Corporate Tax Return Project - Ver. 1.0 Facts You (The Paid Tax Preparer) Your name is Stephanie Bosch. You are a Director in the CPA firm of Artei and Howe, LLP. Your preparer tax identification number is P00157357. Your Firm (Who You Work For as an Employee) Artei and Howe's address is: 2021 Lynbrook Court Del Rey Oaks, CA 93940 and their phone number is (831) 555-5555. The firm's EIN is: 20-8734218. The Client Your client is Boraxo Corporation. Their address is: 26962 Twenty Mule Team Road, Boron, CA 93516. Their phone number is: (760) 555-5555. Boraxo sells office supplies at retail. Boraxo does not manufacture any of the items it sells to its customers. Its Employer Identification Number is 46-2021110. It was incorporated in California on 3/24/1986. It is a privately-owned (non-public) corporation. The only corporate officer authorized to sign its tax returns is Hoa Han. Her social security number is 532-98-1523 and she is a citizen of the USA. She is the Chief Executive Officer (CEO) of the corporation. She was hired by Boraxo as their CEO back on 12/1/2018. She does not have an employment contract with the corporation. In addition to being an employee of the corporation, Hoa owns 51% of the shares of the corporation. She has owned 51% of the shares since 1/15/2019. She spent 2,243 hours working for the corporation in 2020. She was paid gross wages of $1,214,392 in 2020. She received no bonuses or other incentive-based compensation in 2020. The $1,214,392 of wages was comprised entirely of her base, guaranteed salary. Hoas home address is 2017 Kieusa Way - California City, CA 93505. The Chief Financial Officer, Treasurer, and Secretary of the corporation is Liwei Gee. She also works as the corporation's manager at the single store from which Boraxo operates. She spent 2,250 hours working for the corporation in 2020. She was paid gross wages of $593,950 in 2020. Liwei's social security number is 981-13-4893 and her home address is 2018 Youya Way, Mojave, CA 93502. Liwei does not own any shares in the corporation. She is also a citizen of the United States. Neither Hoa nor Liwei worked anywhere else other than at Boraxo Corporation in 2020. There are no other officers of the corporation. In addition, the only shares in the corporation are in the form of common stock. There are no preferred shares. There are two other shareholders in the corporation: Helen Tan and Noriko Sakiyama. Helen owned 40% of the shares of the corporation throughout 2020, and Noriko owned 9% during 2020. These two shareholders have each owned the same percentage of the corporation's stock since it was incorporated in 1986. All three of the shareholders (including Hoa) are citizens of the United States. Neither Helen nor Noriko worked for the corporation at all in 2020 as they were just investors in the corporation. Helen's social security number is 583-15-1593 and her home address is 11 South Main Street Watsonville, CA 95076. Noriko's social security number is 169-48-2384 and her home address is 1964 Peddy Way Freedom, CA 95019. Boraxo uses the cash basis of accounting for both financial accounting and tax return purposes. It has a December 31 year-end for both financial accounting and tax purposes. Its 2020 GAAP-based income statement and balance sheet start on the following page. 2020 Income Statement Revenues Gross sales: $24,563,559 Less: Customer returns (863,148) $2,350 Dividends: Bank Account Interest: $2,117 $203 Interest on U.S. Treasury Bonds: Interest on Meta Corp. Bonds $87 State of Iowa Bond terest: $103 City of San Francisco, CA Bond Interest $170 Cost of Goods Sold Inventory as of 1/1/20 of $135,000 Inventory purchased during 2020: $7,325,248 Inventory as of 12/31/20 of $92,583 Cost of Goods Sold $7,367,665 [Note: All inventory figures are valued based on original cost and using the specific identification method because their computer systems can track the cost of each individual item sold. IRC Sect. 263A (UNICAP) does not apply to the corporation; there were no changes in the method of valuing inventories, and there were no writedowns of subnormal goods in 2020.] Expenses (Other than Cost of Goods Sold) Store rent: $36,000 Advertising Services: $7,500 Office Supplies: $ 6,746 Repairs and maintenance: $ 893 Depreciation: $ 4,000 Mortgage Interest Expense: $3,600 Entertainment: $ 1,600 Meals (at restaurants, by employees, while on business trips): $860 Charitable Contributions (Cash) $9,400 Wages (Hoa): $1,214,392 Wages (Liwei): $593,950 Wages (other