5/7/24, 11:33 PM CengageNOWv2 | Online teaching and learning resource from Cengage Learning 1. TRP.17.52 (Algorithmic) Instructions Note: This problem is for the 2022 tax year. On February 12, 2008, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: . Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisher@kf.com. The employer identification number is 11-1111113, and the principal business activity code is 451110. . Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-45-6788, and Delores's Social Security number is 123-45-6787. . Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax purposes. . During 2022, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2022 are shown below. Income Statement Income Gross sales $2,408,000 Sales returns and allowances (80,000) Net sales $2,328,000 Cost of goods sold (920,000) Gross profit $1,408,000 Dividends received from stock investments in less-than-20%- owned U.S. corporations 12,000 Interest income: State bonds $14,000 Certificates of deposit 10,000 24,000 Total income $1,444,000 Expenses Salaries-officers: Nancy Trout $160,000 Delores Lake 160,000 $320,000 Salaries-clerical and sales 290,000 Taxes (state, local, and payroll) 85,000 Repairs and maintenance 56,000 Interest expense: Business loans $12,000 Loan to purchase state bonds 8,000 20,000 Advertising 6,000 Rental expense 68,000 Depreciation* 40,000 Charitable contributions (cash) 15,000 Employee benefit programs 24,000 Premiums on term life insurance policies on lives of Nancy Trout and Delores Lake; Kingfisher is the designated beneficiary 16,000 https://V2.cengagenow.com/il/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 1/135/7/24, 11:33 PM CengageNOWv2 1 Online teaching and learning resource from Cengage Learning d If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed under LIFO . . . . . . . . . . . 9d e If property is produced or acquired for resale, do the rules of section 263A apply to the entity? See instructions . . . . 0 Yes ) No f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If Yes," attach explanation . . . . . . . . . . . . . . . . . . . . . . .... Yes No BAA For Paperwork Reduction Act Notice, see instructions. Form 1125-A (Rev. 11-2018) Schedule G Complete Kingfisher Corporation's Schedule G for tax year 2022. Information on Certain Persons SCHEDULE G Owning the (Form 1120) OMB No. 1545- (Rev December 2011) Department of the Treasury Corporation's Voting Stock 123 Internal Revenue Service Attach to Form 1120. See instructions. Name Employer identification number (EIN) Kingfisher Corporation 11-1111113 Part Certain Entities Owning the Corporation's Voting Stock. (Form 1120, Schedule K, Question 4a). Complete columns (i) I through (v) below for any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization that owns directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote (see instructions) (i) Name of (ii) Employer Identification Number (if (ii) Type of (iv) Country of (v) Percentage Owned in Voting Entity any) Entity Organization Stock Part Certain Individuals and Estates Owning the Corporation's Voting Stock. (Form 1120, Schedule K, Question 4b). II Complete columns (i) through (iv) below for any individual or estate that owns directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote (see instructions) (i) Name of Individual or (ii) Identifying (iii) Country of Citizenship (see (iv) Percentage Owned in Voting Estate Number instructions) Stock (if any) Nancy Trout 123-45-6788 United States https://v2.cengagenow.com/il/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 10/135/7/24, 11:33 PM CengageNOWv2 1 Online teaching and learning resource from Cengage Learning Delores Lake 123-45-6787 United States BAA For Paperwork Reduction Act Notice, Schedule G (Form 1120) (Rev 12-2011) see the instructions for Form 1120. Form 1125E Prepare Form 1125E for Kingfisher Corporation for tax year 2022. Form 1 125-E (Rev October 2016) Department of the Compensation of Officers OMB No. 1545- Treasury Attach to Form 1120, 1120-C, 1120-F, 1120-REIT, 1120-RIC, or 11205 0123 Internal Revenue Information about Form 1125-E and its separate instructions is at Service www.irs.gov/form1125e. Name Employer identification number Kingfisher Corporation 11-1111113 Note: Complete Form 1125-E only if total receipts are $500,000 or more. See instructions for definition of total receipts. Percent of stock owned (a) Name of (b) Social security (c) Percent of time devoted to (f) Amount of (d) (e) officer number business compensation Common Preferred Nancy Trout 123-45-6788 Delores Lake 123-45-6787 https://v2.cengagenow.com/il/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 11/135/7/24, 11:33 PM 2 Total compensation of officers . ... . . . . .. . . . . .....1 1. .... .. .. ... . 