complete only page 1 of the tax form and ecplain the adjustments

C-Corporation Tax Return Instructions Purpose: The purpose of this tax return assignment is to apply the tax rules you have learned in Modules 2 through 4 related to C-Corporations in order to (1) prepare a book to tax reconciliation and (2) complete a portion of a corporate tax return (page 1 of Form 1120). Preparation Instructions: 1. Read the "C-Corporation Notes to Financial Statements and review the "C- Corporation Reconciliation Template" files provided 2. With the information provided, complete the C-Corporation Reconciliation using the "C-Corporation Reconciliation Template" provided. 3. Download the 2020 Form 1120 from the IRS website. Click "Forms & Instructions", then search "1120" in the search bar. 4. Complete only page 1 of Form 1120. Do not complete the other forms and schedules referenced on Form 1120. For example, Form 1120 line 4 "Dividends" references Schedule C, line 23. Do not complete this referenced form. 5. Your documentation on the "C-Corporation Reconciliation Template" should provide sufficient explanation of all of the numbers you enter on Form 1120. Be sure to double check your math and cross references between your reconciliation and your tax form prior to submitting your work. 6. Prepare your files in accordance with the "Proficient" column of the Tax Return Rubric below. C-Corporation Notes to Financial Statements Fielding Sporting Goods Corporation (FSGC) is a calendar-year corporation. Please see the "C-Corporation Reconciliation Template" excel file for FSGC's current-year audited financial income statement. Notes with important tax information to accompany those financials are provided below. Notes: 1. FSGC owns 40 percent of the outstanding Magnolia Corp. (MC) stock. Magnolia Corp. reported $1,000,000 of income for the year. FSGC accounted for its investment in MC under the equity method and it recorded its pro rata share of MC's earnings for the year. MC also distributed a $150,000 dividend to FSGC. 2. Of the $20,000 interest income, $7,000 was from a City of Atlanta municipal bond, $5,500 was from a Dekalb County municipal bond, $3,500 was from a fully taxable corporate bond, and the remaining $4,000 was from a money market account. 3. This amount includes officer compensation of $2,500,000 (one officer received $1,500,000 compensation, the remaining $1,000,000 was allocated equally between 4 other officers). 4. This amount is the portion of non-qualified stock option compensation that was expensed during the year (recipients are officers). There were no exercises during the year. 5. FSGC actually wrote off $90,000 of its accounts receivable as uncollectable 6. Regular tax depreciation calculated under MACRS was $1,600,000. 7. In the current year, FSGC paid $20,000 of actual payments on warranties it provided to customers. 8. FSGC made $425,000 of cash contributions to qualified charities during the year. 9. On July 1 of this year, FSGC acquired the assets of another business. In the process it acquired $300,000 of goodwill. At the end of the year, FSGC wrote off $30,000 of the goodwill as impaired. 10. The other expenses do not contain any items with book-tax differences. 11. This is an estimated tax provision (federal tax expense) for the year. Assume that FSGC is not subject to state income taxes. Fielding Sporting Goods Corporation Book to Tax Reconciliation For the Year Ended December 31, 2020 Description Book Income Notes Book to Tax Adjustments Rel Taxable income Dr CT S 37,000,000 (24,500,000) 12,500,000 1 2 A B 400,000 20,000 50,000 12,970,000 3 4 Revenue from sales Cost of goods sold Gross profit Other income Income from investment in corporate stock Interest income Miscellaneous income Gross income Expenses Compensation Stock option compensation Advertising Rent Bad Debt expense Depreciation Warranty expenses Business meals Business entertainment Goodwill impairment Other expenses Federal income tax expense Total expenses before charitable contr. & DRD Income before charitable contribution Charitable contributions Dividends Received Deduction Book/Taxable income E 5 6 7 (6,800,000) (200,000) (1,450,000) (42,000) (58,000) (1,275,000) (85,000) 129,000) (48,000) (30,000) (140,000) (750,000) (10,907,000) 2,063,000 (425,000 G H 9 10 11 K & 1 1.638,000 Explanation of Adjustments B D E F G H K L 1120 2020 DC Income U.S. Corporation Income Tax Return OMB No 1545-0123 For calendar year 2020 or tax year beginning 2020, ending Department of the Treaty tomar Go to www.irs.gov/Form 1120 for instructions and the latest Information A Check Man B Employer identification number 1a Comodedeu (Nive Tv 1) TYPE bilonies OR Nurser, street and room or we aPO Boxer de um Dute incorporated 2 Personlige PRINT Which PG Clyro state province ortry, and ZIP or for postal code Total 3 + ScreeME Check Instrum Fun Nech 10 Archange 1a Gross receipts or sale Rutums and allowances 11 c Balance Subtract line 1b from line 1 to 2 Cost of goods sold attach Form 1125-A) 3 Gross profit. Subtract line 2 from inte 3 4 Dividends and inclusions Schedule