employees): $325,248 Federal Payroll Taxes: $34,867 Fines and Penalties $10,500 Sales Tax Expense: $703,280 Property Taxes: $2,650 Other Income/Expense Loss on sale of Debt Investments ($400) Gain on the Sale of Business Assets? $1,500 Gain on the exchange of real property: $590,000 NET INCOME $ (Your team will need to calculate the amount of financial accounting book income (or loss)) 12/31/2019 Year-End Balance Sheet Cash: $843,900 $135,000 Inventory: Land $200,000 Stock in AMC Corp. $75,000 U.S. Treasury Stock $19,000 State of Iowa Bonds $24,000 Meta Corp. Bonds $10,000 San Francisco, CA Bonds $12,000 [Balance sheet continue on the following page] High Tech Point of Sale Computer (Cost) $72,000 Less: Accumulated Depreciation on Personal Property ($72,000) Fixed Assets (Personal Property) Net Book Value $0 Liabilities Mortgage Payable $90,000 Shareholders' Equity Common Stock $ 425,000 Retained Earnings - Unappropriated $803,900 12/31/2020 Year-End Balance Sheet Assets Cash: $(Your (Your team will need to calculate year-end cash) Inventory: $92,583 Land: $700,000 Stock in AMC Corp. $75,000 U.S. Treasury Stock $19,000 State of Iowa Bonds $20,000 Meta Corp. Bonds $10,000 San Francisco, CA Bonds $12,000 [Balance sheet continue on the following page] Pre-Paid Federal Inc. Tax? $3,000,000 $28,0008 High-Tech Point of Sale System (Cost) Less: Accumulated Depreciation (Personal Property) ($4,000) Fixed Assets (Personal Property-Net Book Value $24,000 Liabilities None $0 Shareholders' Equity Common Stock $ 425,000 Retained Earnings Unappropriated $(Your team will need to calculate year-end retained earnings) Detailed Tasks 1) Using only the blank forms available at: www.IRS.gov, prepare Boraxo Corporation's Federal income tax return (Form 1120) for the 2020 Tax Year including the following schedules and forms (you must attach these forms in the required order as detailed by the IRS): Schedule D Form 1125-A Schedule G Form 1125-E Form 3800 Form 4562 Form 4797 Form 5884 Form 7004 (Extension to File) Form 8824 Form 8949 Form 8994 Schedule M-3 (Part I only) Forms 1096, 1099-NEC, 1099-MISC, 1099-DIV and 8809 (Information Return Forms) 1) For any part of the tax return where a statement is required, you must attach the statement to the end of the tax return as the last attachment to the 1120 return (and before the information returns) - with a reference to what form and line of the return it applies to, as well as the name of the taxpayer and the EIN of the taxpayer on the top of each statement page. 2) VERY IMPORTANT - YOUR SUBMITTED PROJECT WILL ALSO INCLUDE FORM 1099-SERIES FORMS that have to be issued by Boraxo Corporation (see above). You do not need to prepare any information returns that have to be prepared by other businesses. For the 1099-series forms that you will turn in, you only need to complete the IRS copy (you do not need to complete all of the 1099 version copies) of these 1099-series forms and attach them at the very end of the submitted return project. Also, as stated above, prepare and complete the IRS Form(s) 1096 as well. At most, the different types of 1099-series forms that you will need to complete and turn in are: Forms 1099-NEC; Form 1099-MISC and Form 1099-DIV (all available at www.IRS.gov). Make sure to have the proper tax year for these forms. -> YOU WILL ALSO NEED TO PREPARE AND INCLUDE FORM 8809 - the extension to file information returns. Use the date on Form 8809 that was the last day to file the extension on time (hint: it was sometime earlier in 2021). 3) All of the repairs and maintenance services were performed to Boraxo Corporation by a limited liability company (Repairs Made Simple, LLC) 1154 Second Street, Boron, CA 93516; EIN 77-3581297; Phone (760) 555-5559. 4) The entertainment expenses were for tickets for the Bakersfield Wizards CBA basketball team. Boraxo took out its biggest clients and vendors to discuss business matters at all of the games. 5) In addition to signing the tax return as the paid preparer, for purposes of this project also actually sign the return as the taxpayer (keeping in mind you would not do this in real practice). 6) You do not need to prepare any payroll tax returns or forms (such as the W-2 or W-3) for the client (Liwei handles the payroll tax returns herself for the corporation). Other Important Items: 1) The landlord for the warehouse that Boraxo rents is Candido Maldonado. Candido's address is 1987 Giants Way, San Francisco, CA 94101. His tax ID is 20-2294863 and his phone number is (650) 555-1234. 