1.. . . . 3 Compensation of officers claimed on Form 1125-A or elsewhere on return . . . . . . . . . . 4 Subtract line 3 from line 2. Enter the result here and on Form 1120, page 1, line 12 or the appropriate line of your tax return . . . BAA For Paperwork Reduction Act Notice, see separate instructions. Form 1125-E (Rev 10-2016) Federal Statements Complete Federal Statements for Kingfisher Corporation. 2022 Federal Statements Page 1 Kingfisher Corporation 11-1111113 Statement 1 Form 1120, Schedule L, Line 6 Other Current Assets Beginning Ending Certificates of Deposit . . $ Prepaid Federal Tax . . . . Stock Investments . . . . Total $ $ Statement 2 Form 1120, Schedule L, Line 14 Other Assets Beginning Ending Other Assets . . . . . . $ $ Total $ $ Statement 3 Form 1120, Schedule L, Line 18 Other Current Liabilities https://v2.cengagenow.com/ilm/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 12/135/7/24, 11:33 PM CengageNOWv2 | Online teaching and learning resource from Cengage Learning Beginning Ending Other Current Liabilities . $ $ Total $ Statement 4 Form 1120, Schedule M-1, Line 5 Book Expenses Not Deducted Total $ https://v2.cengagenow.com/ilm/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 13/135/7/24, 11:33 PM CengageNOWv2 | Online teaching and learning resource from Cengage Learning Total expenses (940,000) Net income before taxes $504,000 Federal income tax 106,680) Net income per books $397,320 * You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve the problem using Intuit ProConnnect, enter the amount of depreciation on line 20 of Form 1120. Balance Sheet Assets January 1, 2022 December 31, 2022 Cash $380,000 $337,300 Trade notes and accounts receivable 308,400 480,280 Inventories 900,000 1,012,000 State bonds 160,000 160,000 Federal income tax refund 1,320 Certificates of deposit 140,000 140,000 Stock investments 300,000 300,000 Buildings and other depreciable assets 240,000 240,000 Accumulated depreciation (88,800) (128,800) Land 20,000 20,000 Other assets 3,600 2,000 Total assets $2,363,200 $2,564,100 Liabilities and Equity January 1, 2022 December 31, 2022 Accounts payable $300,000 $233,880 Other current liabilities 80,300 40,000 Mortgages 210,000 200,000 Capital stock 500,000 500,000 Retained earnings 1,272,900 1,590,220 Total liabilities and equity $2,363,200 $2,564,100 Required: During 2022, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare Kingfisher's corporate tax return for tax year 2022 using Form 1120 (and any other appropriate forms and schedules). . If an amount box does not require an entry or the answer is zero, enter "0". Enter all amounts as positive numbers, unless otherwise instructed. . If required, round amounts to the nearest dollar. . Make realistic assumptions about any missing data. Form 1120, pages 1, 2 and 3 Complete Form 1120, pages 1, 2 and 3 for Kingfisher Corporation. U.S. Corporation Income Tax Return OMB No. 1545 Form 1120 0123 For calendar year 2022 or tax year beginning. _, 2022, Department of the Treasury Internal ending _ Revenue Service Go to www.irs.gov/Form1120 for instructions and the latest 2022 information. A Check if: TYPE Kingfisher Corporation B Employer identification number la Consolidated return (attach Form OR 1717 Main Street 11-1111113 851) . . PRINT Ely, MN 55731 b Lifeonlife consolidated return . . C Date incorporated https://v2.cengagenow.com/ilm/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 2/135/7/24, 11:33 PM CengageNOWv2 1 Online teaching and learning resource from Cengage Learning 2 Personal holding co. (attach Sch. PH) 02/12/2008 . . . C 3 Personal service corp. (see instrs) . . . D Total assets (see instructions) E Check if: (1) 0 Initial return (2) 0 Final return (3) 0 Name change (4) Schedule M-3 attached O Address change 1a Gross receipts or sales . . . . . 1a b Returns and allowances . . . . . 1b c Balance. Subtract line 1b from line la . ic 2 Cost of goods sold (attach Form 1125-A) . . .. 2 3 Gross profit. Subtract line 2 from line ic . . 3 4 Dividends and inclusions (Schedule C, line 23) . . . 4 mzonz 5 Interest . . . . 5 6 Gross rents . . . 6 Gross royalties . 7 Capital gain net income (attach Schedule D (Form 1120)) . . . . 9 Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . . . . . . . . 10 Other income (see instructions - attach statement) . . 10 11 Total income. Add lines 3 through 10 . . . . . . . . . . . . . . . . . . 11 12 Compensation of officers (see instructions - attach Form 1125-E) . . . . . 12 13 Salaries and wages (less employment credits) . . . . . 