C, line 231 5 Interest 5 6 Grossrents 5 7 Gross royalties 7 8 Capital gain net income attach Schedule D Form 11200 8 9 Net gain or foss from Form 4797, Part Iine 17 (attach Form 4797) 10 Other incomes instructions-attach statement 10 11 Total income. Addiness through to 11 12 Compensation of officers free instructions-attach Form 1125- 12 13 Salaries and wages foss employment credits 13 14 Repairs and maintenance 14 15 Bad debts 15 16 Rents 16 17 Taxes and licenses 17 18 Interests instructions) 19 Charitable contributions 19 20 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on retum (attach Form 4562) 20 21 Depletion 22 Advertising 23 Pension profit-sharing, otoplane 24 Employee benefit programs 25 Reserved for future use 26 Other deduction Mach statement 27 Total deductions. Addlines 12 tough 26 28 Taxable income before net operating loss deduction and special deductions. Subtractine 27 from line 11. 29a Net operating fous deduction see instructions 29a Special deductions Schedule C, line 24 200 Add lines 23 and 236 200 30 Taxable income. Subtract line 29c from line 28. See Instructions 30 31 Total tax Schedule J. Partline 11) 31 32 2020 net 965 taxability pwd Schedule J. Part II line 12 12 33 Total payments. Credits and section 965 net tax liability Schedule J. Partl, line 23) 33 34 Estimated tax penalty. See Instructions. Check at Form 2220 is attached 34 35 Amount owed. I line 33 is smaller than the total of lines 31, 32 and 34. enter amount owed 35 Overpayment. I line 33 in larger than the total of lines 31, 32, and 34. enter amount overpaid > 37 Enter wourt from Ine 36 you want Credited to 2021 estimated tax Refunded 37 Underpants who had been Sign May the IRS Here e pare shown to Signature of officer Date Tide Some Yes No PrintTypepper Preparer's Date Paid PTIN Che. Preparer Use Only Fm EIN Les For Paperwork Reduction Act Notice, see separate instructions. CN114500 Form 112000 Deductions (See Instructions for imitations on deductions.) pubBru | g| a g| pa Pumas 85 XXX Page 2 Sedute Dividends and inclusion MN 50 65 233 Form 1120 000 Schedule C Dividends, Inclusions, and Special Deductions (see instructions) 1 Dividends from less-than-20%-owned domestic corporations (other than debt financed stock 2 Dividends from 20%-or-more-owned domestic corporations other than debt-financed stock Dividends on certain debt-financed stock of domestic and foreign corporations + Dividends on certain preferred stock of less-than-20%-owned public utlities 5 Dividends on certain praterred stock of 20%-or-more-owned public utilities Dividends from less-than-20%-owned foreign corporations and certain PSC 7 Dividends trom 20%-or-more-owned foreign corporations and certain FSC & Dividends from wholly owned foreign subsidiaries Subtotal. Add finest through 8. See instructions for limitations 10 Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 1958 Dividends from affiliated group members 26.7 6 50 65 100 9 100 11 100 100 12 13 Dividends from certain FSC Foreign-source portion of dividends received from a specified 10%-owned foreign corporation (excluding hybrid dividendal (see instruction) Dividends from foreign corporations not included on line 3, 6, 7, 8, 11, 12, or 13 including any hybrid dividends) 100 14 15 100 Section 965 al Inclusion 16a Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC) of the stock of a lower-tier foreign corporation treated as a dividend attach Formis) 571) see instructions Subpart F inclusion derived from hybrid dividende ot tiered corporations attach Form 5471) (see instructions c Other inclusions from CFCs under subpartF not included on line 15, 16, 16b, or 17 (attach Form 5471) (see instructions 17 Global Intangible Low-Taxed Income (GILT (attach Form 5471 and Form 1992) Gross-up for foreign taxes deemed paid 19c-best and former DISC dividunds not included on line 1,2. or 3 Other dividende Deduction for dividends paid on certain preferred stock of public utilities 18 20 21 22 23 Section 250 deduction (attach Form 8993) Total dividends and inclusions. Add columns), lines 9 through 20. Enter here and on page 1. in 4 Total special deductions. Add column (cl, tines through 22. Enter here and on page 1. line 295 24 Form 1120000 Page 3 2 3 4 Sa 5b 5d 5e 6 7 8 8 9b 9c 9d or For 1120 2020) Schedule J Tax Computation and Payment (see instructions) Part I-Tax Computation 1 Check if the corporation is a member of a controlled group (attach Schedule O Form 1120). See instructions 2 Income tax. See instructions 3 Base erosion minimum tax amount attach Form 8991) 4 Add lines 2 and 3 5a Foreign tax credit (attach Form 1118) Credit from Form 8834 (see instructions) General business credit (attach Form 3800) 5c d Credit for prior year minimum tax (attach Form 3827) Bond credits from Form 1912 6 Total credits. Add lines Sa through Se 7 Subtract line from line 4 Personal holding company tax (attach Schedule PH (Form 1120) 9a Recapture of investment credit (attach Form 4255) b Recapture of low-income housing credit (attach Form 8611) Interest dur under the look back method-completed long-term contracts (attach Form 8697). d