2) All the amounts paid in 2020 for accounting services were paid to Artei and Howe, LLP. 3) Boraxo Corporation is not a subsidiary in an affiliated group or a parent-subsidiary group. 4) Boraxo Corp. purchased 10,000 shares in AMC Corporation, a U.S.-based corporation that sells automobile parts on July 1, 2018, for $75,000. AMC Corp. had 103,500 shares outstanding throughout 2020. On October 31, 2020, Boraxo received a $2,350 dividend check from AMC Corporation. AMC Corporation's Employer Identification Number is 77-3233648. 5) The three shareholders in Boraxo Inc. had the same ownership in the corporation throughout the year. 6) Boraxo has a $16,500 NOL carryover into the 2020 tax year. 7) Your client has asked you to file the return with the fewest number of required schedules filled out on the 1120 form as legally possible. 8) $200,000 of cash distributions from Boraxo Corp. were made in 2020. Each of the three shareholders received cash distributions based on their percentage ownership in the corporation. All cash distributions were paid on December 30, 2020. 9) If there is an amount due for the year on the 1120, the client (as a corporation) will need to pay the IRS electronically (i.e., not via check). However, for purposes of this tax return project, if tax is due for the year you do not need to prepare any payment documentation simply show the amount due on the appropriate line(s) of the 1120 tax return accordingly. Also, if tax is due for the year, you do not need to calculate any penalties or interest - just the base tax due. On the other hand, if there is a refund due to the client on the 1120 tax return for the year, the client wants to receive the refund in the form of a check (i.e. they do not want any portion of the refund credited to next year's Federal income taxes). 10)All amounts contributed to charitable organizations for the year were made in cash, all of the charities were IRS-qualified charities, and the charities all provided the client with the required documentation in a timely manner. 11) On March 24, 1986, the corporation issued common stock to its founding shareholders for a total of $425,000. No stock has been issued by the corporation since its incorporation back in 1986. 12)All expenses (including wages) paid to shareholders are ordinary, necessary, and reasonable in amount, with none being disguised dividends. 13)All expenses paid to non-shareholders are ordinary, necessary, and reasonable. 14) None of the entertainment expenses were lavish or extravagant. 15) None of the wages are includable in the cost of goods sold. 16) All of the corporate bonds that were owned either at the beginning of the year or at the end of the year mature more than five years after the end of the 2020 tax year and the client did not expect to sell them or convert any of them into cash until they mature. The small sale of corporate bonds in 2020 was unexpected and it was not easy to sell these particular bonds as they were not readily traded on an exchange (they were not liquid assets that were readily convertible into cash). 17) For Schedule K of Form 1120, you are given that the answers to question nos. 14, 17, 18, 19, 20, 21, 22, 23, and 25 are No and the checkbox to no. 8 is to be unchecked. Mark No for question no. 24 of Schedule K. 18)For Schedule J, you can skip lines 3; 5a; 5b; 5d; 5e; 9a-9g; 10; 12; 13; 15; 17; 18; 20a-20d; 21and 22. Any other parts that are applicable in Schedule J must be completed. For a non-skip line in Schedule J, you will need to a determine if a figure goes on that line. There is a possibility that at least one non-skip line in Schedule J is still not applicable. If not applicable, simply put O for that line. 19) For Form 3800, you skip: all of Part I (but put down O for line 6); Lines 10a-c, 18-26, and 31-35 of Part II 20) Since its formation, Boraxo has never had an annual gross income of more than $25 million per year. 21) Your client allows you to discuss its tax return with the IRS. Project Notes: 1) VERY IMPORANT: Your group must turn in BOTH 1) a hardcopy in class AND 2) e-mail an electronic copy of the project to me by the due date and time (at the beginning of class) either through Canvas or at: joel.busch@sjsu.edu 2) Please have the group member names included on the top of the first page of the 1120 as well as in the e-mailed version. 