CC 330- Fall 2017 Tax Return Problem 1) Due date: Monday, November 13. Bring the hard copy solution to class. No late assignments will be accepted. Please MAKE SURE your name is on ALL pages of the solution!! You will lose points if your name is not on each page of your solution 2) You may work with one other classmate if you wish. Do not collaborate with anyone else on the assignment. If you work with a classmate, please turn in one solution with both of your names on it. In this case, please MAKE SURE you have both your names on ALL pages of the solution!! Tax return information You own a t-shirt screen printing company called Back the Pack. Back the Pack operates as a regular Corporation under Subchapter C of the Internal Revenue Code. Back the Pack incorporated on April 1.2014 and business began on June 1, 2014. The company owns the building that the store is located in and all of the equipment that the business uses. The tax year for the Corporation is the calendar year and it is on the accrual method. The tax identification number for Back the Pack is 12345678. Do not forget to fill out the Corporation's name and relevant information at the top of the tax return forms. Please complete the 2016 Form 4562 - Depreciation and Amortization. You do not need t complete Parts I. II, and V of the form because you should assume you are not electing the Section 179 deduction, you have elected out of bonus depreciation, and you have no listed property for the 2016 tax year. You will compute MACRS depreciation in Parts II and IV and. if any, amortization in Part VI. You will also need to complete Page 1 of the 2016 Form 1120 U.S. Corporation Income Tax Return. You will only need to comp complete the Schedule M-1 Reconciliation of Income (Loss) per Books with Income per Return (on page 5 of the 1120). This is the itemized book-tax differences (BTD"). Put each BTD separately in the correct section. These forms are found on the IRS website (www.irs.gov) but I have included the required forms in Moodle for your convenience. Note that the depreciation and amortization amounts computed on Form 4562 flow to Form 1120 page I. The Form 1120 page I is the tax income statement that includes all tax amounts for income and deductions. The Modified Schedule M-1 starts with net income per books and adjusts the book revenues and expenses to tax amounts using book-tax differences. Line 28 of the Form 1120 should tie to line 10 on the Schedule M-1. Use the appendix in your textbook to compute the total corporate tax on line 31 of the Form 1120. Do not worry about including any non-numerical information that is not provided with the assignment. The company owns the following assets: Land purchased on 5/1/2014 for $180,000. The land was placed in service on 6/1/2014 Building purchased on 5/1/2014 for $350,.000 The buiding was placed in service on 6/12014 CC 330- Fall 2017 Tax Return Problem 1) Due date: Monday, November 13. Bring the hard copy solution to class. No late assignments will be accepted. Please MAKE SURE your name is on ALL pages of the solution!! You will lose points if your name is not on each page of your solution 2) You may work with one other classmate if you wish. Do not collaborate with anyone else on the assignment. If you work with a classmate, please turn in one solution with both of your names on it. In this case, please MAKE SURE you have both your names on ALL pages of the solution!! Tax return information You own a t-shirt screen printing company called Back the Pack. Back the Pack operates as a regular Corporation under Subchapter C of the Internal Revenue Code. Back the Pack incorporated on April 1.2014 and business began on June 1, 2014. The company owns the building that the store is located in and all of the equipment that the business uses. The tax year for the Corporation is the calendar year and it is on the accrual method. The tax identification number for Back the Pack is 12345678. Do not forget to fill out the Corporation's name and relevant information at the top of the tax return forms. Please complete the 2016 Form 4562 - Depreciation and Amortization. You do not need t complete Parts I. II, and V of the form because you should assume you are not electing the Section 179 deduction, you have elected out of bonus depreciation, and you have no listed property for the 2016 tax year. You will compute MACRS depreciation in Parts II and IV and. if any, amortization in Part VI. You will also need to complete Page 1 of the 2016 Form 1120 U.S. Corporation Income Tax Return. You will only need to comp complete the Schedule M-1 Reconciliation of Income (Loss) per Books with Income per Return (on page 5 of the 1120). This is the itemized book-tax differences (BTD"). Put each BTD separately in the correct section. These forms are found on the IRS website (www.irs.gov) but I have included the required forms in Moodle for your convenience. Note that the depreciation and amortization amounts computed on Form 4562 flow to Form 1120 page I. The Form 1120 page I is the tax income statement that includes all tax amounts for income and deductions. The Modified Schedule M-1 starts with net income per books and adjusts the book revenues and expenses to tax amounts using book-tax differences. Line 28 of the Form 1120 should tie to line 10 on the Schedule M-1. Use the appendix in your textbook to compute the total corporate tax on line 31 of the Form 1120. Do not worry about including any non-numerical information that is not provided with the assignment. The company owns the following assets: Land purchased on 5/1/2014 for $180,000. The land was placed in service on 6/1/2014 Building purchased on 5/1/2014 for $350,.000 The buiding was placed in service on 6/12014