Floyd Corporation was formed and began operations on January 1, 2020. The corporation is located at 210

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Floyd Corporation was formed and began operations on January 1, 2020. The corporation is located at 210 N. Main St., Pearisburg, VA 24134 and the EIN is 91-1111111.

The corporation’s income statement for the year and the balance sheet at year-end are presented below.

Gross income from operations Qualified dividends received from a 15 percent- owned domestic corporation Total

Assets: Cash Accounts receivable Inventory (at cost) Equipment The Floyd Corporation Balance Sheet as of

The corporation made estimated tax payments of $9,000. Complete Form 1120 for Floyd Corporation on Pages 11-43 through 11-48.

Form 1120 Department of the Treasury Internal Revenue Service. A Check if: 1a Consolidated retum (attach Form

Form 1120 (2020) Schedule C Dividends, Inclusions, and Special Deductions (see instructions) 1 Dividends from

Form 1120 (2020) Schedule J Tax Computation and Payment (see instructions) Part I-Tax Computation 1 Check if

Form 1120 (2020) Schedule K Other Information (see instructions) 1 Check accounting method: a Cash 2 3 4 a

Form 1120 (2020) Schedule K Other Information (continued from page 4) 13 14 16 17 18 15a Did the corporation

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Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

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