Because it is important for accountants to demonstrate the filing requirements for specialized tax returns, for this final project you will be completing a corporate tax return and then analyzing this experience.

Key Component:

Use the financial data from the following file to complete form 1120.

Complete the following template that has the respective tax forms and schedules required to complete the return. Complete all of the parts of your respective business tax return for which there is information.

In the space at the bottom of the template, show your income tax calculations and prepare a write-up on some questions contained within the tax return. Look at the information on Form 1120 Schedule K. With the exception of line 1, discuss the purpose of these questions. (You may select a sub-grouping of these questions to complete your milestone). What are some challenges (identify three to five), both anticipated and unexpected, when completing the corporate tax return? What solutions can you provide to those challenges?

Requirements:

Submit 1) your tax return template and 2) your write-up about the tax return questions to the drop box identified for that submission.

ty Type Corporation Sub-Entity Type None BADEC y y Start Dat Tax Y Start Date: 4/2/2013 2/31/2013 Book Maintained By Andrew Ander o Sysco way Atli Purpose of Entity Acqu property imated Ox Payments nvestor Information BADEC Income Statement BADEC 1/1/2008 12131/2008 Balance Shee 2/2008 BADEC. In BADEC, Inc 04/02 2013 2.31/2013 4/2/2013 Gross Income Assets Cash 430,000 Repair Revenue S100,000 Computer $600 terest income 3,000 iture Dividends (Qualified S2,000 and 50,000 Net Short-term Capital Gain S5.000 oral Assets 490,000 Total Income from ,600 Liabilities Equity Expenses Capital Anderson 50.000 Capital.Bacon 50,000 Guaranteed payments $10,000 Capital-Cox 00,000 S5,500 CapitalD 50,000 $1,500 Capital Elders 40.000 Depreciaton expense $2,066 Capital-F awcett 80,000 icenses $500 Capital Go 20.000 Travel Expenses $800 Toral Liabwies pus Equity 490,000 Supplies Expenses $700 Net Long-lemm Capital Lo $10,000 Charitable Contribu S5.000 Total Expenses $36.066 BADEC Balance Sheet Nel income (before federal inoorme taxe 534 /2 2008 BADEC Partnership 213 Cash Dividend Distribution lo. Elders S5,000 Cash Dvidend Distribution to. Fawcett S6.000 Assets Cash Dwidend Distribution to Gonzalez S7,000 Cash 485,600 Computer 7.000 AccDep Computer 745) 3,000 AccDep Furniture (32 and 50.000 Total A 543,534 Liabilities Equity Retained Earnings SIDck Anderson 50,000 Stock Baco 50,000 Stock Cox 00.000 Slock-Da 50.000 Stock Elders 40,000 SIDck-Fa 80,000 Stock Gonzalez 20.000 TotafLi pus Equity 543.534