School: Kaplan University

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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 For calendar year 2010 or tax year beginning U.S. Corporation Income Tax Return , 2010, ending OMB No. 1545-0123 , 20 See separate instructions. 2010 Name B Employer identification number C Date...

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Department Form 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 For calendar year 2010 or tax year beginning U.S. Corporation Income Tax Return , 2010, ending OMB No. 1545-0123 , 20 See separate instructions. 2010 Name B Employer identification number C Date incorporated D Total assets (see instructions) Print or type Number, street, and room or suite no. If a P.O. box, see instructions. City or town, state, and ZIP code Initial return (2) Final return (3) Name change 3 Personal service corp. 4 Schedule M-3 attached (see instructions) . . $ E Check if: (1) (4) c Bal Address change 1a 2 3 4 5 6 7 8 9 10 11 Deductions (See instructions for limitations on deductions.) Income Gross receipts or sales Cost of goods sold (Schedule A, line 8) . Gross profit. Subtract line 2 from line 1c . Dividends (Schedule C, line 19) . . . Interest . . Gross rents . Gross royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b Less returns and allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1c 2 3 4 5 6 7 8 9 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital gain net income (attach Schedule D (Form 1120)) . . . . Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (see instructions--attach schedule) . . . . . . Total income. Add lines 3 through 10 . . . . . . . . . . Compensation of officers (Schedule E, line 4) Salaries and wages (less employment credits) Repairs and maintenance . . . . . . Bad debts . . . . . . . . . . . Rents . . . . . . . . . . . . 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32a b c e f g 33 34 35 36 . . . . . . . . . . . . . . 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taxes and licenses . . Interest . . . . . Charitable contributions . . . . . . . . . . . . . . . . . . . Depreciation from Form 4562 not claimed on Schedule A or elsewhere on return (attach Form 4562) Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . Pension, profit-sharing, etc., plans . . . . . . . . Employee benefit programs . . . . . . . . . . Domestic production activities deduction (attach Form 8903) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other deductions (attach schedule) . . . . . . . . . . . . . . . . . . . . . Total deductions. Add lines 12 through 26 . . . . . . . . . . . . . . . . . . . Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11. Less: a Net operating loss deduction (see instructions) b Special deductions (Schedule C, line 20) . . Total tax (Schedule J, line 10) . . 2009 overpayment credited to 2010 2010 estimated tax payments . . . . . . . . 32a 32b . . . . . . . . . . . . . . . . . . . . . . . . . . . 29a 29b . . . . . . 26 27 28 29c 30 31 Tax, Refundable Credits, and Payments Taxable income. Subtract line 29c from line 28 (see instructions) . . . . . . . . . . 2010 refund applied for on Form 4466 Tax deposited with Form 7004 . . . Credits: (1) Form 2439 . 32c ( . . . . . (2) Form 4136 . . . ) d Bal . . . 32d 32e 32f . . . . . . Refundable credits from Form 3800, line 19c, and Form 8827, line 8c . . . 32g Estimated tax penalty (see instructions). Check if Form 2220 is attached . . . . . Amount owed. If line 32h is smaller than the total of lines 31 and 33, enter amount owed . . 32h 33 34 35 36 May the IRS discuss this return with the preparer shown below (see instructions)? Yes No Overpayment. If line 32h is larger than the total of lines 31 and 33, enter amount overpaid . Enter amount from line 35 you want: Credited to 2011 estimated tax . . . . Refunded Sign Here Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Paid Preparer Use Only For Paperwork Reduction Act Notice, see separate instructions. Signature of officer Print/Type preparer's name Date Preparer's signature Title Date Check if self-employed Firm's EIN Phone no. PTIN Firm's name Firm's address Cat. No. 11450Q Form 1120 (2010) Form 1120 (2010) Page 2 Schedule A 1 2 3 4 5 6 7 8 9a Cost of Goods Sold (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 3 4 5 6 7 8 Inventory at beginning of year Purchases . . . . . . Cost of labor . . . . . Additional section 263A costs (attach schedule) . Other costs (attach schedule) . . . . . . Total. Add lines 1 through 5 . . . . . . . Inventory at end of year . . . . . . . . . . . . . . . . . Cost of goods sold. Subtract line 7 from line 6. Enter here and on page 1, line 2 Check all methods used for valuing closing inventory: (i) Cost (ii) (iii) Lower of cost or market Other (Specify method used and attach explanation.) b c d e f Check if there was a writedown of subnormal goods . . . . . . . . . . . . . . . . . Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) . If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of closing inventory computed under LIFO . . . . . . . . . . . . . . . . . . . . 9d . . . . . . . . . . If property is produced or acquired for resale, do the rules of section 263A apply to the corporation? . . . . . Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If "Yes," attach explanation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes Yes No No Schedule C 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Dividends and Special Deductions (see instructions) (a) Dividends received (b) % (c) Special deductions (a) (b) Dividends from less-than-20%-owned domestic corporations (other than debt-financed stock) . . . . . . . . . . . . . . . . . . . . . . . . Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock) . . . . . . . . . . . . . . . . . . . . . . . . Dividends on debt-financed stock of domestic and foreign corporations . . . . . Dividends on certain preferred stock of less-than-20%-owned public utilities . . . Dividends on certain preferred stock of 20%-or-more-owned public utilities . Dividends from less-than-20%-owned foreign corporations and certain FSCs Dividends from 20%-or-more-owned foreign corporations and certain FSCs Dividends from wholly owned foreign subsidiaries . . . Total. Add lines 1 through 8. See instructions for limitation . . . . . . . . . . . . . . . . . . . . . . . . . 70 see instructions 80 42 48 70 80 100 100 100 100 Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 1958 . . . . . Dividends from affiliated group members . . . . . . . . . . . . . . Dividends from certain FSCs . . . . . . . . . . . . . . . . . Dividends from foreign corporations not included on lines 3, 6, 7, 8, 11, or 12 . . Income from controlled foreign corporations under subpart F (attach Form(s) 5471) Foreign dividend gross-up . . . . . . . . . . . . . . . . . IC-DISC and former DISC dividends not included on lines 1, 2, or 3 . . Other dividends . . . . . . . . . . . . . . . . . Deduction for dividends paid on certain preferred stock of public utilities . . . . . . . . . . . . . . . . . Total dividends. Add lines 1 through 17. Enter here and on page 1, line 4 . Schedule E Total special deductions. Add lines 9, 10, 11, 12, and 18. Enter here and on page 1, line 29b . Compensation of Officers (see instructions for page 1, line 12) (b) Social security number . . . . . . Note: Complete Schedule E only if total receipts (line 1a plus lines 4 through 10 on page 1) are $500,000 or more. (a) Name of officer (c) Percent of Percent of corporation stock owned time devoted to (d) Common (e) Preferred business (f) Amount of compensation 1 % % % % % % % % % % . . . . . . . . . . . . . . . . . . . . . . . . % % % % % 2 3 4 Total compensation of officers . . . . . . . . . . . . . . . . . Compensation of officers claimed Schedule on A and elsewhere on return . Subtract line 3 from line 2. Enter the result here and on page 1, line 12 . . Form 1120 (2010) Form 1120 (2010) Page 3 Schedule J 1 2 3 4 5a b c d e 6 7 8 9 10 1 2 a b c 3 Tax Computation (see instructions) . . . . . . . . . . . . Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)) . Income tax. Check if a qualified personal service corporation (see instructions) . . . . . Alternative minimum tax (attach Form 4626) . . . . . . . . . . . . . . . Add lines 2 and 3 . . . . . . . Foreign tax credit (attach Form 1118) . Credit from Form 8834, line 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5a 5b 5c 5d 5e . . . . . . . . 2 3 4 General business credit (attach Form 3800) . . . Credit for prior year minimum tax (attach Form 8827) Bond credits from Form 8912 . . . . . . . Total credits. Add lines 5a through 5e Subtract line 6 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 8 9 10 Yes No Schedule K Personal holding company tax (attach Schedule PH (Form 1120)) . Other taxes. Check if from: Form 4255 Form 8611 Form 8866 Form 8902 Total tax. Add lines 7 through 9. Enter here and on page 1, line 31 Other Information (see instructions) Cash b . c . . . . . . . . . Form 8697 Other (attach schedule) . . . . . . . . Other (specify) Check accounting method: a See the instructions and enter the: Business activity code no. Business activity Product or service Accrual Is the corporation a subsidiary in an affiliated group or a parent-subsidiary controlled group? If "Yes," enter name and EIN of the parent corporation At the end of the tax year: . . . . . . . . . . 4 a b 5 a Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote? If "Yes," complete Part I of Schedule G (Form 1120) (attach Schedule G) . . . . . . Did any individual or estate own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote? If "Yes," complete Part II of Schedule G (Form 1120) (attach Schedule G) . At the end of the tax year, did the corporation: Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation not included on Form 851, Affiliations Schedule? For rules of constructive ownership, see instructions If "Yes," complete (i) through (iv). (i) Name of Corporation (ii) Employer Identification Number (if any) (iii) Country of Incorporation (iv) Percentage Owned in Voting Stock Form 1120 (2010) Form 1120 (2010) Page 4 Schedule K b Continued Yes No Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions If "Yes," complete (i) through (iv). (i) Name of Entity (ii) Employer Identification Number (if any) (iii) Country of Organization (iv) Maximum Percentage