I need these filled out Form 1120 Schedule O Form 4626 Form 1125-A Schedule G Form 1125-E Supporting schedule for 1120 line 26 other deductions Supporting Schedule for Schedule M-1 line 5 expenses

Scuba View, Inc. Federal Tax Return Facts Scuba View, Inc. is owned by Marc C. Fisher and his wife, Sylvia A. Fisher. The corporation manufactures snorkel masks with built-in lighting systems used for general underwater lighting. When cut on a special way, the lights flash rapidly indicating an emergency situation (business activity code number 339900). The corporation has reported positive financial and taxable incomes since inception. The company is located at 150 Reef Road, Big Sur, California 93920. The company's employer identification number is 98-7654321, and the calendar year is used for tax purposes. The date of incorporation was March 14, 2008. Marc C. Fisher (social security number 111-11-1111) is an 80 percent shareholder and president of the company. Sylvia A. Fisher (social security number 123-45-6789) is a 20 percent shareholder and vice president of the company. Both persons devote 100 percent of their time to the corporation. Marc's compensation is $153,695 per year, and Sylvia's compensation is $85,387 per 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. The corporation's audited income statement and balance sheet for the current year, prepared by the accounting firm of Coral & Coral, CPAs, follow: SCUBA VIEW, INC. INCOME STATEMENT For the Year Ending December 31, 2013 Revenue: Sales (net) .......................................... Cost of goods sold ................................. $6,859,819 (5,715,258) Gross profit ...................................................... $1,144,561 Operating expenses: Compensation of officers ......................... Other salaries and wages ............................. Rental expense ..................................... Interest expense .................................... Fines for improper disposal of waste ............ Advertising .......................................... Contributions ....................................... Bad debt expense ................................... Depreciation expense .............................. Taxes ................................................. Repairs and maintenance .......................... Miscellaneous expenses ........................... $ 239,082 525,921 36,033 91,165 2,903 9,187 38,425 3,416 117,755 82,825 7,696 20,794 Total operating expenses ....................................... Net Income from Operations ................................... $(1,175,202) $ (30,641) Other income and loss: Dividend income ................................... Interest income ..................................... Loss on sale of investment in stock ............. $ 114,150 2,497 (2,731) Net Income (Loss) before income tax ........................ 113,916 $ Income tax expense ...................................................... Net Income ....................................................... 83,275 (3,414) $ 79,861 SCUBA VIEW, INC STATEMENT OF FINANCIAL POSITION December 31, 2013 ASSETS Beginning of Year End of Year Current Assets: Cash & Marketable Securities ................ $ 502,356 Accounts receivable ........................... 242,582 Allowance for Doubtful Accounts ......... (15,370) Inventory ........................................ 555,830 Total current assets ........................... $1,285,398 $ 487,595 273,727 (16,864) 672,888 $1,417,346 Machinery, Building, and Land: Machinery ....................................... $ 333,006 Less: Accumulated depreciation ............ (102,464) Building ......................................... 1,174,799 Less: Accumulated depreciation ........... (141,253) Land ............................................. 85,386 Total equipment, building, and land (net) $1,349,474 $ 380,397 (186,655) 1,174,799 (174,816) 85,386 $1,279,111 Other assets: Goodwill ........................................ -0Total Assets ................................... $2,634,872 24,977 $2,721,434 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable .............................. Notes payable (less than one year) .......... Total current liabilities ...................... Notes payable (one year or more) .................... Total Liabilities ................................ Common stock (20,000 shares authorized, 10,780 shares issued and outstanding, $10 par) .... Additional paid-in capital .............................. Retained earnings ....................................... Total Shareholders' Equity ................... Total Liabilities and Shareholders' Equity $ 218,930 175,895 $ 394,825 828,247 $1,223,072 $ 235,556 155,402 $ 390,958 890,899 $1,281,857 $ 107,800 916,836 387,164 $1,411,800 $2,634,872 $ 107,800 916,836 414,941 $1,439,577 $2,721,434 STATEMENT OF RETAINED EARNINGS Beginning Retained Earnings ........................ $387,164 Net income for the year ................................ 79,861 Dividends paid in cash ................................. (52,084) Ending Retained Earnings ............................. $414,941 ADDITIONAL INFORMATION 1. Scuba View, Inc. made estimated tax payments attributable to 2013 of $5,123. The corporation also had a credit from an overpayment of its prior year Federal income taxes of $462 that it elected to apply against its 2013 tax liability. 