Tax Return 1 Spring 2 0 2 4 Complete the 2 0 2 3 Form
Question:
Tax Return Spring
Complete the Form for Jones Ranch. Jones Ranch is organized as a C corporation. The ranch operation was originally incorporated by Willard Jones on July Upon Willards death in his sons Orville and Howard inherited equal shares. Orville handles most of the business decisions and Howard supervises the ranch hands. Each are devoted full time to the corporation.
Much of the land is used to graze cattle, while some of the tillable land is rented to a neighboring farmer. The ranch also has active oil wells from which the corporation receives royalty payments.
Address: PO Box Paint Creek, Texas
EIN:
Owners:
Orville Jones SSN:
PO Box Paint Creek, Texas
Howard Jones SSN:
PO Box Paint Creek, Texas
Due to a drought in the ranch suffered a net operating loss. A $ NOL is available for the filing.
The corporation uses the accrual method of accounting on a tax basis. All required s were filed by January FIFO at lower of cost or market is used to value inventory.
Forms needed:
Schedule G Form
Form A
Form E
Comparative Balance Sheets Tax Basis
Cash
Inventory
Prepaid insurance
Buildings
Accumulated depreciation
Equipment
Accumulated depreciation
Land
Total Assets
Accounts payable
Current portion of longterm debt
Accrued payroll taxes
Shareholder loan
Note payablebank
Common stock
Retained earnings
Income Statement Tax Basis @
Cattle sold
Cost of cattle sold
Net
Farm land rent
Oil royalties
Federal government ag payments
Total
Gross pay Orville
Gross pay Howard
Gross pay ranch hands
Payroll taxes
Property taxes
Interest
Depreciation
Employee benefits
Repairs & maintenance
Fuel
Feed
Utilities
Telephone
Insurance
Total expenses
Net Income
Taxes And Business Strategy A Planning Approach
ISBN: 9780132752671
5th Edition
Authors: Myron Scholes, Mark Wolfson, Merle Erickson, Michelle Hanlon