I need help with an upcoming assignment. I need to do an 1120s tax for which is attached with the details.

Unit 4 assignment https://www.irs.gov/ Unit 4 Assignment: Tax Return The exercise listed below is found on page 369 of Prentice Hall's Federal Taxation, 2016: Tax Form/Return Preparation Problem C: 367 Required for 2013: Form 1120. Prepare and submit a Corporation Tax Return (Form 1120). The exercise listed below is found on page 3-69 of Prentice Hall's Federal Taxation, 2016: Tax Form/Return Preparation Problem C: 3-67 Required for 2013: Form 1120. Prepare and submit a Corporation Tax Return (Form 1120). (In order to complete this exercise, you must first download the following tax form.) Directions for using the PDF Tax Forms from www.IRS.gov Internal Revenue Service. Retrieved from www.irs.gov 1. C:3-67 Permtemp Corporation formed in 2013 and, for that year, reported the following book income statement and balance sheet, excluding the federal income tax expense, deferred tax assets, and deferred tax liabilities: Sales Cost of goods sold Gross profit Dividend income Tax-exempt interest income Total income Expenses: Depreciation Bad debts Charitable contributions Interest Meals and entertainment Other Total expenses Net loss before federal income taxes Cash $20,000,000 (15,000,000) $ 5,000,000 50,000 15,000 $ 5,065,000 $ 800,000 400,000 100,000 475,000 45,000 3,855,000 (5,675,000) $ (610,000) $ 500,000 Accounts receivable Allowance for doubtful accounts Inventory Fixed assets Accumulated depreciation Investment in corporate stock Investment in tax-exempt bonds Total assets Accounts payable Long-term debt Common stock Retained earnings Total liabilities and equity $ 2,000,000 (250,000) 1,750,000 4,000,000 $10,000,000 (800,000) 9,200,000 1,000,000 50,000 $16,500,000 $2,610,000 8,500,000 6,000,000 (610,000) $16,500,000 2. Additional information for 2013: o The investment in corporate stock is comprised of less-than-20%-owned corporations. o Depreciation for tax purposes is $1.4 million under MACRS. o Bad debt expense for tax purposes is $150,000 under the direct writeoff method. o Limitations to charitable contribution deductions and meals and entertainment expenses must be tested and applied if necessary. o Qualified production activities income is zero. Required for 2013: o Prepare page 1 of the 2013 Form 1120, computing the corporation's NOL. o Determine the corporation's deferred tax asset and deferred tax liability situation, and then complete the income statement and balance sheet to reflect proper GAAP accounting under ASC 740. Use the balance sheet information to prepare Schedule L of the 2013 Form 1120. o Prepare the 2013 Schedule M-3 for Form 1120. o Prepare a schedule that reconciles the corporation's effective tax rate to the statutory 34% tax rate. Note: For 2013 forms, go to forms and publications, previous years, at the IRS website, www.irs.gov. For 2014, Permtemp reported the following book income statement and balance sheet, excluding the federal income tax expense, deferred tax assets, and deferred tax liabilities: Sales Cost of goods sold Gross profit Dividend income Tax-exempt interest income Total income Expenses: Depreciation Bad debts Charitable contributions Interest Meals and entertainment Other Total expenses Net income before federal income taxes Cash Accounts receivable Allowance for doubtful accounts Inventory Fixed assets Accumulated depreciation Investment in corporate stock Investment in tax-exempt bonds Total assets Accounts payable Long-term debt Common stock Retained earnings $33,000,000 (22,000,000) $11,000,000 55,000 15,000 $11,070,000 $ 800,000 625,000 40,000 455,000 60,000 4,675,000 (6,655,000) $ 4,415,000 $ 2,125,000 $3,300,000 (450,000) 2,850,000 6,000,000 $10,000,000 (1,600,000) 8,400,000 1,000,000 50,000 $20,425,000 $ 2,120,000 8,500,000 6,000,000 3,805,000 $20,425,000 Additional information for 2014: o Depreciation for tax purposes is $2.45 million under MACRS. o Bad debt expense for tax purposes is $425,000 under the direct writeoff method. o Qualified production activities income is $3 million. Required for 2014: o Prepare page 1 of the 2014 Form 1120, computing the corporation's taxable income and tax liability. o Determine the corporation's deferred tax asset and deferred tax liability situation, and then complete the income statement and balance sheet to reflect proper GAAP