Corporate Tax Analyze Part 2

Form 1120 (2020) ZEUS, INC 56-1234567 Page 2 \begin{tabular}{ll} \hline Schedule C & Dividends,Inclusions,andSpecialDeductions(seeinstructions) \\ \hline 1Dividendsfromless-than-20%-owneddomesticcorporations(otherthandebt-financedstock) \\ 2 Dividends from 20\%-or-more-owned domestic corporations (other than debt-financed \\ stock) . \end{tabular} 3 Dividends on certain debt-financed stock of domestic and foreign corporations . 4 Dividends on certain preferred stock of less-than-20\%-owned public utilities. 5 Dividends on certain preferred stock of 20%-or-more-owned public utilities . 6 Dividends from less-than-20\%-owned foreign corporations and certain FSCs . 7 Dividends from 20\%-or-more-owned foreign corporations and certain FSCs 8 Dividends from wholly owned foreign subsidiaries 9 Subtotal. Add lines 1 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 11 Dividends from affiliated group members. 12 Dividends from certain FSCs 13 Foreign-source portion of dividends received from a specified 10\%-owned foreign corporation (excluding hybrid dividends) (see instructions) . 14 Dividends from foreign corporations not included on line 3,6,7,8,11,12, or 13 (including any hybrid dividends) 15 Section 965( a) 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 Form(s) 5471) (see instructions) b Subpart F inclusions derived from hybrid dividends of tiered corporations (attach Form(s) 5471) (see instructions) c Other inclusions from CFCs under subpart F not included on line 15, 16a, 16b, or 17 (attach Form(s) 5471) (see instructions) 17 Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and Form 8992) 18 Gross-up for foreign taxes deemed paid. 19 IC-DISC and former DISC dividends not included on line 1, 2, or 3 20 Other dividends 21 Deduction for dividends paid on certain preferred stock of public utilities 22 Section 250 deduction (attach Form 8993). 23 Total dividends and inclusions. Add column (a), lines 9 through 20. Enter here and on page 1, line 4. 24 Total special deductions. Add column (c), lines 9 through 22. Enter here and on page 1. line 29b. (a) (b) 150 0 0 0 0 0 150 0 0 14,000 Form 1120 (2020) ZEUS. INC 56-1234567 Page 3 b Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in any foreign or domestic partnership (including an entify treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions. If "Yes " memnlate fil throunh livi helrw 6 During this tax year, did the corporation pay dividends (other than stock dividends and distributions in exchange for stock) in excess of the corporation's current and accumulated earnings and profits? See sections 301 and 316. If "Yes," file Form 5452, Corporate Report of Nondividend Distributions. See the instructions for Form 5452. If this is a consolidated return, answer here for the parent corporation and on Form 851 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 attribution, see section 318 . If "Yes," enter: (a) Percentage owned and (b) Owner's country (c) The corporation may have to file Form 5472, Information Return of a 25\% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Enter the number of Forms 5472 attached 8 Check this box if the corporation issued publicly offered debt instruments with original issue discount If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original lssue Discount instruments. 9 Enter the amount of tax-exempt interest received or accrued during the tax year $ 10 Enter the number of shareholders at the end of the tax year (if 100 or fewer) 11 If the corporation has an NOL for the tax year and is electing to forego the carryback period, check here (see instructions) If the corporation is filing a consolidated return, the statement required by Regulations section 1.150221(b)(3) must be attached or the election will not be valid. 12 Enter the available NOL carryover from prior tax years (do not reduce it by any deduction reperted on page 1. line 29a.). Form 1120(2020) ZEUS, INC 56-1234567 Page 5 Schedule K Other Information (continued from page 4) 13 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 ? If "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 If "Yes." complete and attach Schedule UTP. 15a Did the corporation make any payments in 2020 that would require it to file Form(s) 1099 ? b If "Yes," did or will the corporation file required Form(s) 1099?. 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 tax 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? 18 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? 