2. All notes payable were issued at par and provide market interest rates. 3. Ignore state income taxes. 4. Dividend income is from the following sources: Apple Corp. .................................................................. Yahoo Corp. .................................................................. Plexiglas, Inc. (Scuba View, Inc. owns 85% of Plexiglas's stock) ... Total .................................................................. $67,188 25,616 21,346 $114,150 5. An analysis of the Allowance for Doubtful Accounts reveals: Balance, 01/01/13 ............................................................ 2011 Transactions Provision for bad debts ...................................................... Recoveries of bad debts ..................................................... Accounts written off as uncollectible ..................................... Balance, 12/31/13 ................................................... $15,370 3,416 (726) (1,196) $16,864 6. Goodwill of $24,977 arose on purchase of another business on 01/01/13. Amortization is not being taken for financial purposes. 7. Assume that deductions for tax depreciation (i.e., Modified Accelerated Cost Recovery) for the year total $139,486. For this practice set do not complete Form 4562 (Depreciation and Amortization). 8. Meals and entertainment costs of $1,707 included in Miscellaneous Expenses are subject to the 50% disallowance rule. 9. Contributions included: Sierra Club .................................................................... Government of Ethiopia .................................................... Big Sur Food Bank .......................................................... Total .................................................................. $32,959 3,759 1,707 $38,425 All contributions were paid in cash during the year except for the Food Bank contribution which was pledged by the corporation (i.e., approved by the Board of Directors) on December 17, 2013 and paid on May 2, 2014. 10. Included in interest income is $1,410 from $32,343 of Sacramento, California General Obligation Bonds held throughout the current year. These bonds are included in the marketable securities account. 11. On 05/19/13 the corporation sold 100 shares of Plastic Corp. common stock for $9,393. The stock had been purchased on 07/23/10 for $12,124. 12. Plexiglas, Inc. is a subsidiary of Scuba View Inc., formed in 2011, and operated in Lucia, California for the purpose of manufacturing specialized Plexiglas panes used in the making of snorkel masks. Historically Plexiglas, Inc. has been profitable and had a taxable income of $87,366 and an Alternative Minimum Taxable Income [Form 4626, Ln. 7] of $87,937. Scuba View, Inc. and Plexiglas, Inc. have agreed to share equally any limitations on item(s) that the income tax law restricts across the corporations so long as the equal allocation results in utilization of maximum benefits available. However, if a corporation does not have sufficient investment, income, or tax liability to realize the benefit of the additional limitation. Sales by Plexiglas, Inc. to Scuba View, Inc. are at \"arms-length\" prices (i.e., fair market values). Scuba View, Inc. has not elected to file a consolidated income tax return with Plexiglas, Inc. Plexiglas, Inc. (EIN 12-3456789) is located at 48 Coastal Highway, Lucia, California 93920. 13. Form 4626 (Alternative Minimum TaxCorporations) must be included in the return. For that purpose, assume the adjustment for depreciation of tangible property placed in service after 1986 (Form 4626, Line 2a) is a $25,479 positive adjustment. Assume the Adjusted Current Earnings (ACE) Adjustment on Line 4e is $-0-. [This assumption removes ACE adjustment from this practice set]. 14. Disregard any penalty on underpayment of estimated tax. 15. Assume that compensation of officers and other salaries and wages do not relate to production activities. This assumption removes the Domestic Production Activities deduction from this practice set. REQUIRED Using the Income Statement provided above create a spreadsheet to reconcile income for financial reporting purposes (book income) to taxable income. The first column label P/L Books. The next two columns label as Adjustments, one for Temporary and one for Permanent adjustments. The fourth column label P/L Tax. The fifth column label reference and use it to indicate the source (note 1-15) and reason for the adjustment. The last column label M-1 and indicate where to report item on the M-1, or state not reported on M-1 for items that are not reported o M-1. From the above information, prepare Scuba View, Inc.'s 2013 Federal income tax return (Form 1120), including all needed supporting statements, schedules, and forms. Unless otherwise noted, assume Scuba View, Inc. follows the policies of making all elections to minimize its current income taxes and, to the extent possible, of confirming procedures for financial and tax accounting. Round amounts to the nearest dollar. If additional information is needed, make realistic assumptions and fill in all required data. Forms needed: Form 1120 Schedule O Form 4626 Form 1125-A Schedule G Form 1125-E Supporting schedule for 1120 line 26 other deductions Supporting Schedule for Schedule M-1 line 5 expenses CHECK FIGURES 1120 page 1 line 30 Taxable Income $22,305 1120 Schedule M-1 line 10 Income $95,695