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Falcon, Inc., is a calendar-year-end 5 corporation owned equally by two shareholders, Jennifer Sullivan and Marvin Darby. Falcon reports its income and expenses on the

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Falcon, Inc., is a calendar-year-end 5 corporation owned equally by two shareholders, Jennifer Sullivan and Marvin Darby. Falcon reports its income and expenses on the accrual method of accounting. Falcon has always been an 5 corporation and has no debt. Falcon's controller has provided information for the completion of Falcon's Year 4 Form 1120-S, U.S. Income Tax Return for an S Corporation. A copy of Falcon's income statement for the year ended December 31 , Year 4, and additional information related to Falcon and its shareholders can be found in the exhibits. You have been asked to review the documents provided by Falcon's controller and assist in the preparation of Form 1120 S. Enter the appropriate amount in the associated cell. If the amount is zero, enter a zero (0). Enter income and gains as positive values and losses and expenses as negative values using a leading minus () sign. Falcon, Inc Income Statement For the year ended December 31, Year 4 not purchase any new assets in Year 4. The capital loss is for the sale of Falcon, Inc., is a calendar-year-end 5 corporation owned equally by two shareholders, Jennifer Sullivan and Marvin Darby. Falcon reports its income and expenses on the accrual method of accounting. Falcon has always been an 5 corporation and has no debt. Falcon's controller has provided information for the completion of Falcon's Year 4 Form 1120-S, U.S. Income Tax Return for an S Corporation. A copy of Falcon's income statement for the year ended December 31 , Year 4, and additional information related to Falcon and its shareholders can be found in the exhibits. You have been asked to review the documents provided by Falcon's controller and assist in the preparation of Form 1120 S. Enter the appropriate amount in the associated cell. If the amount is zero, enter a zero (0). Enter income and gains as positive values and losses and expenses as negative values using a leading minus () sign. Falcon, Inc Income Statement For the year ended December 31, Year 4 not purchase any new assets in Year 4. The capital loss is for the sale of

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