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Business taxation project 1

Business taxation project 1 - Business taxation project 1...

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Business taxation project 1 Due date 03/07/11 Prepare a Form 1120 for the 2010 tax year Worth 75 points You MUST document any / all assumptions made. Although the use of software is permitted, I encourage you to attempt the project without the use tax preparation of software first On November 1, 2005, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: - Pet Kingdom's business address is 1010 Northwest Parkway, Cleveland, Ohio 44111 its telephone number is 216-999-5555; and its email address is [email protected] - The employer identification number is 11-1111111, and its principal business activity code is 453910 - Janet and Kim each own 50% of the common stock; Janet is President and Kim vice-president of the company. No other class of stock is authorized - Both Janet and Kim are fulltime employees of Pet Kingdom. Janet's Social Security number is 123-45-6789, and Kim's Social Security number is 987-65-4321 - Pet Kingdom'Sis aan accural method, calendar year taxpayer. Inventories are
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