accounting ASC 740. Use the balance sheet information to prepare Schedule L of the 2014 Form 1120. o Prepare the 2014 Schedule M-3 for Form 1120. o Prepare a schedule that reconciles the corporation's effective tax rate to the statutory 34% tax rate. Certain Cash Contributions for Typhoon Haiyan Relief Efforts in the Philippines Can Be Deducted on Your 2013 Tax Return A new law allows you to choose to deduct certain charitable contributions of money on your 2013 tax return instead of your 2014 return. The contributions must have been made after March 25, 2014, and before April 15, 2014, for the relief of victims in the Republic of the Philippines affected by the November 8, 2013, typhoon. Contributions of money include contributions made by cash, check, money order, credit card, charge card, debit card, or via cell phone. The new law was enacted after the 2013 forms, instructions, and publications had already been printed. When preparing your 2013 tax return, you may complete the forms as if these contributions were made on December 31, 2013, instead of in 2014. The contribution must be made to a qualified organization and meet all other requirements for charitable contribution deductions. However, if you made the contribution by phone or text message, a telephone bill showing the name of the donee organization, the date of the contribution, and the amount of the contribution will satisfy the recordkeeping requirement. Therefore, for example, if you made a $10 charitable contribution by text message that was charged to your telephone or wireless account, a bill from your telecommunications company containing this information satisfies the recordkeeping requirement. Form 1120S Department of the Treasury Internal Revenue Service U.S. Income Tax Return for an S Corporation OMB No. 1545-0130 Do not file this form unless the corporation has filed or is attaching Form 2553 to elect to be an S corporation. Information about Form 1120S and its separate instructions is at www.irs.gov/form1120s. 2013 For calendar year 2013 or tax year beginning A S election effective date TYPE B Business activity code number (see instructions) OR PRINT , 2013, ending , 20 Name D Employer identification number Number, street, and room or suite no. If a P.O. box, see instructions. E Date incorporated City or town, state or province, country, and ZIP or foreign postal code F Total assets (see instructions) C Check if Sch. M-3 attached $ Yes No If \"Yes,\" attach Form 2553 if not already filed G Is the corporation electing to be an S corporation beginning with this tax year? (4) (3) (5) Name change Address change S election termination or revocation Final return (2) Amended return H Check if: (1) I Enter the number of shareholders who were shareholders during any part of the tax year . . . . . . . . . Caution. Include only trade or business income and expenses on lines 1a through 21. See the instructions for more information. 1a . . . . . . . . . . . . . . 1a . . . . . . . . . . . . . . 1b Balance. Subtract line 1b from line 1a . . . . . . . . . . . . . . . . . . . Cost of goods sold (attach Form 1125-A) . . . . . . . . . . . . . . . . . . Gross profit. Subtract line 2 from line 1c . . . . . . . . . . . . . . . . . . Net gain (loss) from Form 4797, line 17 (attach Form 4797) . . . . . . . . . . . . Other income (loss) (see instructionsattach statement) . . . . . . . . . . . . . Total income (loss). Add lines 3 through 5 . . . . . . . . . . . . . . . . Compensation of officers (see instructionsattach Form 1125-E) . . . . . . . . . . Salaries and wages (less employment credits) . . . . . . . . . . . . . . . . Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . Bad debts . . . . . . . . . . . . . . . . . . . . . . . . . . . Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562) . . . . Depletion (Do not deduct oil and gas depletion.) . . . . . . . . . . . . . . . Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . Pension, profit-sharing, etc., plans . . . . . . . . . . . . . . . . . . . . Employee benefit programs . . . . . . . . . . . . . . . . . . . . . . Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . Total deductions. Add lines 7 through 19 . . . . . . . . . . . . . . . . Ordinary business income (loss). Subtract line 20 from line 6 . . . . . . . . . . . Excess net passive income or LIFO recapture tax (see instructions) . . 