I need help filling out a 1120S and Schedule K for officers
Busy Bee Clothing, Inc Piease complete the 2021 tax return for Busy Bee Clothing. Inc, bated upon the facts presented below. If requlred information ts missing. use reasonable assumptions to fill in the gaps, ignoce anyAltemative Minimum Tax (AMT) celculations or reporting- Busy Bee Clothing, lic. (BD is organized as a corporation in the state of North Carolina and is tawedas an "S" corporation with calendar-year end (additional Information about BB can be found in the table below). BB operates four small boutique clothing cut et steres (famlly dothing stores) in the Nerth Carolina cities of Chariotte, Durham, Raleigh, and Winston-Salem. BS is owned by four unrelated shareholders (shaceholder-spec fie information is proolded in the tablebelow). There were no stock transfers or changes in stock ownership during the current tax year. The table belowprovides pert inent account balances ss of December 31.2020 for B : : Supfiementary Detalls: - B8 uses the accrual micthnd of sccounting. - For any 'yes' or 'no' questions on Schedule 8, assume the answer is 'no' uniess explicithy stat ed in the facts below. BB made payments in the current year that required the filing of Forms 1099. Als Forms 1099 were filed timely. - B8's original, unadjusted basio in all its assets is consistent with histarl cal cost on the balancesheef. B8's three officers devated 100x of their time to the company. Additional information: - Nece of the expenses incurted by 8 B during the year felate to the preduction or carrying of thetax-exempt recurities held in portfollo. The tax-exempt securities are maintained in a: separate brokefage account distinct from other holdings. - B8 values its inventory at cost and has ahways used the specific identification method for reporting purposes. 8 a purchases imventory and reselis the purchases. - On December 1,2021,88 made a pre rata distribution to all common stockholders, totaling 5200,COO - Bg's MAACRS depreciaton is $215,000 - B8 malntains a life insu rance policy on the life of the CEO, Jennifer Lyons. BB la the beneficiary dhat palicy. - In March 2021, 8B contributed 530,000 in cash to the Red Cross to assist those affected bytornades in Nashville, Tennesser. Busy Bee Clothing, inc. Balanee Sheet Busy Bee Clothing, Inc Piease complete the 2021 tax return for Busy Bee Clothing. Inc, bated upon the facts presented below. If requlred information ts missing. use reasonable assumptions to fill in the gaps, ignoce anyAltemative Minimum Tax (AMT) celculations or reporting- Busy Bee Clothing, lic. (BD is organized as a corporation in the state of North Carolina and is tawedas an "S" corporation with calendar-year end (additional Information about BB can be found in the table below). BB operates four small boutique clothing cut et steres (famlly dothing stores) in the Nerth Carolina cities of Chariotte, Durham, Raleigh, and Winston-Salem. BS is owned by four unrelated shareholders (shaceholder-spec fie information is proolded in the tablebelow). There were no stock transfers or changes in stock ownership during the current tax year. The table belowprovides pert inent account balances ss of December 31.2020 for B : : Supfiementary Detalls: - B8 uses the accrual micthnd of sccounting. - For any 'yes' or 'no' questions on Schedule 8, assume the answer is 'no' uniess explicithy stat ed in the facts below. BB made payments in the current year that required the filing of Forms 1099. Als Forms 1099 were filed timely. - B8's original, unadjusted basio in all its assets is consistent with histarl cal cost on the balancesheef. B8's three officers devated 100x of their time to the company. Additional information: - Nece of the expenses incurted by 8 B during the year felate to the preduction or carrying of thetax-exempt recurities held in portfollo. The tax-exempt securities are maintained in a: separate brokefage account distinct from other holdings. - B8 values its inventory at cost and has ahways used the specific identification method for reporting purposes. 8 a purchases imventory and reselis the purchases. - On December 1,2021,88 made a pre rata distribution to all common stockholders, totaling 5200,COO - Bg's MAACRS depreciaton is $215,000 - B8 malntains a life insu rance policy on the life of the CEO, Jennifer Lyons. BB la the beneficiary dhat palicy. - In March 2021, 8B contributed 530,000 in cash to the Red Cross to assist those affected bytornades in Nashville, Tennesser. Busy Bee Clothing, inc. Balanee Sheet
