Question
I need some help. S CORPORATION single shareholder What forms do I need to file w/IRS? For an S Corp I need the 1120s, Form
I need some help. S CORPORATION single shareholder What forms do I need to file w/IRS?
For an S Corp I need the 1120s, Form 2553, 1125E if his salary is over 500,000?, and Schedule K-1? I need some help imputing the numbers if possible.
And for personal is 1040Form, Schedule B, Schedule D and Schedule E? I need some help imputing the numbers if possible.
Details :
You are currently working.at a mid-sized certified public accounting firm. Your client is Bob Jones. Bob, age 60 and single, has recently retired from IBM. He has $690,000 available in his 401(k) fund and he is thinking of using that money to open a used car business that will be located at 210 Ocean View Drive in Pensacola, Florida. Bob has estimated that the business might make $300,000 in taxable income.
Bobs personal wealth including investments in land, stock, and bonds is about $14,000,000. He reported an interest income of $20,000 and dividend income of $6,000 last year. The $14,000,000 includes land worth $9,000,000 that Bob bought in 1966 for $450,000.
Bob has hired your firm for professional advice regarding whether he should operate as a sole proprietor, a partnership, an S corporation, or a C corporation. He is also considering transferring a possible 40% interest in his new business to his daughter Mandy, age 23 and single.
III. Appendix Based on your recommendation to the client regarding proprietorship, taxable income, and sale of land, complete the appropriate te tax schedules and forms described below.
A. Prepare the appropriate page of Form 1040 and include the sale of the clients land on the appropriate tax schedule and form for the recommended business entity. Be certain to complete each tax schedule and form accurately and complete ly.
B. Prepare the appropriate schedule and tax forms to reflect taxable income based on your calculations and the disposition of asset. Be certain to complete each tax schedule and form accurately and completely.
C. Illustrate how creative problem solving and versatility of thought impact professional advice that you intended to result in the best economic solutions for the client. Consider providing real-world examples to support your claims.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started