Owned in Profit, Loss, or Capital 6 During this tax year, did the corporation pay dividends (other than stock dividends and distributions in exchange for stock) in excess of the corporation's current and accumulated earnings and profits? (See sections 301 and 316.) . . . . . . . If "Yes," file Form 5452, Corporate Report of Nondividend Distributions. If this is a consolidated return, answer here for the parent corporation and on Form 851 for each subsidiary. At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of (a) the total voting power of all classes of the corporation's stock entitled to vote or (b) the total value of all classes of the corporation's stock? . . . . For rules of attribution, see section 318. If "Yes," enter: (i) Percentage owned and (ii) Owner's country (c) The corporation may have to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Enter the number of Forms 5472 attached Check this box if the corporation issued publicly offered debt instruments with original issue discount . . . . . . If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments. Enter the amount of tax-exempt interest received or accrued during the tax year $ Enter the number of shareholders at the end of the tax year (if 100 or fewer) If the corporation has an NOL for the tax year and is electing to forego the carryback period, check here . . . . . 7 8 9 10 11 12 13 If the corporation is filing a consolidated return, the statement required by Regulations section 1.1502-21(b)(3) must be attached or the election will not be valid. Enter the available NOL carryover from prior tax years (do not reduce it by any deduction on line 29a.) $ Are the corporation's total receipts (line 1a plus lines 4 through 10 on page 1) for the tax year and its total assets at the end of the tax year less than $250,000? . . . . . . . . . . . . . . . . . . . . . . . . . . . . If "Yes," the corporation is not required to complete Schedules L, M-1, and M-2 on page 5. Instead, enter the total amount of cash distributions and the book value of property distributions (other than cash) made during the tax year. $ 14 Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement (see instructions)? If "Yes," complete and attach Schedule UTP. . . . . Form 1120 (2010) Form 1120 (2010) Page 5 Schedule L 1 2a b 3 4 5 6 7 8 9 10a b 11a b 12 13a b 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Cash . . Balance Sheets per Books Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( (a) Beginning of tax year (b) (c) End of tax year (d) Trade notes and accounts receivable . Less allowance for bad debts . . . Inventories . . . . . . . . . U.S. government obligations . . . Tax-exempt securities (see instructions) Other current assets (attach schedule) . Loans to shareholders . . . . . Mortgage and real estate loans . . . Other investments (attach schedule) . Buildings and other depreciable assets Less accumulated depreciation . . . Depletable assets . . . . . . . Less accumulated depletion . . . . Land (net of any amortization) . . . Intangible assets (amortizable only) . Less accumulated amortization . . . Other assets (attach schedule) . . . Total assets . . . . . . . . ) ( ) ( ( ) ) ( ( ) ) ( ) ( ) Liabilities and Shareholders' Equity Accounts payable . . . . . . . . . Mortgages, notes, bonds payable in less than 1 year Other current liabilities (attach schedule) . . Loans from shareholders . . . . . . . Mortgages, notes, bonds payable in 1 year or more Other liabilities (attach schedule) . . . . Capital stock: a Preferred stock . . . . b Common stock . . . . Additional paid-in capital . . . . . . . Retained earnings--Appropriated (attach schedule) Retained earnings--Unappropriated . . . Adjustments to shareholders' equity (attach schedule) Less cost of treasury stock . . . . . . Total liabilities and shareholders' equity . . ( ) ( ) Schedule M-1 1 2 3 4 Reconciliation of Income (Loss) per Books With Income per Return Note: Schedule M-3 required instead of Schedule M-1 if total assets are $10 million or more--see instructions . . . . . . . . . . . 7 Income recorded on books this year not included on this return (itemize): Tax-exempt interest $ Net income (loss) per books . Federal income tax per books Excess of capital losses over capital gains Income subject to tax not recorded on books this year (itemize): 8 Expenses recorded on books this year not deducted on this return (itemize): Depreciation . . . . $ Charitable contributions . $ Travel and entertainment . $ Add lines 1 through 5 . . . . . . . . . . . . . . . . . . 9 10 5 Deductions on this return not charged against book income this year (itemize): a Depreciation . . $ b Charitable contributions $ 5 a b c 6 1 2 3 Add lines 7 and 8 . . . . . . Income (page 1, line 28)--line 6 less line 9 Distributions: a Cash . b Stock . c Property Other decreases (itemize): . . . . . . . . . Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L) Balance at beginning of year Net income (loss) per books . Other increases (itemize): 4 Add lines 1, 2, and 3 . . . . . . . . 6 7 8 Add lines 5 and 6 . . . . . . Balance at end of year (line 4 less line 7) Form 1120 (2010)
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