General
	John Jones is married with two children. His family consists of his wife Jen Jones and his children James Jones and Jackie Jones.
	This case study is mainly surrounding John's earnings, but Jen also works and receives a salary of $80,000 which SHOULD be included in the overall taxable income calculation and included on Form 1040
	James Jones is 12 years old and lives at home. His parents fully provide for him
	Jackie jones is a 23 year old full time student and lives at school. She has a part time job and earns $4000 a year. Her parents provide for more than 50% of her support.
	For this project please use the 2018 tax forms and tax rates
	Please also use the 2017 IRC 179 expense rules and 2017 bonus depreciation and MACRS depreciation rules.
	When complete, please email me the tax forms with your group members names, along with any supporting calculations (preferably in excel)
	Corporation X
	See below for Sales, expense and transaction information during the year.
	John is an employee at Corporation X and get a salary at $50,000
	Assume all taxable income at the end of the year is paid out as a dividend. Assume John owns 5% of the company
	Ignore the Domestic Production Activities Deduction (DPAD)
	income and deduction items
	Sales	3,000,000
	COGS	100,000
	salaries	300,000
	transactions
1/1/2018	Machinery - new	Cost = 1,000,000
1/1/2018	equipment - new	Cost = 1,200,000
1/1/2018	Machinery - sold	Cost = $500,000
		Cumulative Depreciation = 300,000
		Sale Proceeds = $250,000
1/1/2018	equipment - sold	Cost = $600,000
		Cumulative Depreciation = 300,000
		Sale Proceeds = $200,000
1/1/2018	Building - sold	Cost = $750,000
		Cumulative Depreciation = 400,000
		Sale Proceeds = $1,000,000
	Requirements
1	Complete Pages 1,3, and supporting Schedules for 2018 Form 1120
2	Calculate the Taxabe Income of the corporation and the dividend to be paid