Interest due under the look back method-income forecast method (attach Form 8866 e Alterative tax on qualifying shipping activities (attach Form 8902) Se Interest/tax due under Section 453A(c) and/or Section 4530 . Other see instructions-attach statement 99 10 Total. Add lines a through 9g Total tax. Add lines 7.8, and 10. Enter here and on page 1. line 31 Part II - Section 965 Payments (see instructions) 2020 net 965 tax liability paid from Form 965-B. Part II. column (k), line 4. Enter here and on page 1. line 32 Part III - Payments, Refundable Credits, and Section 965 Net Tax Liability 13 2019 overpayment credited to 2020 14 2020 estimated tax payments 15 2020 refund applied for on Form 4466 16 Combine lines 13, 14, and 15 17 Tax deposited with Form 7004 18 Withholding (see instructions) 19 Total payments. Add Ines 16. 17, and 18 20 Refundable credits from a Form 2439 200 b Form 4136 c Reserved for future use d Other (attach statement-se instructions) 20d 21 Total credits. Add Ines 20 through 200 22 2020 net 965 tax fiability from Form 965-8. Part I, column (c), line 4. See instructions 23 Total payments, credits, and section 965 net tax liability. Add lines 19, 21, and 22. Enter here and on page 1. line 33 10 11 11 12 12 13 14 15 16 17 18 19 20b 20c 21 22 23 Fom 1120 2020 Fan 112000201 Page 4 Schedule K Other Information see Instructions 1 Check accounting method:a Cash BACONS Omary Yes No 2 See the instructions and enter the Business activity code no. Business activity Product or service 3. Is the corporation a subsidiary in an affiliated group or a parent- sidiary controlled group? # "Yes." enter name and En of the parent corporation 4 At the end of the tax year . Did any foreign of domestic corporation, partnership including any erity treated as a partnershipl. trust or tax-exempt organisation own directly 20% or more or own directly or indirectly. So or more of the total voting power of all classes of the corporation's stock entitled to vote? Yes." complete Part of Schedule G Form 1120) Gattach Schedule G Did any individual or estate own directly 20% or more or own, directly or indirect. 50% or more of the total voting power of all classes of the corporation's stock entitled to vote? Yes.complete Part of Schedule G Form 11201 attach Schedule 5 At the end of the tax year, did the corporation: Own dractly 20% or more or own, directly or indirectly, 50% or more of the total voting power of all classes of stock art led to vote of any foreign or domestic corporation not included on Form 51, Alains Schedule? For nues of constructive ownership, see instructions Yes complete through below ME M Percentage Name of Corporation Country of Incorporation Owned Voting Stock Own directly an interest of 20% or more, or own directly or indirectly interest of or more in any foreign or domestic partnership Including an entity treated as a partnership or the beneficial trest of art? For rules of constructive ownership, see instructions "Yes" complete through v below Erg Name of the Courity of M Maxima Number Pritage Owned in Organization Prolt. Lortor Capital 6 During this tax year, did the corporation pay dividends other than stock ends and distributions in exchange for stock in excess of the corporation's current and accumulated coming and profes? See sections 301 and 316 i esfile Form 5452. Corporate Report of Nondividend Distributions See the instructions for Form $452. If this is a consolidated return, answer here for the parent corporation and on Form 51 for each subsidiary 7 At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of the total voting power of all classes of the corporation's stock entitled to vote or at least 25% of the total value of all classes of the corporation's stock? For rules of attributions section 318. "Yesenter al Percentage owned and Owner's country c) The corporation may have to file Form 5472. Information Fatuma 28 Forion Owned US Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business Enter the number of Forms 5672 attached B Check this box if the corporation issued publicly offered debt instruments with orginal issue discount I checked, the corporation may have to sleForm 1281, information Raten for Publicy Omerad Digine hawe Discount tratruments. 9 Enter the amount of tax-exempt interest received or accrued during the tax years 10 Enter the number of shareholders at the end of the tax year 100 or fewer 11 the corporation has an NOL for the tax year and is lecting to forego the cayback period, check here ne instructions It the corporation is fing a consolidated retum, the statement required by Regulation section 1.1502-21) must be attached or the election will not be valid 12 Enter the available NOL carryover from prior tax years do not reduce by any deduction reported on page 1. line 29 >$ Form 1120 2001 Form 1120 9020) Page 5 13 Yes No 18 19 Schedule K Other Information (continued from page 4) Are the corporation's total receipts (page 1, line 1a, plus lines 4 through 10) for the tax year and its total assets at the end of the tax year less than $250,000? I 'Yes." the corporation is not required to complete Schedules L, M-1, and M-2. Instead, enter the total amount of cash distributions and the book value of property distributions (other than cash) made during the tax year $ 14 Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement? See instructions "Yes." complete and attach Schedule UTP. 15a Did the corporation make any payments in 2020 that would require it to file Formis) 1099? D "Yes." did or will the corporation file required Form(s) 10997. 