19 During the corporation's tax year, did the corporation make any payments that would require it to file Forms 1042 and 1042S under chapter 3 (sections 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 accrue any interest or royalty for which the deduction is not allowed under section 267A? See instructions. If "Yes," enter the total amount of the disallowed deductions $ 22 Does the corporation have gross receipts of at least $500 million in any of the 3 preceding tax years? (See sections 59A(e)(2) and (3)) . If "Yes," complete and attach Form 8991 . 23 Did the corporation have an election under section 163(j) 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. a The corporation owns a pass-through entity with current, or prior year carryover, excess business interest expense. b The corporation's aggregate average annual gross receipts (determined under section 448 (c)) for the 3 tax years preceding the current tax year are more than $26 million and the corporation has business interest expense. c The corporation is 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 certify as a Qualified Opportunity Fund?. If "Yes," enter amount from Form 8996, line 15. \begin{tabular}{|c|c} \hline Yes & No \\ \hline & X \\ \hline & \\ \hline & X \\ \hline X & \\ \hline X & \\ \hline & \\ \hline & X \\ \hline & \\ \hline & X \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & X \\ \hline & \\ \hline \end{tabular} 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 By Value form 1120(2020) ZEUS, INC 56-1234567 Page 6 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. 9a Check all methods used for valuing closing inventory: b Check if there was a writedown of subnormal goods c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970). d If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed under LIFO.................................... gd - If property is produced or acquired for resale, do the rules of section 263A apply to the entity? See instructions. f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If "Ys," attach explanation. 1a Did the corporation file SEC Form 10K for its income statement period ending with or within this tax year? Yes. Skip lines 1b and 1c and complete lines 2a through 11 with respect to that SEC Form 10- K. X No. Go to line 1b. See instructions if multiple non-tax-basis income statements are prepared. b Did the corporation prepare a certified audited non-tax-basis income statement for that period? Yes. Skip line 1c and complete lines 2a through 11 with respect to that income statement. No. Go to line 1c. c Did the corporation prepare a non-tax-basis income statement for that period? Yes. Complete lines 2a through 11 with respect to that income statement. No. Skip lines 2a through 3c and enter the corporation's net income (loss) per its books and records on line 4a. 2a Enter the income statement period: Beginning 1/1/2020 Ending b Has the corporation's income statement been restated for the income statement period on line 2a? Yes. (If "Yes," attach an explanation and the amount of each item restated.) No. c Has the corporation's income statement been restated for any of the five income statement periods immediately preceding the period on line 2a ? Yes. (If "Yes," attach an explanation and the amount of each item restated.) X No. 3a Is any of the corporation's voting common stock publicly traded? Yes. __ No. If "No," go to line 4a. b Enter the symbol of the corporation's primary U.S. publicly traded voting common stock. c Enter the nine-digit CUSIP number of the corporation's primary publicly traded voting common stock. following lines For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Schedule M.3 (Form 1120) (Rev. 12.2019) HTA Schedule M-3 (Form 1120) (Rev. 12.2019) Page 2 Part II Reconciliation of Net Income (Loss) per Income Statement of Includible Corporations With Taxable Income per Return (see instructions) Schedule M-3 (Form 1120) (Rev. 12-2019) Page 3 Part III Reconciliation of Net Income (Loss) per Income Statement of Includible Corporations With Taxable Income per Return-Expense/Deduction Items (see instructions) Note: Don't use Part II or Part III below for listed property. Instead, use Part V. Part II Special Depreciation Allowance and Other Depreciation (Don't include listed property. See instructions.) 14 Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year. See instructions. 15 Property subject to section 168(f)(1) election. 