Chapter 22 Homework i Saved 2 Part 2 of 3 166 points Required Information [The following information applies to the questions displayed below) Jullo and Milania are owners of Falcons Corporation, an s corporation. Each owns 50 percent of Falcons Corporation. In year 1, Julio and Milania each received distributions of $14,000 from Falcons Corporation Falcons Corporation (ans Corporation) Income Statement December 31, Year 1 and Year 2 Year 2 Salet revenue $ 305,000 3.435,000 Cost of goods sold (43,000) (63, eee) Salary to On Julio and Milania (40,00 (50,000) Leployee wiges (25,000 (50.000) Depreciation expense (15.00) (30.000 Section 11 expense (0,0) (50.000) Interest incorrelated to business Incore) 10.00 18,500 Municipal bond incona 1,300 1.600 Government ines 2.000) Overalt net incora $ 163,300 $ 12,0 Distributions $ 28,00 $ 50.000 Doc Print o References b. Complete Falcons's Form 1120-5. Schedule K for year 1 (Use 2021 tex rules regardless of year on tox form. Input all values positive numbers.) Required information 2 Page 2 Total amount Part 2 of 3 AR 1.66 points 30 4 5a eBook 3a Form 1120S (2020) Schedule K Shareholders' Pro Rata Share Items 1 Ordinary business income foss) (page 1. line 21 2 Net rental real estate income lossisch Form 8825 Ja Other gross rental income foss) 6 Expenses from other rental (atach statement contra income 0Subtract line 38 from ineja Crest income 3 Dividends a Ordinary vidends Income (Loss) Qualled dividends 30 Royables 7 Netshoorn Capital OMA (1030 atach Schedule Form 1120-58 & Netfontem caganessa Schele D Form 1120-5 b Colecties 285) creatured section 1250 can catch statement 97 Section 123Giftach For 4700 10 haricom) se instructions Type 11 Section 129 deduction atach Form 4582 12a Cuba contro Deductions binnen erst expense Bacio Bepandures (1) Type 12 AM dhe dedica 100. Type 13a com hoge secten BLORoom housing east one codebaton alreach Form 3431 oca merret Credits Type non e tregtaresse Becoder Form 8470 gobat 14 Gery Prir 9 101 11 123 126 Parerences 1202 120 130 130 930 13 131 19 Sale Bes 45 Soma 91 Grosso de 140 2 Required information Use Credits structions e Other see on Broder Och om BATE Order ameroon Type Type PER 13 -331 139 Part Zora 4 16 PT 166 point Come from all essed andere For more sed con d Red for choroby 05 25 1 149 1 ch BH TREBERG Foreign Transactions 41 16 Debuted and contro Reserved 120 WAL a GO 11 TO A 100 Alamative Mini Tax AMT 152 199 550 157 13 191 COR GO BUNYI Tome CON Shareholder Basis 14h 16 14 Part 2 of 2 TA 10 1m Sen 146 166 points 14p 149 eBool hohe (tlach statement Foreign -Deduction located and apportioned Shareholder level Transactions flerest expene Other Deductions located and apportioned at corporate bil to foreign source income Reserved for reuse 1 Foreign branch Category m Passo category n General category Other (attach statement Other informacion p Total foreign taxes (check one) Paid Acred Reduction in sale for creditch statement Other foreign tax information Catach statement 15a Post-1938 depreciation adjustment Adjusted gain or los Alternative Delbonorran olanda Minimum Tax dolas and geothermal properties-gron income (AMT) Items LOL as and othermal properties deductions Other AMTsch 16 Tempt interest income Items Alle ting Dreams come Shareholder e Noneduble experts Basis Bargured instruction Depayment of loans from thanh 17verno Other Investment expenses Information Dividend distributors paid from accumsanings and profes d Other tema and back to come onion Comine mets on Ines through the room From the subset Reconciliation the sum of the amounts onines through 13 and 14 Print 15 150 150 150 150 154 15 TO 160 180 160 178 170 170 References $0 Fm1120-$12020 THIS FORMISA SIMULATION OF AN OFFICIAL VS TAX FORMITIS NOT THE OFFICIAL FOR ITSELF DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 0 2031 Mew Hill Education Deductions blivester wereleme e Section expenditures (1) Type 12a 12 Amount Part 2 of a 166 point 1202 120 13 136 130 110 13 131 130 d Other deduction (see instruction) 13a Low income housing credit section 4200 blow income housing credit then casifedisabilitation expenditures real estatach Form 2008 applicable) d'Other restare credits (see Intructions) Other real de instruction Type Biofuel producer creditch Form 6470) g Other credit seertructions 16 Name country or possession Credits eBook 340 166 DE Print fed 149 References Foreign Transactions 14 13 Geoss income from al sources Gross income sourced at shareholdere Foreign gross income sourced at corporate vel d Reserved for use e Foreign branch can TPV Canegory Genar category Othern statement -Deductions med and apportioned hoder ve arest expense 00 Deduction located and portioned at corporate level forn source income Reserved for future use I Foro banh cagay massive category n General Catego o Other ach statement - Other D Totaforataves theore! Pad 9 Reductions for creatachmann Other for Biochem 15 P1036 derec BLISE 16 14 180 Atore 14p 149 153 2 16 10 art 2 of 3 14 10 6 anta fep 14 eBook Alternative Minimum Tax (AMT) Items Deduction located and apportioned at corporate level to foreign source income k Reserved for vureuse Foreign branch Category m Passive category n General category o Other (attach statement - Other Information p Total foreign tres check one) Pad Accrued Reduction in a valable for crest(attach statement Other foreign te formation attach statement 15a Post 1000 depreciation adjustment b Adjusted gain or loss c Depletion (other than oil and gas dolgas, and geothermal properties oss income e Olgas. and geothermal properties deductions Other AMT bems (attachment 15 Tax-exempt interest income b Other remot income e Nondeductible experises d Distributions catach semestrecured constructions Repayment of loans from shareholders Talvement income Investment expenses cDividendbutions and from and carings and profes Other bets and amounts (chant 13 con los reston Combine the amounts on Ines through 10 in the right com From the resut subtract the sum of the amounts on lines 11 to 128 and 140 15 15b 150 154 150 134 16a 165 166 Print Items Affecting Shareholder Basis Berences Other 15e 17 176 170 Information Reconciliation 18 Form 1120-2020 THIS FORM IS A SIMULATION OF AN OFFICIAL US. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. 00 NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2021 McGraw-Hill Education