16 During this tax year, did the corporation have an 80%-or-more change in ownership, including a change due to redemption of its own stock? 17 During or subsequent to this taux year, but before the filing of this return, did the corporation dispose of more than 65% (by value) of its assets in a taxable, non-taxable, or tax deferred transaction? Did the corporation receive assets in a section 351 transfer in which any of the transferred assets had a fair market basis or fair market value of more than $1 million? During the corporation's tax year, did the corporation make any payments that would require it to file Forma 1042 and 1042-S under chapter 3 (nections 1441 through 1464) or chapter 4 (sections 1471 through 1474) of the Code? 20 Is the corporation operating on a cooperative basis? 21 During the tax year, did the corporation pay or accrub any interest or royalty for which the deduction is not allowed under section 267A7 See Instructions **Yen" enter the total amount of the disallowed deductions 22 Does the corporation have gros receipts of at least 500 million in any of the 3 preceding tax years? (See section SBAR) and (3) "Yes" complete and attach Form 1991, Did the corporation have an election under section 160() for any real property trade or business or any farming business in effect during the tax year See instructions 24 Does the corporation satisfy one or more of the following? See Instructions The corporation owns a pass-through entity with current, or prior year carryover excess business interest expense The corporation's apprepate average annual grous receipts (determined under section 44(cfor the 3 tax years preceding the current tax year are more than $26 million and the corporation has business interest expense The corporation in a tax shelter and the corporation has business interest expense, If "Yes" complete and attach Form 8990. 25 Is the corporation attaching Form 8996 to certity as a Qualified Opportunity Fund? "Yes." enter amount from Form 8996, line 15 26 Since December 22, 2017, did a foreign corporation directly or indirectly acquire substantially all of the properties held directly or indirectly by the corporation, and was the ownership percentage (by vote or value) for purposes of section 7874 greater than 50% for example, the shareholders held more than 50% of the stock of the foreign corporation)? If "Yes." list the ownership percentage by vote and by value. See instructions Percentage: By Vote Forn 1120 2020 23 By Value Form 11202020 Page 6 ScheduleL Balance Sheets per Books Beginning of tax year End of tax year Assets (al ic id 1 Cash 2a Trade notes and accounts receivable b Less allowance for bad debts 3 Inventories 4 US government obligations 5 Tax-exempt securities free instruction . Other current assets attach statement 7 Loans to shareholders 8 Mortgage and real estate loans . Other investments attach statement 10a Buildings and other depreciable assets Less accumulated depreciation 11a Deplotable assets b Less accumulated depletion 12 Landnet of any amortization) 13a Intangible assets amortizable only Less accumulated amortization. 14 Other assets attach statement) 15 Total assets Liabilities and Shareholders' Equity 16 Accounts payable 17 Mortgages, notes, bonde payable in less than you 18 Other current liabilitach statement 19 Loans from shareholders 20 Mortgages, notes, bonds payable in year or more 21 Other abilities attach statement 22 Capital stock a Preferred stock bCommon stock 23 Additional pad-in capital 24 Retained earnings-Appropriate fattach statement 25 Retained earnings-Unappropriated 20 Adjustments to shareholders' equity attach temat 27 Less cost of treasury stock 20 Total abilities and shareholders equity Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions 1 Net income (os) per books 7 Income recorded on books this year 2 Federal income tax per books not included on this return tomize 3 Excess of capitales over capital gains Tax exempt interest 4 Income subject to tax not recorded on books this year tom # Deductions on this return not charged 5 Expenses recorded on books this year not against book income this year itemize deducted on this return tomcek Depreciation a Depreciation b Charitable contributions b Charitable contributions Travel and entertainment Adelines 7 and 8 Add lines 1 through 5 10 incompage 1.25 - Se 6 less line 9 Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Schedule L, Line 25) 1 Balance at beginning of year Distributions: a Cash 2 Net income fos per books b Stock 3 Other increases temiz Property 6 Other decreases tem 7 Add lines 5 and 6 Add lines 1.2 and 3 Balance at end of your fine dessine Form 1120 2000 C-Corporation Tax Return Instructions Purpose: The purpose of this tax return assignment is to apply the tax rules you have learned in Modules 2 through 4 related to C-Corporations in order to (1) prepare a book to tax reconciliation and (2) complete a portion of a corporate tax return (page 1 of Form 1120). Preparation Instructions: 1. Read the "C-Corporation Notes to Financial Statements and review the "C- Corporation Reconciliation Template" files provided 2. With the information provided, complete the C-Corporation Reconciliation using the "C-Corporation Reconciliation Template" provided. 