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Need to complete 1120 Tax Return

Instructions Note: This problem is for the 2021 tax year. On February 12, 2007, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent infomation regarding Kingfisher is summarized as follows: - Kinghisher's business address is 1717. Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisherbkficom. - The employer identification number is 11-1111113, and the principal business activity code is 451110. - Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized. - Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-456788, and Delores's Social Security number is 123456787. - Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax purposes. During 2021, the corporation distributed cash dividends of 380,000. - You are not provided enough detalled information to complete a Form 4562 (depreciation). If you solve the problem using Intuit Proconnnect, enter the amount of depreciation on line 20 of Form 1120. During 2021, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare Kingfisher's corporate tax return for tax year 2021 using Form 1120 (and any other appropriate forms and schedules). - If an amount box does not require an entry or the answer is zero, enter " 0 ", - Enter all amounts as positive numbers, unless otherwise instructed. - If required, round amounts to the nearest dollar. - Make realistic assumptions about any missing data. Note: This problem is for the 2021 tax year. On February 12, 2007, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: - Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mall address is - The employer identification number is 11-1111113, and the principal business activity code is 451110. - Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other dass of stock is authorized. - Both Nancy and Delores are full-time emplovees of Kingfisher. Nancy's Social security number is 123-45-6788, and Delores's Social Security number is 123-45-6787. - Kingfisher is an accrual method, calendar vear taxpayer, Inventories are determined using FIFO and the lower of cost or market method. Kinglisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MAcRS) for tax purpoces: - During 2021, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2021 are shown below. - Enter all amounts as positive numbers, unless otherwise instructed. - If required, round amounts to the nearest dollar. - Make realistic assumptions about any missing data. Form 1120(2021) Kingfisher Corporation 111111113 Page Schedule C Dividends, Inclusions, and Special Deductions (b) Percentage (c) Special deduction (a)(b) (see instructions) inclusions 1 Dividends from less-than-20\%-owned domestic corporations (other than debt-financed stock) ...................................... 2. Dividends from 20%-or-more-owned domestic corporations (other than 3 Dividends on certain debt-financed stock of domestic and foreign 4 Dividends on certain preferred stock of less-than-20\%-owned public utilities 5 Dividends on certain preferred stock of 20%-or-more-owned public utilities 6 Dividends from less-than-20\%-owned foreign corporations and certain FSCs 7 Dividends from 20\%-or-more-owned foreign corporations and certain FSCS 8 Dividends from wholly owned foreign subsidiaries . .............. 9 Subtotal. Add lines 1 through 8 . See instructions for limitations ........ 10 Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 11 Dividends from affiliated group members . ..................... 12 Dividends from certain FSC5 ............................... 13 Foreign-source portion of dividends received from a specified 10%-owned foreign corporation (excluding hybrid dividends) (see instructions) ........ 14 Dividends from forelgn corporations not included on line 3,6,7,8,11,12, or 13 (including any hybrid dividends) ...................... 15 Reserved for future use. 16a Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC) of the stock of a lower-tier foreign corporation treated as a dividend (attach Form(s) 5471) (see instructions) ................ h Subnart F inclusinns derived from hybrid dividende of tiered cornorations check My Work 10 more Check My Work uses remaining Instructions Note: This problem is for the 2021 tax year. On February 12, 2007, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent infomation regarding Kingfisher is summarized as follows: - Kinghisher's business address is 1717. Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisherbkficom. - The employer identification number is 11-1111113, and the principal business activity code is 451110. - Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized. - Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-456788, and Delores's Social Security number is 123456787. - Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax purposes. During 2021, the corporation distributed cash dividends of 380,000. - You are not provided enough detalled information to complete a Form 4562 (depreciation). If you solve the problem using Intuit Proconnnect, enter the amount of depreciation on line 20 of Form 1120. During 2021, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare Kingfisher's corporate tax return for tax year 2021 using Form 1120 (and any other appropriate forms and schedules). - If an amount box does not require an entry or the answer is zero, enter " 0 ", - Enter all amounts as positive numbers, unless otherwise instructed. - If required, round amounts to the nearest dollar. - Make realistic assumptions about any missing data. Note: This problem is for the 2021 tax year. On February 12, 2007, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: - Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mall address is - The employer identification number is 11-1111113, and the principal business activity code is 451110. - Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other dass of stock is authorized. - Both Nancy and Delores are full-time emplovees of Kingfisher. Nancy's Social security number is 123-45-6788, and Delores's Social Security number is 123-45-6787. - Kingfisher is an accrual method, calendar vear taxpayer, Inventories are determined using FIFO and the lower of cost or market method. Kinglisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MAcRS) for tax purpoces: - During 2021, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2021 are shown below. - Enter all amounts as positive numbers, unless otherwise instructed. - If required, round amounts to the nearest dollar. - Make realistic assumptions about any missing data. Form 1120(2021) Kingfisher Corporation 111111113 Page Schedule C Dividends, Inclusions, and Special Deductions (b) Percentage (c) Special deduction (a)(b) (see instructions) inclusions 1 Dividends from less-than-20\%-owned domestic corporations (other than debt-financed stock) ...................................... 2. Dividends from 20%-or-more-owned domestic corporations (other than 3 Dividends on certain debt-financed stock of domestic and foreign 4 Dividends on certain preferred stock of less-than-20\%-owned public utilities 5 Dividends on certain preferred stock of 20%-or-more-owned public utilities 6 Dividends from less-than-20\%-owned foreign corporations and certain FSCs 7 Dividends from 20\%-or-more-owned foreign corporations and certain FSCS 8 Dividends from wholly owned foreign subsidiaries . .............. 9 Subtotal. Add lines 1 through 8 . See instructions for limitations ........ 10 Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 11 Dividends from affiliated group members . ..................... 12 Dividends from certain FSC5 ............................... 13 Foreign-source portion of dividends received from a specified 10%-owned foreign corporation (excluding hybrid dividends) (see instructions) ........ 14 Dividends from forelgn corporations not included on line 3,6,7,8,11,12, or 13 (including any hybrid dividends) ...................... 15 Reserved for future use. 16a Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC) of the stock of a lower-tier foreign corporation treated as a dividend (attach Form(s) 5471) (see instructions) ................ h Subnart F inclusinns derived from hybrid dividende of tiered cornorations check My Work 10 more Check My Work uses remaining