3) You to only work on this project only with your fellow group members 4) Late submissions of the project are subject to a significant reduction of points. Corporate Tax Return Project - Ver. 1.0 Facts You (The Paid Tax Preparer) Your name is Stephanie Bosch. You are a Director in the CPA firm of Artei and Howe, LLP. Your preparer tax identification number is P00157357. Your Firm (Who You Work For as an Employee) Artei and Howe's address is: 2021 Lynbrook Court Del Rey Oaks, CA 93940 and their phone number is (831) 555-5555. The firm's EIN is: 20-8734218. The Client Your client is Boraxo Corporation. Their address is: 26962 Twenty Mule Team Road, Boron, CA 93516. Their phone number is: (760) 555-5555. Boraxo sells office supplies at retail. Boraxo does not manufacture any of the items it sells to its customers. Its Employer Identification Number is 46-2021110. It was incorporated in California on 3/24/1986. It is a privately-owned (non-public) corporation. The only corporate officer authorized to sign its tax returns is Hoa Han. Her social security number is 532-98-1523 and she is a citizen of the USA. She is the Chief Executive Officer (CEO) of the corporation. She was hired by Boraxo as their CEO back on 12/1/2018. She does not have an employment contract with the corporation. In addition to being an employee of the corporation, Hoa owns 51% of the shares of the corporation. She has owned 51% of the shares since 1/15/2019. She spent 2,243 hours working for the corporation in 2020. She was paid gross wages of $1,214,392 in 2020. She received no bonuses or other incentive-based compensation in 2020. The $1,214,392 of wages was comprised entirely of her base, guaranteed salary. Hoas home address is 2017 Kieusa Way - California City, CA 93505. The Chief Financial Officer, Treasurer, and Secretary of the corporation is Liwei Gee. She also works as the corporation's manager at the single store from which Boraxo operates. She spent 2,250 hours working for the corporation in 2020. She was paid gross wages of $593,950 in 2020. Liwei's social security number is 981-13-4893 and her home address is 2018 Youya Way, Mojave, CA 93502. Liwei does not own any shares in the corporation. She is also a citizen of the United States. Neither Hoa nor Liwei worked anywhere else other than at Boraxo Corporation in 2020. There are no other officers of the corporation. In addition, the only shares in the corporation are in the form of common stock. There are no preferred shares. There are two other shareholders in the corporation: Helen Tan and Noriko Sakiyama. Helen owned 40% of the shares of the corporation throughout 2020, and Noriko owned 9% during 2020. These two shareholders have each owned the same percentage of the corporation's stock since it was incorporated in 1986. All three of the shareholders (including Hoa) are citizens of the United States. Neither Helen nor Noriko worked for the corporation at all in 2020 as they were just investors in the corporation. Helen's social security number is 583-15-1593 and her home address is 11 South Main Street Watsonville, CA 95076. Noriko's social security number is 169-48-2384 and her home address is 1964 Peddy Way Freedom, CA 95019. Boraxo uses the cash basis of accounting for both financial accounting and tax return purposes. It has a December 31 year-end for both financial accounting and tax purposes. Its 2020 GAAP-based income statement and balance sheet start on the following page. 2020 Income Statement Revenues Gross sales: $24,563,559 Less: Customer returns (863,148) $2,350 Dividends: Bank Account Interest: $2,117 $203 Interest on U.S. Treasury Bonds: Interest on Meta Corp. Bonds $87 State of Iowa Bond terest: $103 City of San Francisco, CA Bond Interest $170 Cost of Goods Sold Inventory as of 1/1/20 of $135,000 Inventory purchased during 2020: $7,325,248 Inventory as of 12/31/20 of $92,583 Cost of Goods Sold $7,367,665 [Note: All inventory figures are valued based on original cost and using the specific identification method because their computer systems can track the cost of each individual item sold. IRC Sect. 263A (UNICAP) does not apply to the corporation; there were no changes in the method of valuing inventories, and there were no writedowns of subnormal goods in 2020.] Expenses (Other than Cost of Goods Sold) Store rent: $36,000 Advertising Services: $7,500 Office Supplies: $ 6,746 Repairs and maintenance: $ 893 Depreciation: $ 4,000 Mortgage Interest Expense: $3,600 Entertainment: $ 1,600 Meals (at restaurants, by employees, while on business trips): $860 Charitable Contributions (Cash) $9,400 Wages (Hoa): $1,214,392 Wages (Liwei): $593,950 Wages (other