3. Download the 2020 Form 1120 from the IRS website. Click "Forms & Instructions", then search "1120" in the search bar. 4. Complete only page 1 of Form 1120. Do not complete the other forms and schedules referenced on Form 1120. For example, Form 1120 line 4 "Dividends" references Schedule C, line 23. Do not complete this referenced form. 5. Your documentation on the "C-Corporation Reconciliation Template" should provide sufficient explanation of all of the numbers you enter on Form 1120. Be sure to double check your math and cross references between your reconciliation and your tax form prior to submitting your work. 6. Prepare your files in accordance with the "Proficient" column of the Tax Return Rubric below. C-Corporation Notes to Financial Statements Fielding Sporting Goods Corporation (FSGC) is a calendar-year corporation. Please see the "C-Corporation Reconciliation Template" excel file for FSGC's current-year audited financial income statement. Notes with important tax information to accompany those financials are provided below. Notes: 1. FSGC owns 40 percent of the outstanding Magnolia Corp. (MC) stock. Magnolia Corp. reported $1,000,000 of income for the year. FSGC accounted for its investment in MC under the equity method and it recorded its pro rata share of MC's earnings for the year. MC also distributed a $150,000 dividend to FSGC. 2. Of the $20,000 interest income, $7,000 was from a City of Atlanta municipal bond, $5,500 was from a Dekalb County municipal bond, $3,500 was from a fully taxable corporate bond, and the remaining $4,000 was from a money market account. 3. This amount includes officer compensation of $2,500,000 (one officer received $1,500,000 compensation, the remaining $1,000,000 was allocated equally between 4 other officers). 4. This amount is the portion of non-qualified stock option compensation that was expensed during the year (recipients are officers). There were no exercises during the year. 5. FSGC actually wrote off $90,000 of its accounts receivable as uncollectable 6. Regular tax depreciation calculated under MACRS was $1,600,000. 7. In the current year, FSGC paid $20,000 of actual payments on warranties it provided to customers. 8. FSGC made $425,000 of cash contributions to qualified charities during the year. 9. On July 1 of this year, FSGC acquired the assets of another business. In the process it acquired $300,000 of goodwill. At the end of the year, FSGC wrote off $30,000 of the goodwill as impaired. 10. The other expenses do not contain any items with book-tax differences. 11. This is an estimated tax provision (federal tax expense) for the year. Assume that FSGC is not subject to state income taxes. Fielding Sporting Goods Corporation Book to Tax Reconciliation For the Year Ended December 31, 2020 Description Book Income Notes Book to Tax Adjustments Rel Taxable income Dr CT S 37,000,000 (24,500,000) 12,500,000 1 2 A B 400,000 20,000 50,000 12,970,000 3 4 Revenue from sales Cost of goods sold Gross profit Other income Income from investment in corporate stock Interest income Miscellaneous income Gross income Expenses Compensation Stock option compensation Advertising Rent Bad Debt expense Depreciation Warranty expenses Business meals Business entertainment Goodwill impairment Other expenses Federal income tax expense Total expenses before charitable contr. & DRD Income before charitable contribution Charitable contributions Dividends Received Deduction Book/Taxable income E 5 6 7 (6,800,000) (200,000) (1,450,000) (42,000) (58,000) (1,275,000) (85,000) 129,000) (48,000) (30,000) (140,000) (750,000) (10,907,000) 2,063,000 (425,000 G H 9 10 11 K & 1 1.638,000 Explanation of Adjustments B D E F G H K L 1120 2020 DC Income U.S. Corporation Income Tax Return OMB No 1545-0123 For calendar year 2020 or tax year beginning 2020, ending Department of the Treaty tomar Go to www.irs.gov/Form 1120 for instructions and the latest Information A Check Man B Employer identification number 1a Comodedeu (Nive Tv 1) TYPE bilonies OR Nurser, street and room or we aPO Boxer de um Dute incorporated 2 Personlige PRINT Which PG Clyro state province ortry, and ZIP or for postal code Total 3 + ScreeME Check Instrum Fun Nech 10 Archange 1a Gross receipts or sale Rutums and allowances 11 c Balance Subtract line 1b from line 1 to 2 Cost of goods sold attach Form 1125-A) 3 Gross profit. Subtract line 2 from inte 3 4 Dividends and inclusions Schedule C, line 231 5 Interest 5 6 Grossrents 