Corporate Tax Return Problem #2 in Appendix C. I am so lost on this I have attached my attempt but I doubt it is even close to right. I have also attached the problem with blank forms to be filled out so I can check my answers. Please help.
1120 U.S. Corporation Income Tax Return Form Department of the Treasury Internal Revenue Service A Check if: 1a Consolidated return (attach Form 851) . b Lifeonlife consolidated return . . . 2 Personal holding co. (attach Sch. PH) . . For calendar year 2011 or tax year beginning 2011 , 20 Name B Employer identification number Number, street, and room or suite no. If a P.O. box, see instructions. C Date incorporated City or town, state, and ZIP code TYPE OR PRINT D Total assets (see instructions) $ . 4 Schedule M-3 attached E Check if: (1) (2) Initial return (3) Final return (4) Name change Address change . . 1a . . . . . . . . . 1b 1c 1d 2 3 4 Subtract line 1d from line 1c ........... Cost of goods sold from Form 1125-A, line 8 (attach Form 1125-A) Gross profit. Subtract line 2 from line 1e . . . . . . . . Dividends (Schedule C, line 19) .......... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1e 2 3 4 5 6 7 Interest .. Gross rents . Gross royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 7 8 9 10 Deductions (See instructions for limitations on deductions.) . Gross receipts or sales not reported on line 1a (see instructions) . . Total. Add lines 1a and 1b . . . . . . . . . . . . . Returns and allowances plus any other adjustments (see instructions) e Tax, Refundable Credits, and Payments . b c d Income 1a , 2011, ending See separate instructions. 3 Personal service corp. (see instructions) . OMB No. 1545-0123 Capital gain net income (attach Schedule D (Form 1120)) . . . . Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (see instructionsattach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 10 11 12 13 Total income. Add lines 3 through 10 . . . . . . . . . . . Compensation of officers from Form 1125-E, line 4 (attach Form 1125-E) . . . . . . . . . . . . . . . . . . . . Salaries and wages (less employment credits) . . . . . . . . . . . . . . . . . . 11 12 13 14 15 16 Repairs and maintenance Bad debts . . . . . Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 16 17 18 19 Taxes and licenses . . Interest ..... Charitable contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 19 20 21 22 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) . Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advertising ........................... . . . 20 21 22 23 24 25 Pension, profit-sharing, etc., plans ........ Employee benefit programs .......... Domestic production activities deduction (attach Form 8903) . . . . 23 24 25 26 27 28 Other deductions (attach schedule) . . . . . . . . . . . . . . . . . . . . . Total deductions. Add lines 12 through 26 . . . . . . . . . . . . . . . . . . . Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11 . 29a b Net operating loss deduction (see instructions) . Special deductions (Schedule C, line 20) . . . c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 27 28 29a 29b . . Add lines 29a and 29b . . . . . . . . . . . . . Taxable income. Subtract line 29c from line 28 (see instructions) . . . 36 . . . . . . . . . . 29c 30 . . . . . . . . . . . . . . . . 31 32 33 34 Overpayment. If line 32 is larger than the total of lines 31 and 33, enter amount overpaid Enter amount from line 35 you want: Credited to 2012 estimated tax 31 32 33 34 35 . . Total tax (Schedule J, Part I, line 11) . . . . . . . . . . . . . . . . Total payments and refundable credits (Schedule J, Part II, line 21) . . . . . . . Estimated tax penalty (see instructions). Check if Form 2220 is attached ..... Amount owed. If line 32 is smaller than the total of lines 31 and 33, enter amount owed 30 . .... Refunded . . . . . . 35 36 Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Date Signature of officer Paid Preparer Use Only Print/Type preparer's name Preparer's signature Sign Here Merchant card and third-party payments. For 2011, enter -0- . May the IRS discuss this return with the preparer shown below (see instructions)? Yes No Title Date Check if self-employed Firm's name Firm's EIN Firm's address Phone no. For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11450Q PTIN Form 1120 (2011) Page 2 Form 1120 (2011) Schedule C Dividends and Special Deductions (see instructions) (a) Dividends received (b) % 1 Dividends from less-than-20%-owned domestic corporations (other than debt-financed stock) . . . . . . . . . . . . . . . . . . . . . . . . 70 2 Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock) . . . . . . . . . . . . . . . . . . . . . . . . 80 3 Dividends on debt-financed stock of domestic and foreign corporations . . . . . see instructions 4 Dividends on certain preferred stock of less-than-20%-owned public utilities . . . 