16 Other depreciation (including ACRS) Part III MACRS Depreciation (Don't include listed property. See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2020 18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here \begin{tabular}{|l|l} \hline 14 & \\ \hline 15 & \\ \hline 16 & \\ \hline \end{tabular} Section B - Assets Placed in Service During 2020 Tax Year Using the General Depreciation System 66-1234567 561234567 Form 1120 (2020) ZEUS, INC 56-1234567 Page 2 \begin{tabular}{ll} \hline Schedule C & Dividends,Inclusions,andSpecialDeductions(seeinstructions) \\ \hline 1Dividendsfromless-than-20%-owneddomesticcorporations(otherthandebt-financedstock) \\ 2 Dividends from 20\%-or-more-owned domestic corporations (other than debt-financed \\ stock) . \end{tabular} 3 Dividends on certain debt-financed stock of domestic and foreign corporations . 4 Dividends on certain preferred stock of less-than-20\%-owned public utilities. 5 Dividends on certain preferred stock of 20%-or-more-owned public utilities . 6 Dividends from less-than-20\%-owned foreign corporations and certain FSCs . 7 Dividends from 20\%-or-more-owned foreign corporations and certain FSCs 8 Dividends from wholly owned foreign subsidiaries 9 Subtotal. Add lines 1 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 11 Dividends from affiliated group members. 12 Dividends from certain FSCs 13 Foreign-source portion of dividends received from a specified 10\%-owned foreign corporation (excluding hybrid dividends) (see instructions) . 14 Dividends from foreign corporations not included on line 3,6,7,8,11,12, or 13 (including any hybrid dividends) 15 Section 965( a) 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 Form(s) 5471) (see instructions) b Subpart F inclusions derived from hybrid dividends of tiered corporations (attach Form(s) 5471) (see instructions) c Other inclusions from CFCs under subpart F not included on line 15, 16a, 16b, or 17 (attach Form(s) 5471) (see instructions) 17 Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and Form 8992) 18 Gross-up for foreign taxes deemed paid. 19 IC-DISC and former DISC dividends not included on line 1, 2, or 3 20 Other dividends 21 Deduction for dividends paid on certain preferred stock of public utilities 22 Section 250 deduction (attach Form 8993). 23 Total dividends and inclusions. Add column (a), lines 9 through 20. Enter here and on page 1, line 4. 24 Total special deductions. Add column (c), lines 9 through 22. Enter here and on page 1. line 29b. (a) (b) 150 0 0 0 0 0 150 0 0 14,000 Form 1120 (2020) ZEUS. INC 56-1234567 Page 3 b Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in any foreign or domestic partnership (including an entify treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions. If "Yes " memnlate fil throunh livi helrw 6 During this tax year, did the corporation pay dividends (other than stock dividends and distributions in exchange for stock) in excess of the corporation's current and accumulated earnings and profits? See sections 301 and 316. If "Yes," file Form 5452, Corporate Report of Nondividend Distributions. See the instructions for Form 5452. If this is a consolidated return, answer here for the parent corporation and on Form 851 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 attribution, see section 318 . If "Yes," enter: (a) Percentage owned and (b) Owner's country (c) The corporation may have to file Form 5472, Information Return of a 25\% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Enter the number of Forms 5472 attached 8 Check this box if the corporation issued publicly offered debt instruments with original issue discount If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original lssue Discount instruments. 9 Enter the amount of tax-exempt interest received or accrued during the tax year $ 10 Enter the number of shareholders at the end of the tax year (if 100 or fewer) 11 If the corporation has an NOL for the tax year and is electing to forego the carryback period, check here (see instructions) If the corporation is filing a consolidated return, the statement required by Regulations section 1.150221(b)(3) must be attached or the election will not be valid. 12 Enter the available NOL carryover from prior tax years (do not reduce it by any deduction reperted on page 1. line 29a.). Form 1120(2020) ZEUS, INC 56-1234567 Page 5 Schedule K Other Information (continued from page 4) 13 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 ? If "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 If "Yes." complete and attach Schedule UTP. 15a Did the corporation make any payments in 2020 that would require it to file Form(s) 1099 ? b If "Yes," did or will the corporation file required Form(s) 1099?. 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 tax 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? 18 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? 