Question
Do you know where I can find the solution to this tax project? Bizrate Electronics, Inc. A C Corporation For the Year Ended December 31,
Do you know where I can find the solution to this tax project? Bizrate Electronics, Inc. A C Corporation For the Year Ended December 31, 2018
Bizrate Electronics was organized on February 22, 2018, by Jon Jones and Billy Burt. Jon contributed $270,000 cash and SBUX stock (acquired 01/01/2017) worth $30,000 for 60% of Bizrate stock, while Billy contributed $200,000 cash for 40% of the stock. Jons social security number is 123-45-6789 and Billys is 987-65-4321. Bizrates employer ID number is 12-3456789. Bizrate began business on March 1, 2018. Bizrate is a retail electronics outlet located at 118812 Josey Lane, Louisville, KY 40018. Bizrate uses the accrual method of accounting, the first-in, first-out (FIFO) inventory method, and a calendar year.
- Based on the given information (Links to an external site.)Links to an external site. prepare the 2018 Form 1120 for Bizrate Electronics with the accompanying Schedule D, 1125-A, 1125-E, and Form 4797. Also, provide calculations for Jon and Billy's basis in Bizrate's stock and Bizrate basis in the new assets it holds. Depreciation will be a given number. Your basis calculations in addition to the Tax Return are due in Week 8.
- Your team will create a presentation that supports the calculations and research completed during the project covered in all applicable COs.
- The PowerPoint must be at least 7 slides long properly formatted using APA citations where appropriate.
- Your grade will be based on the group tax return and group PowerPoint presentation.
- If you are taking this class online, your presentation will be narrated via PowerPoint by your group. If you are taking this class on-campus, your presentation will be live in class Week 8
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