42 5 Dividends on certain preferred stock of 20%-or-more-owned public utilities . . . . 48 6 Dividends from less-than-20%-owned foreign corporations and certain FSCs . . . 70 7 Dividends from 20%-or-more-owned foreign corporations and certain FSCs . . . 80 8 Dividends from wholly owned foreign subsidiaries 100 9 Total. Add lines 1 through 8. See instructions for limitation (c) Special deductions (a) (b) . . . . . . . . . . . . . . . . . . . 10 Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 1958 . . . . . 100 11 Dividends from affiliated group members . . . . . . . . . . . . . . 100 12 Dividends from certain FSCs . . . . . . . . . . . . . 100 13 Dividends from foreign corporations not included on lines 3, 6, 7, 8, 11, or 12 . . . 14 Income from controlled foreign corporations under subpart F (attach Form(s) 5471) 15 Foreign dividend gross-up . . . . . . . 16 IC-DISC and former DISC dividends not included on lines 1, 2, or 3 . . . . . . 17 Other dividends . . . . . . 18 Deduction for dividends paid on certain preferred stock of public utilities . . . . 19 Total dividends. Add lines 1 through 17. Enter here and on page 1, line 4 . . . 20 Total special deductions. Add lines 9, 10, 11, 12, and 18. Enter here and on page 1, line 29b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Form 1120 (2011) Page 3 Form 1120 (2011) Schedule J Tax Computation and Payment (see instructions) Part I-Tax Computation 1 2 3 Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)) . Income tax. Check if a qualified personal service corporation (see instructions) . . . . . Alternative minimum tax (attach Form 4626) . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 4 5a b Add lines 2 and 3 . . . . . . . . . . Foreign tax credit (attach Form 1118) . . . . Credit from Form 8834, line 30 (attach Form 8834) . . . . . 4 . . . . . . . . . . . . 6 7 .. 9a . . . . . 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General business credit (attach Form 3800) . . . Credit for prior year minimum tax (attach Form 8827) Bond credits from Form 8912 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Total credits. Add lines 5a through 5e Subtract line 6 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . 8 9a Personal holding company tax (attach Schedule PH (Form 1120)) . Recapture of investment credit (attach Form 4255) . . . . . . . . . . . . . . . . b Recapture of low-income housing credit (attach Form 8611) . . . . . c Interest due under the look-back methodcompleted long-term contracts (attach Form 8697) . . . . . . . . . . . . . . . . . . . . . . Interest due under the look-back methodincome forecast method (attach Form 8866) . . . . . . . . . . . . . . . . . . . . . . . Alternative tax on qualifying shipping activities (attach Form 8902) ..... 9d 9e e f 10 11 . . . . . . . . . . Other (see instructionsattach schedule) . . . . . . . . . Total. Add lines 9a through 9f . . . . . . . . . . . . Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 . .. 5a 5b 9c d c d e . 5c 5d 5e . . 9b . . . . . . . . . . . . . . 9f .. .. . . . . . . . . . . 10 11 Part II-Payments and Refundable Credits 12 13 2010 overpayment credited to 2011 2011 estimated tax payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 14 15 16 2011 refund applied for on Form 4466 . Combine lines 12, 13, and 14 . . . Tax deposited with Form 7004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 ( 15 16 17 18 19 Withholding (see instructions) . . . . Total payments. Add lines 15, 16, and 17 . Refundable credits from: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Form 2439 . . . . . . . . . . Form 4136 . . . . . . . . . . Form 3800, line 17c and Form 8827, line 8c Other (attach schedulesee instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 a b c d 20 21 Total credits. Add lines 19a through 19d . . . . . . . . . . . . . . Total payments and credits. Add lines 18 and 20. Enter here and on page 1, line 32 . Schedule K Other Information (see instructions) 1 Check accounting method: a 2 a b c . . Other (specify) Product or service Accrual c 19a 19b 19c 19d See the instructions and enter the: Business activity code no. Business activity Cash b ) 3 Is the corporation a subsidiary in an affiliated group or a parent-subsidiary controlled group? If \"Yes,\" enter name and EIN of the parent corporation 4 Yes No At the end of the tax year: a b . . . . . . . . . . Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote? If "Yes," complete Part I of Schedule G (Form 1120) (attach Schedule G) . . . . . . Did any individual or estate own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote? If "Yes," complete Part II of Schedule G (Form 1120) (attach Schedule G) . Form 1120 (2011) Page 4 Form 1120 (2011) Schedule K Other Information continued (see instructions) Yes 5 No At the end of the tax year, did the corporation: a Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation not included on Form 851, Affiliations Schedule? For rules of constructive ownership, see instructions. If \"Yes,\" complete (i) through (iv) below. (i) Name of Corporation b (iv) Percentage Owned in Voting Stock (iii) Country of Incorporation 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 entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions. If \"Yes,\" complete (i) through (iv) below. (i) Name of Entity 6 (ii) Employer Identification Number (if any) (ii) Employer Identification Number (if any) (iv) Maximum Percentage Owned in Profit, Loss, or Capital (iii) Country of Organization 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. 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 (a) the total voting power of all classes of the corporation's stock entitled to vote or (b) the total value of all classes of the corporation's stock? .... For rules of attribution, see section 318. If \"Yes,\" enter: (i) Percentage owned and (ii) Owner's country 8 (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 Check this box if the corporation issued publicly offered debt instruments with original issue discount . . . . . . 9 10 If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments. Enter the amount of tax-exempt interest received or accrued during the tax year $ 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 12 If the corporation is filing a consolidated return, the statement required by Regulations section 1.1502-21(b)(3) must be attached or the election will not be valid. Enter the available NOL carryover from prior tax years (do not reduce it by any deduction on line 29a.) $ 13 . . . . . Are the corporation's total receipts (line 1c plus lines 4 through 10 on page 1) 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 on page 5. Instead, enter the total amount of cash distributions and the book value of property distributions (other than cash) made during the tax year. $ 14 15a b Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement (see instructions)? If \"Yes,\" complete and attach Schedule UTP. Did the corporation make any payments in 2011 that would require it to file Form(s) 1099 (see instructions)? . . If \"Yes,\" did or will the corporation file all required Forms 1099? . . . . . . . . . . . . . . . . . . . . . . . . . . . Form 1120 (2011) Page 5 Form 1120 (2011) Schedule L Balance Sheets per Books Beginning of tax year (a) Assets 1 . . Cash Trade notes and accounts receivable . Less allowance for bad debts . . . Inventories . . . . . . . . . U.S. government obligations ... Tax-exempt securities (see instructions) Other current assets (attach schedule) . Loans to shareholders . . . . . Mortgage and real estate loans . . . Other investments (attach schedule) . Buildings and other depreciable assets Less accumulated depreciation . . . Depletable assets . . . . . . . Less accumulated depletion . . . . Land (net of any amortization) . . . Intangible assets (amortizable only) . Less accumulated amortization . . . Other assets (attach schedule) . . . Total assets ........ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 18 19 20 21 22 Accounts payable . . . . . . . . . Mortgages, notes, bonds payable in less than 1 year Other current liabilities (attach schedule) . . Loans from shareholders . . . . . . . Mortgages, notes, bonds payable in 1 year or more Other liabilities (attach schedule) . . . . Capital stock: a Preferred stock . . . . b Common stock . . . . Additional paid-in capital . . . . . . . Retained earningsAppropriated (attach schedule) Retained earningsUnappropriated . . . Adjustments to shareholders' equity (attach schedule) Less cost of treasury stock . . . . . . Total liabilities and shareholders' equity . . (b) (c) (d) . 2a b 3 4 5 6 7 8 9 10a b 11a b 12 13a b 14 15 End of tax year ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Liabilities and Shareholders' Equity 23 24 25 26 27 28 Schedule M-1 ( ) ( ) Reconciliation of Income (Loss) per Books With Income per Return Note: Schedule M-3 required instead of Schedule M-1 if total assets are $10 million or moresee instructions 1 Net income (loss) per books . . . . . . 2 Federal income tax per books . . . . . 3 Excess of capital losses over capital gains 4 Income subject to tax not recorded on books this year (itemize): 5 Expenses recorded on books this year not deducted on this return (itemize): 6 4 Deductions on this return not charged against book income this year (itemize): a Depreciation . . $ b Charitable contributions $ 9 10 Add lines 7 and 8 . . . . . . Income (page 1, line 28)line 6 less line 9 . Depreciation . . . . $ Charitable contributions . $ Travel and entertainment . $ Add lines 1 through 5 . Schedule M-2 1 2 3 Income recorded on books this year not included on this return (itemize): Tax-exempt interest $ 8 a b c 7 . . . . . . . Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L) Balance at beginning of year Net income (loss) per books . Other increases (itemize): Add lines 1, 2, and 3 . . . . . . . . . . . . . . . . . . 5 6 7 8 Distributions: a Cash . b Stock . c Property Other decreases (itemize): . . . . . . . . . Add lines 5 and 6 . . . . . . Balance at end of year (line 4 less line 7) Form 1120 (2011) SCHEDULE D (Form 1120) Capital Gains and Losses OMB No. 1545-0123 2011 Attach to Form 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-IC-DISC, 1120-L, 1120-ND, 1120-PC, Department of the Treasury Internal Revenue Service 1120-POL, 1120-REIT, 1120-RIC, 1120-SF, or certain Forms 990-T. See separate instructions. Employer identification number Name Part I Short-Term Capital Gains and LossesAssets Held One Year or Less (a) Description of property (Example: 100 shares of Z Co.) (b) Date acquired (mo., day, yr.) (c) Date sold (mo., day, yr.) (e) Cost or other basis (see instructions) (d) Sales price (see instructions) (f) Gain or (loss) (Subtract (e) from (d)) 1 2 Short-term capital gain from installment sales from Form 6252, line 26 or 37 . . . . . . . . . . 2 3 Short-term gain or (loss) from like-kind exchanges from Form 8824 . . . . . . . . . . . 3 4 Unused capital loss carryover (attach computation) . . . . . . . . . . . . 4 ( . . . . . . . . . . . . 5 . . . . 5 Net short-term capital gain or (loss). Combine lines 1 through 4 Part II ) Long-Term Capital Gains and LossesAssets Held More Than One Year 6 7 Enter gain from Form 4797, line 7 or 9 . . . . . . . . . . . 7 8 Long-term capital gain from installment sales from Form 6252, line 26 or 37 . . . . . . . . . . 8 9 Long-term gain or (loss) from like-kind exchanges from Form 8824 10 Capital gain distributions (see instructions) . . . . . . . . . . . . . . . . . . . . . 9 . . . . . . . . . . . . . 10 11 Net long-term capital gain or (loss). Combine lines 6 through 10 . . . . . . . . . . . . 11 12 Enter excess of net short-term capital gain (line 5) over net long-term capital loss (line 11) . . . . 12 13 Net capital gain. Enter excess of net long-term capital gain (line 11) over net short-term capital loss (line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Add lines 12 and 13. Enter here and on Form 1120, page 1, line 8, or the proper line on other returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Part III . . . . . . Summary of Parts I and II Note. If losses exceed gains, see Capital losses in the instructions. For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Cat. No. 11460M Schedule D (Form 1120) (2011) SCHEDULE G (Form 1120) (Rev. December 2011) Department of the Treasury Internal Revenue Service Information on Certain Persons Owning the Corporation's Voting Stock to Form 1120. See instructions on page 2. Employer identification number (EIN) Name Part I Certain Entities Owning the Corporation's Voting Stock. (Form 1120, Schedule K, Question 4a). Complete columns (i) through (v) below for any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization that owns directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote (see instructions). (i) Name of Entity Part II OMB No. 1545-0123 Attach (ii) Employer Identification Number (if any) (iii) Type of Entity (iv) Country of Organization (v) Percentage Owned in Voting Stock Certain Individuals and Estates Owning the Corporation's Voting Stock. (Form 1120, Schedule K, Question 4b). Complete columns (i) through (iv) below for any individual or estate that owns directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote (see instructions). (i) Name of Individual or Estate For Paperwork Reduction Act Notice, see the Instructions for Form 1120. (ii) Identifying Number (if any) Cat. No. 52684S (iii) Country of Citizenship (see instructions) (iv) Percentage Owned in Voting Stock Schedule G (Form 1120) (Rev. 12-2011) Page 2 Schedule G (Form 1120) (Rev. 12-2011) General Instructions Purpose of Form Use Schedule G (Form 1120) to provide information applicable to certain entities, individuals, and estates that own, directly, 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote. Who Must File Every corporation that answers \"Yes\" to Form 1120, Schedule K, Questions 4a or 4b, must file Schedule G to provide the additional information requested for certain entities, individuals, and estates owning the corporation's voting stock. Constructive Ownership of the Corporation For purposes of Schedule G (Form 1120), the constructive ownership rules of section 267(c) (excluding section 267(c)(3)) apply to ownership of interests in corporate stock and ownership of interests in the profit, loss, or capital of a partnership. An interest in the corporation owned directly or indirectly by or