5 7 Gross royalties 7 8 Capital gain net income attach Schedule D Form 11200 8 9 Net gain or foss from Form 4797, Part Iine 17 (attach Form 4797) 10 Other incomes instructions-attach statement 10 11 Total income. Addiness through to 11 12 Compensation of officers free instructions-attach Form 1125- 12 13 Salaries and wages foss employment credits 13 14 Repairs and maintenance 14 15 Bad debts 15 16 Rents 16 17 Taxes and licenses 17 18 Interests instructions) 19 Charitable contributions 19 20 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on retum (attach Form 4562) 20 21 Depletion 22 Advertising 23 Pension profit-sharing, otoplane 24 Employee benefit programs 25 Reserved for future use 26 Other deduction Mach statement 27 Total deductions. Addlines 12 tough 26 28 Taxable income before net operating loss deduction and special deductions. Subtractine 27 from line 11. 29a Net operating fous deduction see instructions 29a Special deductions Schedule C, line 24 200 Add lines 23 and 236 200 30 Taxable income. Subtract line 29c from line 28. See Instructions 30 31 Total tax Schedule J. Partline 11) 31 32 2020 net 965 taxability pwd Schedule J. Part II line 12 12 33 Total payments. Credits and section 965 net tax liability Schedule J. Partl, line 23) 33 34 Estimated tax penalty. See Instructions. Check at Form 2220 is attached 34 35 Amount owed. I line 33 is smaller than the total of lines 31, 32 and 34. enter amount owed 35 Overpayment. I line 33 in larger than the total of lines 31, 32, and 34. enter amount overpaid > 37 Enter wourt from Ine 36 you want Credited to 2021 estimated tax Refunded 37 Underpants who had been Sign May the IRS Here e pare shown to Signature of officer Date Tide Some Yes No PrintTypepper Preparer's Date Paid PTIN Che. Preparer Use Only Fm EIN Les For Paperwork Reduction Act Notice, see separate instructions. CN114500 Form 112000 Deductions (See Instructions for imitations on deductions.) pubBru | g| a g| pa Pumas 85 XXX Page 2 Sedute Dividends and inclusion MN 50 65 233 Form 1120 000 Schedule C Dividends, Inclusions, and Special Deductions (see instructions) 1 Dividends from less-than-20%-owned domestic corporations (other than debt financed stock 2 Dividends from 20%-or-more-owned domestic corporations other than debt-financed stock Dividends on certain debt-financed stock of domestic and foreign corporations + Dividends on certain preferred stock of less-than-20%-owned public utlities 5 Dividends on certain praterred stock of 20%-or-more-owned public utilities Dividends from less-than-20%-owned foreign corporations and certain PSC 7 Dividends trom 20%-or-more-owned foreign corporations and certain FSC & Dividends from wholly owned foreign subsidiaries Subtotal. Add finest through 8. See instructions for limitations 10 Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 1958 Dividends from affiliated group members 26.7 6 50 65 100 9 100 11 100 100 12 13 Dividends from certain FSC Foreign-source portion of dividends received from a specified 10%-owned foreign corporation (excluding hybrid dividendal (see instruction) Dividends from foreign corporations not included on line 3, 6, 7, 8, 11, 12, or 13 including any hybrid dividends) 100 14 15 100 Section 965 al Inclusion 16a Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC) of the stock of a lower-tier foreign corporation treated as a dividend attach Formis) 571) see instructions Subpart F inclusion derived from hybrid dividende ot tiered corporations attach Form 5471) (see instructions c Other inclusions from CFCs under subpartF not included on line 15, 16, 16b, or 17 (attach Form 5471) (see instructions 17 Global Intangible Low-Taxed Income (GILT (attach Form 5471 and Form 1992) Gross-up for foreign taxes deemed paid 19c-best and former DISC dividunds not included on line 1,2. or 3 Other dividende Deduction for dividends paid on certain preferred stock of public utilities 18 20 21 22 23 Section 250 deduction (attach Form 8993) Total dividends and inclusions. Add columns), lines 9 through 20. Enter here and on page 1. in 4 Total special deductions. Add column (cl, tines through 22. Enter here and on page 1. line 295 24 Form 1120000 Page 3 2 3 4 Sa 5b 5d 5e 6 7 8 8 9b 9c 9d or For 1120 2020) Schedule J Tax Computation and Payment (see instructions) Part I-Tax Computation 1 Check if the corporation is a member of a controlled group (attach Schedule O Form 1120). See instructions 2 Income tax. See instructions 3 Base erosion minimum tax amount attach Form 8991) 4 Add lines 2 and 3 5a Foreign tax credit (attach Form 1118) Credit from Form 8834 (see instructions) General business credit (attach Form 3800) 5c d Credit for prior year minimum tax (attach Form 3827) Bond credits from Form 1912 6 Total credits. Add lines Sa through Se 7 Subtract line from line 4 Personal holding company tax (attach Schedule PH (Form 1120) 9a Recapture of investment credit (attach Form 4255) b Recapture of low-income housing credit (attach Form 8611) Interest dur under the look back method-completed long-term contracts (attach Form 8697). d Interest due under the look