Hi,

for this question, need to prepare forms. (US Taxation)

Prepare the S Corporation Tax Return for Maggie and Leisha Enterprise, Inc. for the year of 2016 and Schedule K-1 for both shareholders.

Form 1120S

Form 1125-A

Form 1125-E

Schedule K-1 (Form 1120S) (2)

Form 4562

Information:

Maggie Tom and Leisha John are the sole equal partners in the general partnership of Maggie And Leisha Enterprises. The partnership, which is a retail office supplies and stationery store, began its operations on January 2, 1985. For Federal Income Tax purposes, the partnership is a calendar year taxpayer and uses the Accrual Method Of Accounting. Its Employer Identification Number is 76-1234567, address is 17302 East Meadow Bird Circle Denver, Colorado 80014-1747, telephone number is (303) 437-6211, fax number is (303) 536-1908 and E-Mail address is "maggieleishaenterprises.com". The business activity code for the partnership is 451140. Both partners devote one hundred percent (100%) of their time to the business of the partnership and are equal partners of the partnership in every respect (ie. profit sharing ratio, loss sharing ratio, ownership, etc.). Maggie Tom, who is the designated Tax Matters Partner for the partnership, has social security number of 678-90-1234, her address is 1953 Beverly Lane Denver, Co 80014-3218 and her telephone number is (720) 469-3614. Leisha John has social security number of 789-01-2345, her address is 1606 Natalie Court Denver, Co 80014-4637 and her telephone number is (720) 948-3126.

FINANCIAL INFORMATION

During the year of 2016, the Maggie And Leisha Enterprises reported the following Income and Expenses (including necessary accruals) for Financial Accounting purposes:

Gross Receipts $1,482,000

Sales Returns And Allowances 109,000

Purchases 510,000

Dividends Received From Stock (Not Qualified Dividends)

Investments In Less Than twenty percent (20%)

Owned United States (U. S.) Corporation 80,000

Interest Income:

Taxable Interest 18,000

Tax-Exempt Interest 7,200

Guaranteed Payments: Maggie Holloway 75,000

(Services) Renee Forrow 75,000

Salaries - Employees 108,000

Repairs And Maintenance 19,300

Rent Expense - Office 84,000

Rent Expense - Equipment 15,500

Payroll Taxes (Federal And State) 19,600

Interest Expense (Trade Or Business Interest) 25,200

Advertising Expense 44,500

Charitable Contributions ("50%" Charities) 48,000

Legal And Professional Fees 28,800

Depreciation Expense 50,000 *

Utilities Expense 27,300

Employee's Health Insurance Premiums 14,200

Entertainment Of Clients 5,000

Partners' Life Insurance Premiums 14,400 **

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* - Based upon Straight-Line Depreciation, a useful life of five (5) years and no salvage value for all assets (see specific assets below).

** - Maggie And Leisha Enterprises Is The Designated Beneficiary.

On January 1, 2016, the partner's Capital Accounts equaled $157,200 each. No additional capital contributions were made during the year of 2016 and each partner made a total of $140,000 (all cash) withdrawals throughout the course of the year of 2016.

The Maggie And Leisha Enterprises owns the following depreciable assets:

ASSET DESCRIPTION DATE ACQUIRED ORIGINAL COST

Automobile 2016 Lexus 460 April 1, 2016 $ 50,000

(Five-year Property)

Automobile 2016 Cadillac Seville April 1, 2016 50,000

(Five-year Property)

Furniture And Fixtures May 1, 2015 150,000

(Seven-year Property)

Each automobile was used a total of 18,000 miles during the year of 2016 all which were business miles. The automobiles were not available for personal use during off-duty hours and were used solely by Maggie Tom and Leisha John, who both have another vehicle available for personal use. For Federal Income Tax purposes, all of these assets are depreciated using the Modified Accelerated Cost Recovery System (MACRS). Section 179 Deduction was not elected in regards to any of these assets nor was Straight-Line Depreciation used.

BALANCE SHEETS

The Balance Sheets (Financial Accounting) for the Maggie And Leisha Enterprises at the beginning and ending of the year of 2016 are as follows:

ASSETS January 1 December 31

Cash $ 36,000 $ 84,000

Trade Notes And Accounts Receivable 96,000 90,000

Inventory (Valued At Cost) * 120,000 100,000

Marketable Securities - Long Term 140,000 250,000

Depreciable Assets (And Land) 260,000 ** 260,000 **

Less: Accumulated Depreciation (65,000) (115,000)

Other Assets (Deposits) 12,000 12,000

------------ ------------

TOTAL ASSETS $ 599,000 $ 681,000

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LIABILITIES AND PARTNERS' CAPITAL

Accounts Payable (Non Recourse) $ 96,000 $ 116,200

Notes Payable - Short Term (Recourse) 24,600 24,000

Notes Payable - Long Term (Recourse) 164,000 212,000

Partner's Capital (Total) 314,400 328,800

TOTAL LIABILITIES AND ------------ ------------

PARTNERS' CAPITAL $ 599,000 $ 681,000

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* - The rules of Section 263A of the Internal Revenue Code do not apply to the partnership.

** - Includes $10,000 allocated to Land.

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OTHER INFORMATION

Both partners are United States citizens (and individuals) and the partnership is not a partner in any other partnership. The partnership is not subject to the consolidated audit procedures of Sections 6221 through 6233 of the Internal Revenue Code and the partnership does not meet all three (3) requirements shown in the instructions (Schedule B) for Question 5. In addition, the partnership is not a publicly traded partnership as defined in Section 469(k)(2) of the Internal Revenue Code and the partnership has not filed nor is required to file Form 8264 - Application For Registration Of A Tax Shelter. During the year of 2016, Maggie And Leisha Enterprises had no interest in or signature or other authority over any financial account in a foreign country. Furthermore, during the year of 2016, the partnership did not receive a distribution from nor was the partnership a grantor of, or transferor to, a foreign trust. Finally, there were no distributions of property or transfer of a partnership interest during the year of 2016.