19 During the corporation's tax year, did the corporation make any payments that would require it to file Forms 1042 and 1042S under chapter 3 (sections 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 accrue any interest or royalty for which the deduction is not allowed under section 267A? See instructions. If "Yes," enter the total amount of the disallowed deductions $ 22 Does the corporation have gross receipts of at least $500 million in any of the 3 preceding tax years? (See sections 59A(e)(2) and (3)) . If "Yes," complete and attach Form 8991 . 23 Did the corporation have an election under section 163(j) 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. a The corporation owns a pass-through entity with current, or prior year carryover, excess business interest expense. b The corporation's aggregate average annual gross receipts (determined under section 448 (c)) for the 3 tax years preceding the current tax year are more than $26 million and the corporation has business interest expense. c The corporation is 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 certify as a Qualified Opportunity Fund?. If "Yes," enter amount from Form 8996, line 15. \begin{tabular}{|c|c} \hline Yes & No \\ \hline & X \\ \hline & \\ \hline & X \\ \hline X & \\ \hline X & \\ \hline & \\ \hline & X \\ \hline & \\ \hline & X \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & X \\ \hline & \\ \hline \end{tabular} 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 By Value form 1120(2020) ZEUS, INC 56-1234567 Page 6 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. 9a Check all methods used for valuing closing inventory: b Check if there was a writedown of subnormal goods c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970). d If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed under LIFO.................................... gd - If property is produced or acquired for resale, do the rules of section 263A apply to the entity? See instructions. f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If "Ys," attach explanation. 1a Did the corporation file SEC Form 10K for its income statement period ending with or within this tax year? Yes. Skip lines 1b and 1c and complete lines 2a through 11 with respect to that SEC Form 10- K. X No. Go to line 1b. See instructions if multiple non-tax-basis income statements are prepared. b Did the corporation prepare a certified audited non-tax-basis income statement for that period? Yes. Skip line 1c and complete lines 2a through 11 with respect to that income statement. No. Go to line 1c. c Did the corporation prepare a non-tax-basis income statement for that period? Yes. Complete lines 2a through 11 with respect to that income statement. No. Skip lines 2a through 3c and enter the corporation's net income (loss) per its books and records on line 4a. 2a Enter the income statement period: Beginning 1/1/2020 Ending b Has the corporation's income statement been restated for the income statement period on line 2a? Yes. (If "Yes," attach an explanation and the amount of each item restated.) No. c Has the corporation's income statement been restated for any of the five income statement periods immediately preceding the period on line 2a ? Yes. (If "Yes," attach an explanation and the amount of each item restated.) X No. 3a Is any of the corporation's voting common stock publicly traded? Yes. __ No. If "No," go to line 4a. b Enter the symbol of the corporation's primary U.S. publicly traded voting common stock. c Enter the nine-digit CUSIP number of the corporation's primary publicly traded voting common stock. following lines For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Schedule M.3 (Form 1120) (Rev. 12.2019) HTA Schedule M-3 (Form 1120) (Rev. 12.2019) Page 2 Part II Reconciliation of Net Income (Loss) per Income Statement of Includible Corporations With Taxable Income per Return (see instructions) Schedule M-3 (Form 1120) (Rev. 12-2019) Page 3 Part III Reconciliation of Net Income (Loss) per Income Statement of Includible Corporations With Taxable Income per Return-Expense/Deduction Items (see instructions) Note: Don't use Part II or Part III below for listed property. Instead, use Part V. Part II Special Depreciation Allowance and Other Depreciation (Don't include listed property. See instructions.) 14 Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year. See instructions. 15 Property subject to section 168(f)(1) election. 16 Other depreciation (including ACRS) Part III MACRS Depreciation (Don't include listed property. See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2020 18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here \begin{tabular}{|l|l} \hline 14 & \\ \hline 15 & \\ \hline 16 & \\ \hline \end{tabular} Section B - Assets Placed in Service During 2020 Tax Year Using the General Depreciation System 66-1234567 561234567