22a Tax from Schedule D (Form 1120S) . . . . . . . . . . . 22b Add lines 22a and 22b (see instructions for additional taxes) . . . . . . . . . . . . 2013 estimated tax payments and 2012 overpayment credited to 2013 23a Tax deposited with Form 7004 . . . . . . . . . . . . 23b Credit for federal tax paid on fuels (attach Form 4136) . . . . . 23c Add lines 23a through 23c . . . . . . . . . . . . . . . . . . . . . . Estimated tax penalty (see instructions). Check if Form 2220 is attached . . . . . . Amount owed. If line 23d is smaller than the total of lines 22c and 24, enter amount owed . . Overpayment. If line 23d is larger than the total of lines 22c and 24, enter amount overpaid . . Enter amount from line 26 Credited to 2014 estimated tax Refunded Gross receipts or sales . Tax and Payments Deductions (see instructions for limitations) Income b Returns and allowances c 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 a b c 23 a b c d 24 25 26 27 22c 23d 24 25 26 27 Paid Preparer Use Only Date Signature of officer Print/Type preparer's name Preparer's signature Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. May the IRS discuss this return with the preparer shown below (see instructions)? Sign Here 1c 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Yes Title Date Check if self-employed Firm's name Firm's EIN Firm's address Phone no. For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11510H No PTIN Form 1120S (2013) Form 1120S (2013) Schedule B 1 2 3 4 Page 2 Other Information (see instructions) a c See the instructions and enter the: a Business activity Check accounting method: Yes No Cash b Accrual Other (specify) b Product or service At any time during the tax year, was any shareholder of the corporation a disregarded entity, a trust, an estate, or a nominee or similar person? If "Yes," attach Schedule B-1, Information on Certain Shareholders of an S Corporation . . At the end of the tax year, did the corporation: a Own directly 20% or more, or own, directly or indirectly, 50% or more of the total stock issued and outstanding of any foreign or domestic corporation? For rules of constructive ownership, see instructions. If \"Yes,\" complete (i) through (v) below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (i) Name of Corporation (ii) Employer Identification Number (if any) (iii) Country of Incorporation (iv) Percentage of Stock Owned (v) If Percentage in (iv) is 100%, Enter the Date (if any) a Qualified Subchapter S Subsidiary Election Was Made b Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions. If \"Yes,\" complete (i) through (v) below . . . . . . . (i) Name of Entity (ii) Employer Identification Number (if any) (iv) Country of Organization (iii) Type of Entity (v) Maximum Percentage Owned in Profit, Loss, or Capital 5 a At the end of the tax year, did the corporation have any outstanding shares of restricted stock? . . . . . . . If \"Yes,\" complete lines (i) and (ii) below. (i) Total shares of restricted stock . . . . . . . . . (ii) Total shares of non-restricted stock . . . . . . . . b At the end of the tax year, did the corporation have any outstanding stock options, warrants, or similar instruments? If \"Yes,\" complete lines (i) and (ii) below. (i) Total shares of stock outstanding at the end of the tax year (ii) Total shares of stock outstanding if all instruments were executed 6 7 . . Has this corporation filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide information on any reportable transaction? . . . . . . . . . . . . . . . . . . . . . . . . Check this box if the corporation issued publicly offered debt instruments with original issue discount . . . . If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments. If the corporation: (a) was a C corporation before it elected to be an S corporation or the corporation acquired an asset with a basis determined by reference to the basis of the asset (or the basis of any other property) in the hands of a C corporation and (b) has net unrealized built-in gain in excess of the net recognized built-in gain from prior years, enter the net unrealized built-in gain reduced by net recognized built-in gain from prior years (see instructions) . . . . . . . . . . . . . . . $ $ 9 Enter the accumulated earnings and profits of the corporation at the end of the tax year. 10 Does the corporation satisfy both of the following conditions? a The corporation's total receipts (see instructions) for the tax year were less than $250,000 . . . . . . . . . . b The corporation's total assets at the end of the tax year were less than $250,000 . . . . . . . . . . . . If \"Yes,\" the corporation is not required to complete Schedules L and M-1. 