111.Tax Return Problem. KJJ Corp. was formed on October 10, 2003 by Kimberly Jen (123-45-6789), Jennifer James (234-56- 7890) and James Kim (345-67-8901). It is a hardware store and is located at 175 Clerk Road, Newtown, OH 45105. KJJ's employer identification number is 10-1010101 and its business code is 444130. KJJ's telephone number is 513-525-1234 and its e-mail address is KJJCorp@kij.com. KJJ Corp. uses the calendar year and the accrual basis. It uses straight-line depreciation for tax and book purposes and FIFO and lower-of-cost-or-market for inventory purposes. Kimberly, Jennifer and James each received 200 shares of KJJ Corp.'s common stock on October 10, 2003. No other stock has been issued or is outstanding. Each is a full- time employee of the firm and each is paid $200,000. KJJ Corp. made a $105,000 ($35,000 to each owner) cash distribution in 2019. During 2019, KJJ Corp. made estimated federal tax payments of $55,000 each quarter.

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Financial information for 2019 follows: $5,400,000 20,000 5,380,000 3,120,000 2,260,000 $20,000 60,000 80,000 100,000 $2,440,000 Income Statement Income Sales Sales returns and allowances Net sales Cost of goods sold Gross profit Interest income Corporate bonds State bonds Dividend income Total income Expenses Salaries-officers Salaries and wages-other Life insurance premiums on three owners/officers KlJ Corp. is the beneficiary Repairs and maintenance Taxes (state, local, payroll) Interest expense Loans to acquire $25,000 state bonds Other 47,000 Advertising Charitable contribution 25,000 Depreciation 120,000 Employee benefits program 63,000 Total expenses Net income before taxes Federal income taxes Net income per books $600,000 510,000 20,000 30,000 249,000 72,000 36,000 1,725,000 $715,000 (214,200) $500,800 12/31/19 $550,000 623,000 1,330,000 260,000 851,000 1,000,000 5,800 3,030,000 Balance Sheet 12/31/18 Assets Cash $400,000 Trade and accounts 600,000 receivables Inventories 1,500,000 Corporate bonds 250,000 State bonds 800,000 Stock (