Dn December 31, 2018, Jeff, John and James formed J3 Manufacturing Corp, a corporation created under the laws of the State of New York, for the principle purpose of manufacturing and distributing custom designed bikes. The company is authorized to issue 1000 shares of $1.00 par value common stock. Jeff, John, and James contributed the following property and each received 250 shares of $1.00 par value common stock. Jeff, salary of $150,000 for the tax year ending December 31,2019. salary of $150,000 for the tax year ending December 31,2019. The company adopted a calendar year and is an accrual basis taxpayer. For the tax year The company adopted a calendar year and is an accrual basis taxpaye \begin{tabular}{l} ending December 31, 2019, the com \\ Dementintios \\ Uepains \& Maintenance \\ Interest Expense \\ \hline \end{tabular} Miscellaneous: The company elected to take the maximum $179 on the new equipment The three officers devote 100% of their time to the business. [EIN: 22-3658908]. The bonus acerual is not included in employee salaries. The stock in JP Morgan represents less than 1% of JP's outstanding stock. Prepare the 2019 corporate tax income rcturn for 33 Manufacturing Corporation; b. Calculate carnings \& profits and determine tax effect of distribut 6. Prepare an excel worksheet showing J3 's basis in assets contributed at Dexcmber 31 . d. Prcpare an excel worksheet showing sharcholder's hasis in stock at December 31. Dn December 31, 2018, Jeff, John and James formed J3 Manufacturing Corp, a corporation created under the laws of the State of New York, for the principle purpose of manufacturing and distributing custom designed bikes. The company is authorized to issue 1000 shares of $1.00 par value common stock. Jeff, John, and James contributed the following property and each received 250 shares of $1.00 par value common stock. Jeff, salary of $150,000 for the tax year ending December 31,2019. salary of $150,000 for the tax year ending December 31,2019. The company adopted a calendar year and is an accrual basis taxpayer. For the tax year The company adopted a calendar year and is an accrual basis taxpaye \begin{tabular}{l} ending December 31, 2019, the com \\ Dementintios \\ Uepains \& Maintenance \\ Interest Expense \\ \hline \end{tabular} Miscellaneous: The company elected to take the maximum $179 on the new equipment The three officers devote 100% of their time to the business. [EIN: 22-3658908]. The bonus acerual is not included in employee salaries. The stock in JP Morgan represents less than 1% of JP's outstanding stock. Prepare the 2019 corporate tax income rcturn for 33 Manufacturing Corporation; b. Calculate carnings \& profits and determine tax effect of distribut 6. Prepare an excel worksheet showing J3 's basis in assets contributed at Dexcmber 31 . d. Prcpare an excel worksheet showing sharcholder's hasis in stock at December 31