8 11 During the tax year, did the corporation have any non-shareholder debt that was canceled, was forgiven, or had terms modified so as to reduce the principal amount of the debt? . . . . . . . . . . . . . . . . If \"Yes,\" enter the amount of principal reduction $ 12 During the tax year, was a qualified subchapter S subsidiary election terminated or revoked? If \"Yes,\" see instructions 13 a Did the corporation make any payments in 2013 that would require it to file Form(s) 1099? . . . . . . . . . b If \"Yes,\" did the corporation file or will it file required Forms 1099? . . . . . . . . . . . . . . . . the . . . . Form 1120S (2013) Form 1120S (2013) Credits Deductions Income (Loss) Schedule K Ordinary business income (loss) (page 1, line 21) . . . . . . . . Net rental real estate income (loss) (attach Form 8825) . . . . . . Other gross rental income (loss) . . . . . . . . . . 3a Expenses from other rental activities (attach statement) . . 3b Other net rental income (loss). Subtract line 3b from line 3a . . . . Interest income . . . . . . . . . . . . . . . . . . Dividends: a Ordinary dividends . . . . . . . . . . . . . b Qualified dividends . . . . . . . . . . 5b 6 Royalties . . . . . . . . . . . . . . . . . . . . 7 Net short-term capital gain (loss) (attach Schedule D (Form 1120S)) . . 8 a Net long-term capital gain (loss) (attach Schedule D (Form 1120S)) . . b Collectibles (28%) gain (loss) . . . . . . . . . . . 8b c Unrecaptured section 1250 gain (attach statement) . . . . 8c 9 Net section 1231 gain (loss) (attach Form 4797) . . . . . . . . 10 Other income (loss) (see instructions) . . Type 11 Section 179 deduction (attach Form 4562) . . . . . . . . . . 12a Charitable contributions . . . . . . . . . . . . . . . b Investment interest expense . . . . . . . . . . . . . . c Section 59(e)(2) expenditures (1) Type d Other deductions (see instructions) . . . Type 13a Low-income housing credit (section 42(j)(5)) . . . . . . . . . b Low-income housing credit (other) . . . . . . . . . . . . c Qualified rehabilitation expenditures (rental real estate) (attach Form 3468) d Other rental real estate credits (see instructions) Type e Other rental credits (see instructions) . . . Type Foreign Transactions Alternative Minimum Tax (AMT) Items . . . . . . . . . . . . 1 2 . . . . . . . . . . . . . . . . . . 3c 4 5a . . . . . . . . . . . . . . . . . . 6 7 8a . . . . . . 9 10 11 12a 12b . . . . . . . . . . . . . . . . . . (2) Amount 12c(2) 12d 13a 13b 13c 13d 13e 13f 13g . . . . . . . . . . . . . . . . . . . . . . . . Gross income from all sources . . . . . . . . . . . . . . . . Gross income sourced at shareholder level . . . . . . . . . . . . Foreign gross income sourced at corporate level d Passive category . . . . . . . . . . . . . . . . . . . . e General category . . . . . . . . . . . . . . . . . . . . f Other (attach statement) . . . . . . . . . . . . . . . . . . Deductions allocated and apportioned at shareholder level g Interest expense . . . . . . . . . . . . . . . . . . . . . h Other . . . . . . . . . . . . . . . . . . . . . . . . Deductions allocated and apportioned at corporate level to foreign source income i Passive category . . . . . . . . . . . . . . . . . . . . j General category . . . . . . . . . . . . . . . . . . . . k Other (attach statement) . . . . . . . . . . . . . . . . . . Other information l Total foreign taxes (check one): Paid Accrued . . . . . . . m Reduction in taxes available for credit (attach statement) . . . . . . . . n Other foreign tax information (attach statement) 15a Post-1986 depreciation adjustment . . . . . . . . . . . . . . . b Adjusted gain or loss . . . . . . . . . . . . . . . . . . . c Depletion (other than oil and gas) . . . . . . . . . . . . . . . d Oil, gas, and geothermal propertiesgross income . . . . . . . . . . e Oil, gas, and geothermal propertiesdeductions . . . . . . . . . . . f Other AMT items (attach statement) . . . . . . . . . . . . . . . 16a Tax-exempt interest income . . . . . . . . . . . . . . . . . b Other tax-exempt income . . . . . . . . . . . . . . . . . . c Nondeductible expenses . . . . . . . . . . . . . . . . . . d Distributions (attach statement if required) (see instructions) . . . . . . . e Repayment of loans from shareholders . . . . . . . . . . . . . . . . . . . . 