13 14 Repairs and maintenance . 14 15 Bad debts . . . . 15 16 Rents . . . . . 16 17 Taxes and licenses . 17 18 Interest (see instructions) . 18 19 Charitable contributions . . 19 20 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562). 20 21 Depletion . . 21 22 Advertising . . . 22 23 Pension, profit-sharing, etc., plans . . 23 24 Employee benefit programs . 24 420-uncomb zo 25 Reserved for future use . . 25 26 Other deductions (attach statement) . . . 26 27 Total deductions. Add lines 12 through 26 . . . . . . . 27 28 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11 28 29a Net operating loss deduction (see instructions) . . . . . 29a b Special deductions (Schedule C, line 24) . . . . . . . . . . . . . . . . .. .. .... 29b c Add lines 29a and 29b . . ....... 29C 30 Taxable income. Subtract line 29c from line 28. See instructions . 30 31 Total tax (Schedule ], Part I, line 11) . 31 32 Reserved for future use . . 32 33 Total payments, credits (Schedule ], Part III, line 23) . . . 33 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached . . . . . . . . . 0 34 35 Amount owed. If line 33 is smaller than the total of lines 31, 32, and 34, enter amount owed . . . . . . 35 36 Overpayment. If line 33 is larger than the total of lines 31, 32, and 34, enter amount overpaid . . 36 37 Enter amount from line 36 you want: Credited to 2023 estimated tax Refunded 37 Sign Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on Here https://v2.cengagenow.com/ilm/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 3/135/7/24, 11:33 PM CengageNOWv2 1 Online teaching and learning resource from Cengage Learning information of which preparer has any knowledge. May the IRS discuss this return with the preparer shown below? See instructions. 0 Signature of officer Date Title Yes D N Print/Type preparer's name Preparer's signature Date PTIN Check o if self-employed Self-Prepared Paid Preparer Use Only Firm's name Firm's EIN Firm's address Phone no. BAA For Paperwork Reduction Act Notice, see separate instructions. Form 1120 (2022) Form 1120 (2022) Kingfisher Corporation 11-1111113 Page 2 (a) Dividends (b) Percentage (c) Specia Schedule c Dividends, Inclusions, and Special Deductions and inclusions deductions (see instructions (a) x (b) 1 Dividends from less-than-20%-owned domestic corporations (other than debt- financed stock) . . . 50 2 Dividends from 20%-or-more-owned domestic corporations (other than debt- financed stock) . . 65 3 Dividends on certain debt-financed stock of domestic and foreign corporations . . . . . See instructions 4 Dividends on certain preferred stock of less-than-20%-owned public utilities 23. 5 Dividends on certain preferred stock of 20%-or-more-owned public utilities 26.7 6 Dividends from less-than-20%-owned foreign corporations and certain FSCs 50 7 Dividends from 20%-or-more-owned foreign corporations and certain FSCs 65 8 Dividends from wholly owned foreign subsidiaries . . . . . . . . .. 100 See 9 Subtotal. Add lines 1 through 8. See instructions for limitations . . . . . . . . instructions 10 Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 1958 . . . . . . . . . . . 100 11 Dividends from affiliated group members . . . . . . . .. 100 12 Dividends from certain FSCs . 100 13 Foreign-source portion of dividends received from a specified 10%-owned foreign corporation (excluding hybrid dividends) (see instructions) . . . . . . . 100 14 Dividends from foreign corporations not included on line 3, 6, 7, 8, 11, 12, or 13 (including any hybrid dividends) . . . . 15 Reserved for future use . . 16a Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC) of the stock of a lower-tier foreign corporation treated as a dividend (attach Form(s) 5471) (see instructions) . . . . . 100 b Subpart F inclusions derived from hybrid dividends of tiered corporations (attach Form(s) 5471) (see instructions) . . . . . . . . c Other inclusions from CFCs under subpart F not included on line 16a, 16b, or 17 (attach Form(s) 5471) (see instructions) . . . 17 Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and Form 8992) . . . . . . . . 18 Gross-up for foreign taxes deemed paid . . . . . . . .. 19 IC-DISC and former DISC dividends not included on line 1, 2, or 3 . . . . . . . 20 Other dividends . . . 21 Deduction for dividends paid on certain preferred stock of public utilities . . . 22 Section 250 deduction (attach Form 8993) . . . . . . . . . . . . . . . . . . . . . . . . https://v2.cengagenow.com/ilm/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 4/135/7/24, 11:33 PM CengageNOWv2 1 Online teaching and learning resource from Cengage Learning 23 Total dividends and inclusions. Add column (a), lines 9 through 20. Enter here and on page 1, line 4 . . . . 