Corporate Tax Return Instructions

Spring 2017

Oscar Myer Wiener Corporation was organized on January 31, 1998. Oscar manufactures television components. Oscars offices are located at 2622 Winnie Street, Orlando, FL 32818. Oscars financial statements are on the attached pdf files. Oscars EIN is: 57-9899890 and their business activity code is: 3670.

During the year, Oscar made estimated federal tax payments totaling $15,800. If there is any overpayment of taxes, the accounting department has requested that it be applied towards next years estimated tax. Oscar paid a total of $46,600 of dividends to its shareholders this year. Oscars preferred stock is held by 17 different shareholders, none of whom own more than 10% of the stock in the company. Oscars two officers, Fritz and Winnie Myer, each own 50% of the common stock. Fritzs SSN is: 199-99-1234 and Winnies SSN is: 675-90-9999. Fritz is President of the company and his compensation is $75,000. Winnie is Vice President and her compensation is $66,350.

During the year, Oscar sold two investments. Orange county bonds purchased on July 6, 2003 were sold on November 16, 2015 for $3,215. Oscars adjusted basis in the bonds was $3,740. Oscar sold 100 shares of Pioneer Corp common stock on March 14, 2015 for $26,300. The stock was purchased for $18,200 on May 9, 2000.

Oscars qualified production activities deduction is $2,263 and you do not need to fill out form 8903.

The bad debt expense reported on the income statement is based on the reserve method of accounting. Actual bad debts written off during the year were $7,950. Tax depreciation is equal to book depreciation.

Instructions:

Complete Oscars 1120 for the calendar year ended December 31,2015.

Complete all required schedules and forms that accompany the 1120.