back method-income forecast method (attach Form 8866 e Alterative tax on qualifying shipping activities (attach Form 8902) Se Interest/tax due under Section 453A(c) and/or Section 4530 . Other see instructions-attach statement 99 10 Total. Add lines a through 9g Total tax. Add lines 7.8, and 10. Enter here and on page 1. line 31 Part II - Section 965 Payments (see instructions) 2020 net 965 tax liability paid from Form 965-B. Part II. column (k), line 4. Enter here and on page 1. line 32 Part III - Payments, Refundable Credits, and Section 965 Net Tax Liability 13 2019 overpayment credited to 2020 14 2020 estimated tax payments 15 2020 refund applied for on Form 4466 16 Combine lines 13, 14, and 15 17 Tax deposited with Form 7004 18 Withholding (see instructions) 19 Total payments. Add Ines 16. 17, and 18 20 Refundable credits from a Form 2439 200 b Form 4136 c Reserved for future use d Other (attach statement-se instructions) 20d 21 Total credits. Add Ines 20 through 200 22 2020 net 965 tax fiability from Form 965-8. Part I, column (c), line 4. See instructions 23 Total payments, credits, and section 965 net tax liability. Add lines 19, 21, and 22. Enter here and on page 1. line 33 10 11 11 12 12 13 14 15 16 17 18 19 20b 20c 21 22 23 Fom 1120 2020 Fan 112000201 Page 4 Schedule K Other Information see Instructions 1 Check accounting method:a Cash BACONS Omary Yes No 2 See the instructions and enter the Business activity code no. Business activity Product or service 3. Is the corporation a subsidiary in an affiliated group or a parent- sidiary controlled group? # "Yes." enter name and En of the parent corporation 4 At the end of the tax year . Did any foreign of domestic corporation, partnership including any erity treated as a partnershipl. trust or tax-exempt organisation own directly 20% or more or own directly or indirectly. So or more of the total voting power of all classes of the corporation's stock entitled to vote? Yes." complete Part of Schedule G Form 1120) Gattach Schedule G Did any individual or estate own directly 20% or more or own, directly or indirect. 50% or more of the total voting power of all classes of the corporation's stock entitled to vote? Yes.complete Part of Schedule G Form 11201 attach Schedule 5 At the end of the tax year, did the corporation: Own dractly 20% or more or own, directly or indirectly, 50% or more of the total voting power of all classes of stock art led to vote of any foreign or domestic corporation not included on Form 51, Alains Schedule? For nues of constructive ownership, see instructions Yes complete through below ME M Percentage Name of Corporation Country of Incorporation Owned Voting Stock Own directly an interest of 20% or more, or own directly or indirectly interest of or more in any foreign or domestic partnership Including an entity treated as a partnership or the beneficial trest of art? For rules of constructive ownership, see instructions "Yes" complete through v below Erg Name of the Courity of M Maxima Number Pritage Owned in Organization Prolt. Lortor Capital 6 During this tax year, did the corporation pay dividends other than stock ends and distributions in exchange for stock in excess of the corporation's current and accumulated coming and profes? See sections 301 and 316 i esfile Form 5452. Corporate Report of Nondividend Distributions See the instructions for Form $452. If this is a consolidated return, answer here for the parent corporation and on Form 51 for each subsidiary 7 At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of the total voting power of all classes of the corporation's stock entitled to vote or at least 25% of the total value of all classes of the corporation's stock? For rules of attributions section 318. "Yesenter al Percentage owned and Owner's country c) The corporation may have to file Form 5472. Information Fatuma 28 Forion Owned US Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business Enter the number of Forms 5672 attached B Check this box if the corporation issued publicly offered debt instruments with orginal issue discount I checked, the corporation may have to sleForm 1281, information Raten for Publicy Omerad Digine hawe Discount tratruments. 9 Enter the amount of tax-exempt interest received or accrued during the tax years 10 Enter the number of shareholders at the end of the tax year 100 or fewer 11 the corporation has an NOL for the tax year and is lecting to forego the cayback period, check here ne instructions It the corporation is fing a consolidated retum, the statement required by Regulation section 1.1502-21) must be attached or the election will not be valid 12 Enter the available NOL carryover from prior tax years do not reduce by any deduction reported on page 1. line 29 >$ Form 1120 2001 Form 1120 9020) Page 5 13 Yes No 18 19 Schedule K Other Information (continued from page 4) Are the corporation's total receipts (page 1, line 1a, plus lines 4 through 10) for the tax year and its total assets at the end of the tax year less than $250,000? I 'Yes." the corporation is not required to complete Schedules L, M-1, and M-2. Instead, enter the total amount of cash distributions and the book value of property distributions (other than cash) made during the tax year $ 14 Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement? See instructions "Yes." complete and attach Schedule UTP. 15a Did the corporation make any payments in 2020 that would require it to file Formis) 1099? D "Yes." did or will the corporation file required Form(s) 10997. 