Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hey, I am seeking someone who is experienced with Corporate Tax returns and knows how to file Form 1125-A. This link is a blank copy

Hey, I am seeking someone who is experienced with Corporate Tax returns and knows how to file Form 1125-A.

This link is a blank copy of Form 1125-A from the irs website you can fill out:

https://www.irs.gov/pub/irs-pdf/f1125a.pdf

I just need Form 1125-A so ignore the parts regarding the other forms. I am having a lot of trouble with this assignment and would greatly appreciate if someone helps, thank you.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

FACTS Sunshine Sunglasses Inc. is owned by Raymond J. Smith and his wife, Mary P. Smith. The corporation manufactures children's sunglasses (business activity code number 339900). The corporation has reported positive financial and taxable incomes since inception. The company is located at 200 Sunshine Way, Boca Raton, Florida 33431 The company's employer identification number is 98-7654321, and the calendar year is used for tax purposes. The date of incorporation was February 9, 2008 Raymond J. Smith (social security number 123-45-6789) is an 81 percent shareholder and president of the company. Mary P. Smith (social security number 111-11- is a 19 percent shareholder and vice president of the company. Both persons devote 100 percent of their time to the corporation. Raymond's compensation is $187,154 per year, and Mary's compensation is S121,051 for the year The corporation is not a personal holding company. While the corporation is a 'closely-held C corporation,' it does not engage in activities to which the at-risk or passive activity loss limitations apply The corporation files its tax return on the accrual method. Inventory has been consistently valued at Cost under the FIFO method using the full absorption procedure. Inventory capitalization rules of Internal Revenue Code Section 263A do not apply due to the small business exception' (average annual gross receipts for the three preceding taxable years do not exceed $10 million) The accounting records are computerized. FACTS Sunshine Sunglasses Inc. is owned by Raymond J. Smith and his wife, Mary P. Smith. The corporation manufactures children's sunglasses (business activity code number 339900). The corporation has reported positive financial and taxable incomes since inception. The company is located at 200 Sunshine Way, Boca Raton, Florida 33431 The company's employer identification number is 98-7654321, and the calendar year is used for tax purposes. The date of incorporation was February 9, 2008 Raymond J. Smith (social security number 123-45-6789) is an 81 percent shareholder and president of the company. Mary P. Smith (social security number 111-11- is a 19 percent shareholder and vice president of the company. Both persons devote 100 percent of their time to the corporation. Raymond's compensation is $187,154 per year, and Mary's compensation is S121,051 for the year The corporation is not a personal holding company. While the corporation is a 'closely-held C corporation,' it does not engage in activities to which the at-risk or passive activity loss limitations apply The corporation files its tax return on the accrual method. Inventory has been consistently valued at Cost under the FIFO method using the full absorption procedure. Inventory capitalization rules of Internal Revenue Code Section 263A do not apply due to the small business exception' (average annual gross receipts for the three preceding taxable years do not exceed $10 million) The accounting records are computerized

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Interactive Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

3rd Edition

0131494910, 9780131494916

More Books

Students also viewed these Accounting questions