24 Total special deductions. Add column (c) lines 9 through 22. Enter here and on page 1, line 29b . . . . . . . . . . Form 1120 (202 Form 1120 (2022) Kingfisher Corporation 11-1111113 Page 3 Schedule J Tax Computation and Payment (see instructions) Part I - Tax Computation Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)). See instructions . . . Income tax. See instructions . . . . 3 Base erosion minimum tax amount (attach Form 8991) . A w 4 Add lines 2 and 3 . . . . 5a Foreign tax credit (attach Form 1118) . . . . 5a b Credit from Form 8834 (see instructions) . . . . . . 5b c General business credit (attach Form 3800) . . . . . 5c d Credit for prior year minimum tax (attach Form 8827) . . . 5d e Bond credits from Form 8912 . . . . . . . . ... 50 6 Total credits. Add lines 5a through 5e . . . . . 6 7 Subtract line 6 from line 4 . . . 8 Personal holding company tax (attach Schedule PH (Form 1120)) . . . . . . 8 a Recapture of investment credit (attach Form 4255) . . . . . . ... 9a b Recapture of low-income housing credit (attach Form 8611) . . . . . . . . . . . . . . 9b Interest due under the look-back method - completed long-term contracts (attach Form 8697) . . . . . . . . ....... 9c d Interest due under the look-back method - income forecast method (attach Form 8866) . . 9d e Alternative tax on qualifying shipping activities (attach Form 8902) . . . 9e f Interest/tax due under section 453A(c) and/or section 453(1) . . . . . . . . . . . . . 9f g Other (see instructions - attach statement) . . 9g 10 Total. Add lines 9a through 9g . . . . 10 11 Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 . . . . 11 Part II - Reserved for Future Use 12 Reserved for future use . Part III - Payments and Refundable Credits 13 2021 overpayment credited to 2022 . . . . . . .. . .. 14 2022 estimated tax payments . 15 2022 refund applied for on Form 4466 . 16 Combine lines 13, 14, and 15 . . . 17 Tax deposited with Form 7004 . . . . . 18 Withholding (see instructions) . . . . . . . 19 Total payments. Add lines 16, 17, and 18 . . . . .. 20 Refundable credits from a Form 2439 . . 20a b Form 4136 . . . 20b c Reserved for future use . . 20c d Other (attach statement - see instructions) . . . . . . 20d 21 Total credits. Add lines 20a through 20d . . . . 21 22 Reserved for future use . . 23 Total payments and credits. Add lines 19 and 21. Enter here and on page 1, line 33. . . . . . . . . . . . . https://v2.cengagenow.com/il/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 5/135/7/24, 11:33 PM CengageNOWv2 | Online teaching and learning resource from Cengage Learning Form 1120 (2022) Form 1120, pages 4, 5 and 6 Complete Form 1120, pages 4, 5 and 6 for Kingfisher Corporation. Form 1120 (2022) Kingfisher Corporation 11-1111113 Page 4 Schedule K Other Information (see instructions) 1 Check accounting method: a o Cash b ( Accrual c o Other (specify) Yes 2 See the instructions and enter the: a Business activity code no. 451110 b Business activity __._Retail c Product or service Fishing Tackle 3 Is the corporation a subsidiary in an affiliated group or a parent-s y controlled group? . . If "Yes," enter name and EIN of the parent corporation 4 At the end of the tax year: a Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote? If "Yes," complete Part I of Schedule G (Form 1120) (attach Schedule G) . . . . b Did any individual or estate own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote? If "Yes," complete Part II of Schedule G (Form 1120) (attach Schedule G) X 5 At the end of the tax year, did the corporation: Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation not included on Form 851, Affiliations Schedule? For rules of constructive ownership, see instructions . . If "Yes," complete (i) through (iv) below. (iv) Percentage (1) Name of Corporation (ii) Employer Identification Number (if any) (iii) Country of Incorporation Owned in Voting stock Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in any foreign b or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions . . . x If "Yes,"complete (i) through (iv) below. (iv) Maximum (i) Name of Entity (ii) Employer Identification Number (if any) (iii) Country of Organization Percentage Owned Profit, Loss, or Capi 6 During this tax year, did the corporation pay dividends (other than stock dividends and distributions in exchange for stock) in excess of the corporation's current and accumulated earnings and profits? See sections 301 and 316 . . . . . If "Yes," file Form 5452, Corporate Report of Nondividend Distributions. See the instructions for Form 5452. If this is a consolidated return, answer here for the parent corporation and on Form 851 for each subsidiary. 