1120S Tax Return and Worksheets - Due 4/30/18 You need to complete supporting worksheets and a 2017...
Question:
1120S Tax Return and Worksheets - Due 4/30/18
You need to complete supporting worksheets and a 2017 Form 1120S for Toxicity Tamers, Inc.
1) One Excel Worksheet in portrait orientation with a) a depreciation schedule, b) a net income-ordinary-separate worksheet and c) a basis computation for Arnold S.
2) 2017 Form 1120S: pp. 1 & 3
3) 2017 Schedule D (Form 1120S)
4) 2017 Schedule K-1 (Form 1120S) for Arnold S., a 40% shareholder
The net income-to-ordinary & separate worksheet was illustrated in class and is also described below.This project includes a tie-in to financial accounting through the preparation of the Income Statement.
Use good form: Do not enter pennies.Do not fill up blank lines with zeroes or dashes.Use commas when appropriate.To get 2017 forms: Go to the IRS.gov web site or use Google.
Task 1: Worksheet
a) First, compute depreciation for 2017 using Excel.
The building is nonresidential real property (Exhibit 5.6 on p. 5-44); use chart on p. 5-25 to classify office furniture & trucks and then Exhibit 5.4 on p. 5-43.Neither 179 nor any bonus methods have been used on these assets.(NB: The assets were acquired in 2016, but this is a 2017 problem.)
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