14b 14c . . . . . . . . . 14d 14e 14f . . . . . . 14g . . . . . . . . . 14i 14j 14k . . . . . . 14l 14m . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15a 15b 15c 15d 15e 15f 16a 16b 16c 16d 16e Biofuel producer credit (attach Form 6478) Other credits (see instructions) . . . . Name of country or U.S. possession . . 3 Total amount 1 2 3a b c 4 5 f g 14a b c Items Affecting Shareholder Basis Page Shareholders' Pro Rata Share Items . . . . Type . . . . 14h Form 1120S (2013) Form 1120S (2013) ReconOther ciliation Information Schedule K Page 17a b c d Investment income . . . . . . . . . . . . . . . Investment expenses . . . . . . . . . . . . . . Dividend distributions paid from accumulated earnings and profits Other items and amounts (attach statement) 18 Income/loss reconciliation. Combine the amounts on lines 1 through 10 in the far right column. From the result, subtract the sum of the amounts on lines 11 through 12d and 14l Schedule L Balance Sheets per Books . . . . . . . . . . . . . . . . . . . . . 17a 17b 17c . . . Beginning of tax year Assets (a) 1 2a b 3 4 5 6 7 8 9 10a b 11a b 12 13a b 14 15 Cash . . . . . . . . . . . . Trade notes and accounts receivable . . Less allowance for bad debts . . . . . Inventories . . . . . . . . . . U.S. government obligations . . . . . Tax-exempt securities (see instructions) . Other current assets (attach statement) . . Loans to shareholders . . . . . . . Mortgage and real estate loans . . . . Other investments (attach statement) . . Buildings and other depreciable assets . . Less accumulated depreciation . . . . Depletable assets . . . . . . . . Less accumulated depletion . . . . . Land (net of any amortization) . . . . . Intangible assets (amortizable only) . . . Less accumulated amortization . . . . Other assets (attach statement) . . . . Total assets . . . . . . . . . . Liabilities and Shareholders' Equity 16 17 18 19 20 21 22 23 24 25 26 27 Accounts payable . . . . . . . . . Mortgages, notes, bonds payable in less than 1 year Other current liabilities (attach statement) . . Loans from shareholders . . . . . . . Mortgages, notes, bonds payable in 1 year or more Other liabilities (attach statement) . . . . Capital stock . . . . . . . . . . . Additional paid-in capital . . . . . . . Retained earnings . . . . . . . . . Adjustments to shareholders' equity (attach statement) Less cost of treasury stock . . . . . . Total liabilities and shareholders' equity . . . . . . . . . . . . . . . . . . . . . 4 Total amount Shareholders' Pro Rata Share Items (continued) 18 End of tax year (b) (c) (d) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Form 1120S (2013) Form 1120S (2013) Schedule M-1 Page 5 Reconciliation of Income (Loss) per Books With Income (Loss) per Return Note. Schedule M-3 required instead of Schedule M-1 if total assets are $10 million or moresee instructions 1 Net income (loss) per books 2 Income included on Schedule K, lines 1, 2, 3c, 4, 5a, 6, 7, 8a, 9, and 10, not recorded on books this year (itemize) 3 Expenses recorded on books this year not included on Schedule K, lines 1 through 12 and 14l (itemize): Depreciation $ Travel and entertainment $ a b 4 Add lines 1 through 3 Schedule M-2 . . . . . . . . . . . . . . 5 Income recorded on books this year not included on Schedule K, lines 1 through 10 (itemize): a Tax-exempt interest $ 6 Deductions included on Schedule K, lines 1 through 12 and 14l, not charged against book income this year (itemize): a Depreciation $ 7 Add lines 5 and 6 . . . . . 8 Income (loss) (Schedule K, line 18). Line 4 less line 7 Analysis of Accumulated Adjustments Account, Other Adjustments Account, and Shareholders' Undistributed Taxable Income Previously Taxed (see instructions) (a) Accumulated adjustments account 1 2 3 4 5 6 7 8 Balance at beginning of tax year . . . . . Ordinary income from page 1, line 21 . . . Other additions . . . . . . . . . . ( Loss from page 1, line 21 . . . . . . . ( Other reductions . . . . . . . . . . Combine lines 1 through 5 . . . . . . . Distributions other than dividend distributions Balance at end of tax year. Subtract line 7 from line 6 (b) Other adjustments account ) )( (c) Shareholders' undistributed taxable income previously taxed ) Form 1120S (2013)