7 At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of the total voting power of all classes of the corporation's stock entitled to vote or at least 25% of the total value of all classes of the corporation's stock? For rules of attribution, see section 318. If "Yes," enter: https://v2.cengagenow.com/il/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 6/135/7/24, 11:33 PM CengageNOWv2 1 Online teaching and learning resource from Cengage Learning (a) Percentage owned _ _ and (b) Owner's country _ (c) The corporation may have to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Enter the number of Forms 5472 attached 8 Check this box if the corporation issued publicly offered debt instruments with original issue discount . . . . . . . . . . . . 0 If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments. 9 Enter the amount of tax-exempt interest received or accrued during the tax year 10 Enter the number of shareholders at the end of the tax year (if 100 or fewer) 11 If the corporation has an NOL for the tax year and is electing to forego the carryback period, check here (see instructions) . . . . . . . . . . .0 If the corporation is filing a consolidated return, the statement required by Regulations section 1.1502-21(b)(3) must be attached or the election will not be valid 12 Enter the available NOL carryover from prior tax years (do not reduce it by any deduction reported on page 1, line 292.). . . . . . . ... . . . . . . .. Form 1120 (2022) Form 1120 (2022) Kingfisher Corporation 11-1111113 Page 5 Schedule K Other Information (continued from page 4) 13 Are the corporation's total receipts (page 1, line la, plus lines 4 through 10) for the tax year and its total assets at the end Yes of the tax year less than $250,000? . . . . . . . . if "Yes," the corporation is not required to complete Schedules L, M-1, and M-2. Instead, enter the total amount of cash distributions and the book value of property distributions (other than cash) made during the tax year $_ 14 Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement? See instructions . . . . . . If "Yes," complete and attach Schedule UTP. 15a Did the corporation make any payments in 2022 that would require it to file Form(s) 1099? . X b If "Yes," did or will the corporation file required Form(s) 10997 . . x 16 During this tax year, did the corporation have an 80%-or-more change in ownership, including a change due to redemption of its own stock? . . 17 During or subsequent to this tax year, but before the filing of this return, did the corporation dispose of more than 65% (by value) of its assets in a taxable, non-taxable, or tax deferred transaction? . . . . 18 Did the corporation receive assets in a section 351 transfer in which any of the transferred assets had a fair market basis or fair market value of more than $1 million? . . . . . 19 During the corporation's tax year, did the corporation make any payments that would require it to file Forms 1042 and 1042- 5 under chapter 3 (sections 1441 through 1464) or chapter 4 (sections 1471 through 1474) of the Code? . . . . . . 20 Is the corporation operating on a cooperative basis? . . . 21 During the tax year, did the corporation pay or accrue any interest or royalty for which the deduction is not allowed under section 267A? See instructions . . . If "Yes," enter the total amount of the disallowed deductions $ 22 Does the corporation have gross receipts of at least $500 million in any of the 3 preceding tax years? (See sections 59A(e) (2) and (3)) . . . . If "Yes," complete and attach Form 8991. 23 Did the corporation have an election under section 163(j) for any real property trade or business or any farming business in effect during the tax year? See instructions . . 24 Does the corporation satisfy one or more of the following? See instructions . a The corporation owns a pass-through entity with current, or prior year carryover, excess business interest expense. b The corporation's aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years preceding the current tax year are more than $27 million and the corporation has business interest expense. c The corporation is a tax shelter and the corporation has business interest expense. If "Yes," to any, complete and attach Form 8990. 