employees): $325,248 Federal Payroll Taxes: $34,867 Fines and Penalties $10,500 Sales Tax Expense: $703,280 Property Taxes: $2,650 Other Income/Expense Loss on sale of Debt Investments ($400) Gain on the Sale of Business Assets? $1,500 Gain on the exchange of real property: $590,000 NET INCOME $ (Your team will need to calculate the amount of financial accounting book income (or loss)) 12/31/2019 Year-End Balance Sheet Cash: $843,900 $135,000 Inventory: Land $200,000 Stock in AMC Corp. $75,000 U.S. Treasury Stock $19,000 State of Iowa Bonds $24,000 Meta Corp. Bonds $10,000 San Francisco, CA Bonds $12,000 [Balance sheet continue on the following page] High Tech Point of Sale Computer (Cost) $72,000 Less: Accumulated Depreciation on Personal Property ($72,000) Fixed Assets (Personal Property) Net Book Value $0 Liabilities Mortgage Payable $90,000 Shareholders' Equity Common Stock $ 425,000 Retained Earnings - Unappropriated $803,900 12/31/2020 Year-End Balance Sheet Assets Cash: $(Your (Your team will need to calculate year-end cash) Inventory: $92,583 Land: $700,000 Stock in AMC Corp. $75,000 U.S. Treasury Stock $19,000 State of Iowa Bonds $20,000 Meta Corp. Bonds $10,000 San Francisco, CA Bonds $12,000 [Balance sheet continue on the following page] Pre-Paid Federal Inc. Tax? $3,000,000 $28,0008 High-Tech Point of Sale System (Cost) Less: Accumulated Depreciation (Personal Property) ($4,000) Fixed Assets (Personal Property-Net Book Value $24,000 Liabilities None $0 Shareholders' Equity Common Stock $ 425,000 Retained Earnings Unappropriated $(Your team will need to calculate year-end retained earnings) Detailed Tasks 1) Using only the blank forms available at: www.IRS.gov, prepare Boraxo Corporation's Federal income tax return (Form 1120) for the 2020 Tax Year including the following schedules and forms (you must attach these forms in the required order as detailed by the IRS): Schedule D Form 1125-A Schedule G Form 1125-E Form 3800 Form 4562 Form 4797 Form 5884 Form 7004 (Extension to File) Form 8824 Form 8949 Form 8994 Schedule M-3 (Part I only) Forms 1096, 1099-NEC, 1099-MISC, 1099-DIV and 8809 (Information Return Forms) 1) For any part of the tax return where a statement is required, you must attach the statement to the end of the tax return as the last attachment to the 1120 return (and before the information returns) - with a reference to what form and line of the return it applies to, as well as the name of the taxpayer and the EIN of the taxpayer on the top of each statement page. 2) VERY IMPORTANT - YOUR SUBMITTED PROJECT WILL ALSO INCLUDE FORM 1099-SERIES FORMS that have to be issued by Boraxo Corporation (see above). You do not need to prepare any information returns that have to be prepared by other businesses. For the 1099-series forms that you will turn in, you only need to complete the IRS copy (you do not need to complete all of the 1099 version copies) of these 1099-series forms and attach them at the very end of the submitted return project. Also, as stated above, prepare and complete the IRS Form(s) 1096 as well. At most, the different types of 1099-series forms that you will need to complete and turn in are: Forms 1099-NEC; Form 1099-MISC and Form 1099-DIV (all available at www.IRS.gov). Make sure to have the proper tax year for these forms. -> YOU WILL ALSO NEED TO PREPARE AND INCLUDE FORM 8809 - the extension to file information returns. Use the date on Form 8809 that was the last day to file the extension on time (hint: it was sometime earlier in 2021). 3) All of the repairs and maintenance services were performed to Boraxo Corporation by a limited liability company (Repairs Made Simple, LLC) 1154 Second Street, Boron, CA 93516; EIN 77-3581297; Phone (760) 555-5559. 4) The entertainment expenses were for tickets for the Bakersfield Wizards CBA basketball team. Boraxo took out its biggest clients and vendors to discuss business matters at all of the games. 5) In addition to signing the tax return as the paid preparer, for purposes of this project also actually sign the return as the taxpayer (keeping in mind you would not do this in real practice). 6) You do not need to prepare any payroll tax returns or forms (such as the W-2 or W-3) for the client (Liwei handles the payroll tax returns herself for the corporation). Other Important Items: 1) The landlord for the warehouse that Boraxo rents is Candido Maldonado. Candido's address is 1987 Giants Way, San Francisco, CA 94101. His tax ID is 20-2294863 and his phone number is (650) 555-1234. 