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can you show complete form 1120, 1120s and 1065 please Ben, Jason, and Kelly are planning on forming a business together. The business will begin
can you show complete form 1120, 1120s and 1065 please
Ben, Jason, and Kelly are planning on forming a business together. The business will begin as of 1/1/22 (assets transferred as of this day). They plan on transferring the following assets to the business: (Note - You have to figure the adjusted basis in the assets. You should assume that each asset was depreciated under MACRS) In exchange for the assets, each individual will receive a 1/3nd ownership interest in the entity. The business will obtain an $80,000 bank loan for working capital needs. The business will be in retail sales over the Internet. They expect the following income and expense items (not counting depreciation which you are to figure). The entity distributes $20,000 to each individual. 1.) Using this information, they would like you to prepare proforma tax returns for the entity doing business as a C corporation, S corporation and a LLC with partnership tax status (assume a calendar year for each entity). For purposes of the LLC, assume the "members" are treated as general partners for purposes of determining any selfemployment tax Step by Step Solution
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