25 Is the corporation attaching Form 8996 to certify as a Qualified Opportunity Fund? . . . .. If "Yes," enter amount from Form 8996, line 15 .. https://v2.cengagenow.com/ilm/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 7/135/7/24, 11:33 PM CengageNOWv2 1 Online teaching and learning resource from Cengage Learning 26 Since December 22, 2020, did a foreign corporation directly or indirectly acquire substantially all of the properties held directly or indirectly by the corporation, and was the ownership percentage (by vote or value) for purposes of section 7874 greater than 50% (for example, the shareholders held more than 50% of the stock of the foreign corporation)? If "Yes," list the ownership percentage by vote and by value. See instructions . . . . . . . . . . . . . Percentage: By Vote By Value Form 1120 (2022) Form 1120 (2022) Kingfisher Corporation 11-1111113 Page 6 Schedule L Balance Sheets per Books Beginning of tax year End of tax year Assets (a) (b) (c) (d) 1 Cash . . . 2a Trade notes and accounts receivable . b Less allowance for bad debts . . . 3 Inventories . . . . 4 U.S. government obligations . . . . . . . . 5 Tax-exempt securities (see instructions) . . . . . . . . 6 Other current assets (attach statement) ..See. S?. 7 Loans to shareholders . . 8 Mortgage and real estate loans . . . . . . . . . . . . . . . 9 Other investments (attach statement) . . . . . . . . . . 10a Buildings and other depreciable assets . . b Less accumulated depreciation . . . . . 11a Depletable assets . . b Less accumulated depletion . . . 12 Land (net of any amortization) . . . . . . . . . . . . . .. 13a Intangible assets (amortizable only) . . . . . . . . . . . b Less accumulated amortization . . . . . . . . . . . . . . . 14 Other assets (attach statement) See St 2 15 Totalassets . . . . . . . . . . . .......... Liabilities and Shareholders' Equity 16 Accounts payable . . . . . . . 17 Mortgages, notes, bonds payable in less than 1 year 18 Other current liabilities (attach stemt) .See. St 3 19 Loans from shareholders . . . 20 Mortgages, notes, bonds payable in 1 year or more 21 Other liabilities (attach statement) . 22 Capital stock: a Preferred stock . . . . . . . . . . . . . b Common stock . . . 23 Additional paid-in capital . . . . . 24 Retained earnings - Appropriated (att stmt) . . . . . 25 Retained earnings - Unappropriated . 26 Adjmt to shareholders' equity (att stmt) . . . . . . . 27 Less cost of treasury stock . . . . 28 Total liabilities and shareholders' equity . . . . . Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions. 1 Net income (loss) per books . Income recorded on books this year not included on this I 2 Federal income tax per books . . . . return (itemize): 3 Excess of capital losses over capital gains Tax-exempt interest $ https://v2.cengagenow.com/ilm/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 8/135/7/24, 11:33 PM CengageNOWv2 1 Online teaching and learning resource from Cengage Learning 4 Income subject to tax not recorded on books this year (itemize): 8 Deductions on this return not charged against book income 5 Expenses recorded on books this year not deducted on this this year (itemize): return (itemize): a Depreciation . . . . a Depreciation . . . b Charitable contribus $ b Charitable contributions $ c Travel & entertainment $ See st. 4 9 Add lines 7 and 8 . . . . . 6 Add lines 1 through 5 . . . 10 Income (page 1, line 28) - line 6 less line 9 Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Schedule L, Line 25) 1 Balance at beginning of year . . . 5 Distributions a Cash . . 2 Net income (loss) per books . . . . b Stock . . . . . C Property . . . . . . 3 Other increases (itemize): 6 Other decreases (itemize):_ 7 Add lines 5 and 6 . . . . . 4 Add lines 1, 2, and 3 . . . . . . . . . . . . . . . 8 Balance at end of year (line 4 less line 7) Form 1120 (2022) Form 1125-A Complete Form 1125-A for Kingfisher Corporation. Form 1125-A Cost of Goods Sold (Rev. November 2018) OMB No. 1545-0123 Department of the Treasury Attach to Form 1120, 1120-C, 1120-F, 1120S, or 1065. Internal Revenue Service Go to www.irs.gov/Form1125A for the latest information. Name Employer identification number Kingfisher Corporation 11-1111113 1 Inventory at beginning of year . 2 Purchases . 3 Cost of labor . . . . . . . 4 Additional section 263A costs (attach schedule) . . . . NG U A W NF 5 Other costs (attach schedule) . . . . . 6 Total. add lines 1 through 5 . 7 Inventory at end of year . 8 Cost of goods sold. Subtract line 7 from line 6. Enter here and on Form 1120, page 1, line 2 or the appropriate line of your tax CO return. See instructions . . . Check all methods used for valuing closing inventory: (1) ) Cost (1/) ) Lower of cost or market (ill) 0 Other (Specify method used and attach explanation.) _ b Check if there was a writedown of subnormal goods . . . c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) . . . . . . .. http:://v2.cengagenow.com/ilm/takeAssignment/printUntakenAssignment.do?assignmentId=5360270 9/13