2) All the amounts paid in 2020 for accounting services were paid to Artei and Howe, LLP. 3) Boraxo Corporation is not a subsidiary in an affiliated group or a parent-subsidiary group. 4) Boraxo Corp. purchased 10,000 shares in AMC Corporation, a U.S.-based corporation that sells automobile parts on July 1, 2018, for $75,000. AMC Corp. had 103,500 shares outstanding throughout 2020. On October 31, 2020, Boraxo received a $2,350 dividend check from AMC Corporation. AMC Corporation's Employer Identification Number is 77-3233648. 5) The three shareholders in Boraxo Inc. had the same ownership in the corporation throughout the year. 6) Boraxo has a $16,500 NOL carryover into the 2020 tax year. 7) Your client has asked you to file the return with the fewest number of required schedules filled out on the 1120 form as legally possible. 8) $200,000 of cash distributions from Boraxo Corp. were made in 2020. Each of the three shareholders received cash distributions based on their percentage ownership in the corporation. All cash distributions were paid on December 30, 2020. 9) If there is an amount due for the year on the 1120, the client (as a corporation) will need to pay the IRS electronically (i.e., not via check). However, for purposes of this tax return project, if tax is due for the year you do not need to prepare any payment documentation simply show the amount due on the appropriate line(s) of the 1120 tax return accordingly. Also, if tax is due for the year, you do not need to calculate any penalties or interest - just the base tax due. On the other hand, if there is a refund due to the client on the 1120 tax return for the year, the client wants to receive the refund in the form of a check (i.e. they do not want any portion of the refund credited to next year's Federal income taxes). 10)All amounts contributed to charitable organizations for the year were made in cash, all of the charities were IRS-qualified charities, and the charities all provided the client with the required documentation in a timely manner. 11) On March 24, 1986, the corporation issued common stock to its founding shareholders for a total of $425,000. No stock has been issued by the corporation since its incorporation back in 1986. 12)All expenses (including wages) paid to shareholders are ordinary, necessary, and reasonable in amount, with none being disguised dividends. 13)All expenses paid to non-shareholders are ordinary, necessary, and reasonable. 14) None of the entertainment expenses were lavish or extravagant. 15) None of the wages are includable in the cost of goods sold. 16) All of the corporate bonds that were owned either at the beginning of the year or at the end of the year mature more than five years after the end of the 2020 tax year and the client did not expect to sell them or convert any of them into cash until they mature. The small sale of corporate bonds in 2020 was unexpected and it was not easy to sell these particular bonds as they were not readily traded on an exchange (they were not liquid assets that were readily convertible into cash). 17) For Schedule K of Form 1120, you are given that the answers to question nos. 14, 17, 18, 19, 20, 21, 22, 23, and 25 are No and the checkbox to no. 8 is to be unchecked. Mark No for question no. 24 of Schedule K. 18)For Schedule J, you can skip lines 3; 5a; 5b; 5d; 5e; 9a-9g; 10; 12; 13; 15; 17; 18; 20a-20d; 21and 22. Any other parts that are applicable in Schedule J must be completed. For a non-skip line in Schedule J, you will need to a determine if a figure goes on that line. There is a possibility that at least one non-skip line in Schedule J is still not applicable. If not applicable, simply put O for that line. 19) For Form 3800, you skip: all of Part I (but put down O for line 6); Lines 10a-c, 18-26, and 31-35 of Part II 20) Since its formation, Boraxo has never had an annual gross income of more than $25 million per year. 21) Your client allows you to discuss its tax return with the IRS. Project Notes: 1) VERY IMPORANT: Your group must turn in BOTH 1) a hardcopy in class AND 2) e-mail an electronic copy of the project to me by the due date and time (at the beginning of class) either through Canvas or at: joel.busch@sjsu.edu 2) Please have the group member names included on the top of the first page of the 1120 as well as in the e-mailed version. 3) You to only work on this project only with your fellow group members 4) Late submissions of the project are subject to a significant reduction of points