16 During this tax year, did the corporation have an 80%-or-more change in ownership, including a change due to redemption of its own stock? 17 During or subsequent to this taux year, but before the filing of this return, did the corporation dispose of more than 65% (by value) of its assets in a taxable, non-taxable, or tax deferred transaction? Did the corporation receive assets in a section 351 transfer in which any of the transferred assets had a fair market basis or fair market value of more than $1 million? During the corporation's tax year, did the corporation make any payments that would require it to file Forma 1042 and 1042-S under chapter 3 (nections 1441 through 1464) or chapter 4 (sections 1471 through 1474) of the Code? 20 Is the corporation operating on a cooperative basis? 21 During the tax year, did the corporation pay or accrub any interest or royalty for which the deduction is not allowed under section 267A7 See Instructions **Yen" enter the total amount of the disallowed deductions 22 Does the corporation have gros receipts of at least 500 million in any of the 3 preceding tax years? (See section SBAR) and (3) "Yes" complete and attach Form 1991, Did the corporation have an election under section 160() for any real property trade or business or any farming business in effect during the tax year See instructions 24 Does the corporation satisfy one or more of the following? See Instructions The corporation owns a pass-through entity with current, or prior year carryover excess business interest expense The corporation's apprepate average annual grous receipts (determined under section 44(cfor the 3 tax years preceding the current tax year are more than $26 million and the corporation has business interest expense The corporation in a tax shelter and the corporation has business interest expense, If "Yes" complete and attach Form 8990. 25 Is the corporation attaching Form 8996 to certity as a Qualified Opportunity Fund? "Yes." enter amount from Form 8996, line 15 26 Since December 22, 2017, did a foreign corporation directly or indirectly acquire substantially all of the properties held directly or indirectly by the corporation, and was the ownership percentage (by vote or value) for purposes of section 7874 greater than 50% for example, the shareholders held more than 50% of the stock of the foreign corporation)? If "Yes." list the ownership percentage by vote and by value. See instructions Percentage: By Vote Forn 1120 2020 23 By Value Form 11202020 Page 6 ScheduleL Balance Sheets per Books Beginning of tax year End of tax year Assets (al ic id 1 Cash 2a Trade notes and accounts receivable b Less allowance for bad debts 3 Inventories 4 US government obligations 5 Tax-exempt securities free instruction . Other current assets attach statement 7 Loans to shareholders 8 Mortgage and real estate loans . Other investments attach statement 10a Buildings and other depreciable assets Less accumulated depreciation 11a Deplotable assets b Less accumulated depletion 12 Landnet of any amortization) 13a Intangible assets amortizable only Less accumulated amortization. 14 Other assets attach statement) 15 Total assets Liabilities and Shareholders' Equity 16 Accounts payable 17 Mortgages, notes, bonde payable in less than you 18 Other current liabilitach statement 19 Loans from shareholders 20 Mortgages, notes, bonds payable in year or more 21 Other abilities attach statement 22 Capital stock a Preferred stock bCommon stock 23 Additional pad-in capital 24 Retained earnings-Appropriate fattach statement 25 Retained earnings-Unappropriated 20 Adjustments to shareholders' equity attach temat 27 Less cost of treasury stock 20 Total abilities and shareholders equity Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions 1 Net income (os) per books 7 Income recorded on books this year 2 Federal income tax per books not included on this return tomize 3 Excess of capitales over capital gains Tax exempt interest 4 Income subject to tax not recorded on books this year tom # Deductions on this return not charged 5 Expenses recorded on books this year not against book income this year itemize deducted on this return tomcek Depreciation a Depreciation b Charitable contributions b Charitable contributions Travel and entertainment Adelines 7 and 8 Add lines 1 through 5 10 incompage 1.25 - Se 6 less line 9 Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Schedule L, Line 25) 1 Balance at beginning of year Distributions: a Cash 2 Net income fos per books b Stock 3 Other increases temiz Property 6 Other decreases tem 7 Add lines 5 and 6 Add lines 1.2 and 3 Balance at end of your fine dessine Form 1120 2000