Greenville Corporation owns and operates a clothing manufacturing company. The corporation reported the following property transactions during 2020:

1. Sale of real estate (unimproved) that has been used as an employee parking lot for $210,000 in April 2020. The lot was purchased in 1999 for $120,000.

2. Sale of office furniture used in the business for $23,000 in December 2020. The furniture was purchased in February 2020 for $25,000. Depreciation of $7,000 has been claimed on the furniture.

3. Sale of 2,500 shares of Biotech Corporation common stock for $30 per share in October 2020. The shares were purchased in January 2020 for $24 per share and have been held for investment purposes. This sale transaction was reported to Greenville on Form 1099-B showing the stock basis was reported to the IRS.

4. Sale of an office building for $2,800,000 in May 2020. The building was purchased in 2001 for $3,600,000. Depreciation of $1,950,000 has been claimed on the building.

5. Sale of factory equipment for $425,000 in July 2020. The equipment was purchased in 2016 for $375,000. $240,000 in tax depreciation has been claimed on the machine.

6. Sale of 4,000 shares of Windstar, Inc., common stock for $10 per share in June 2020. The 4,000 shares were purchased in May 2018, for $25 per share and have been held for investment purposes. This sale transaction was reported to Greenville on Form 1099-B showing the stock basis was reported to the IRS.

7. Sale of a factory building in March 2020 for $4,500,000. The building was purchased in 2017 for $3,250,000. $800,000 of depreciation has been claimed on the building.

8. Sale of a factory machine for $1,075,000 in August 2020. The machine was purchased in January 2018 for $4,900,000. $1,400,000 in tax depreciation has been claimed on the building.

9. Sale of copier machine for $2,000 in November 2020. The copier was purchased in March 2019 for $6,000 and, for tax purposes, was fully depreciated in 2019 using Section 179.

Greenville Corporation also has a $175,000 capital loss carryforward available from 2016.

The company reported the following net Section 1231 gains and losses in previous years:

2014 $150,000 2017 ($280,000)

2015 ($320,000) 2018 ($270,000)

2016 $450,000 2019 $220,000

Required: (15 points) Using the above information, complete Form 4797, Form 1120 Schedule D, Form 8949, and page 1 of Form 1120 for Greenville Corporation. Bring the applicable numbers from Schedule D and Form 4797 to the appropriate lines on page 1 of Form 1120. Greenvilles employer identification number is 39-654321. Submit your completed tax return forms in the Assignments section in Blackboard (see directions below). The forms can be accessed and downloaded from the IRS web page at www.irs.gov. You can also complete and save the tax return forms in .PDF format at the IRS website. Or, you may use any tax software program to complete the project. *Please fill out and show solutions to all the required tax forms*