for another entity (corporation, partnership, estate, or trust) is considered to be owned proportionately by the owners (shareholders, partners, or beneficiaries) of the owning entity. Also, under section 267(c), an individual is considered to own an interest owned directly or indirectly by or for his or her family. The family of an individual includes only that individual's spouse, brothers, sisters, ancestors, and lineal descendants. An interest will be attributed from an individual under the family attribution rules only if the person to whom the interest is attributed owns a direct or an indirect interest in the corporation under section 267(c)(1) or (5). However, for purposes of these instructions, an individual will not be considered to own, under section 267(c)(2), an interest in the corporation owned, directly or indirectly, by a family member unless the individual also owns an interest in the corporation either directly or indirectly through a corporation, partnership or trust. Example 1. Corporation A owns, directly, a 50% interest in the profit, loss, or capital of Partnership B. Corporation A also owns, directly, a 15% interest in the profit, loss, or capital of Partnership C and owns, directly, 15% of the voting stock of Corporation D. Partnership B owns, directly, a 70% interest in the profit, loss, or capital of Partnership C and owns, directly, 70% of the voting stock of Corporation D. Corporation A owns, indirectly, through Partnership B, a 35% interest (50% of 70%) in the profit, loss, or capital of Partnership C and owns, indirectly, 35% of the voting stock of Corporation D. Corporation A owns, directly or indirectly, a 50% interest in the profit, loss, or capital of Partnership C (15% directly and 35% indirectly), and owns, directly or indirectly, 50% of the voting stock of Corporation D (15% directly and 35% indirectly). Corporation D reports in Part I that its voting stock is owned, directly or indirectly, 50% by Corporation A and is owned, directly, 70% by Partnership B. Example 2. A owns, directly, 50% of the voting stock of Corporation X. B, the daughter of A, does not own, directly, any interest in Corporation X and does not own, indirectly, any interest in Corporation X through any entity (corporation, partnership, trust, or estate). Therefore, the family attribution rules do not apply and, for the purposes of Part II, the 50% interest of A in Corporation X is not attributed to B. Example 3. A owns, directly, 50% of the voting stock of Corporation X. B, the daughter of A, does not own, directly, any interest in X but does own, indirectly, 10% of the voting stock of Corporation X through Trust T of which she is the sole beneficiary. No other family member of A or B owns, directly, any interest in Corporation X nor does any own, indirectly, any interest in Corporation X through any entity. Neither A nor B owns any other interest in Corporation X through any entity. For the purposes of Part II, the 50% interest of A in the voting stock of Corporation X is attributed to B and the 10% interest of B in the voting stock of Corporation X is attributed to A. A owns, directly or indirectly, 60% of the voting stock of Corporation X, 50% directly and 10% indirectly through B. B owns, directly or indirectly, 60% of the voting stock of Corporation X (50% indirectly through A and 10% indirectly through Trust T). Specific Instructions Part I Complete Part I if the corporation answered \"Yes\" to Form 1120, Schedule K, Question 4a. List each foreign or domestic corporation, partnership, trust, or taxexempt organization that owns, at the end of the tax year, directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote. Indicate the name of the entity, employer identification number (if any), type of entity (corporation, partnership, trust, or taxexempt organization), country of organization, and the percentage owned, directly or indirectly, of the voting stock of the corporation. For an affiliated group filing a consolidated tax return, list the parent corporation rather than the subsidiary members. List the entity owner of a disregarded entity rather than the disregarded entity. If the owner of a disregarded entity is an individual rather than an entity, list the individual in Part II. Part II Complete Part II if the corporation answered \"Yes\" to Form 1120, Schedule K, Question 4b. List each individual or estate that owns, at the end of the tax year, directly 20% or more, or owns, directly or indirectly, 50% or more, of the total voting power of all classes of the corporation's stock entitled to vote. Indicate the name of the individual or estate, taxpayer identification number (if any), country of citizenship (for an estate, the citizenship of the decedent), and the percentage owned, directly or indirectly, of the voting stock of the corporation
