ACCT 3603 Income Tax Accounting, Fall 2017, Tax Return Group Project All work must be your group's own work. ABC, Inc., 110 Apple Street, Okie, OK 71111, is a corporation (EIN 57-1234567) formed on January 1, 2010. Information concerning the corporation and its two shareholders follows. It uses tax/cash basis accounting, did not pay dividends in excess of earnings and profits, has no foreign shareholders, is not publicly traded, and has no NOL carrybacks. Bob Boomer (SSN 445-12-3456), 112 Orange Street, Okie, OK 71111, is a 60% shareholder. Sally Boomer (SSN 445-65-4321), 114 Orange Street, Okie, OK 71111, is a 40% shareholder. Bob received a dividend of $60,000, and Sally received a dividend of $40,000. Both of these dividends are in addition to their salaries. ABC, Inc.'s Business Activity Code is 111111, Business Activity is consulting, and Product or Service is wisdom. You will need to read text pages 12-28 to 12-30 regarding the Dividends Receiving Deduction