I uploaded 2 files. One is scenario question( for Elixir Seecorp) and the other is the excel to put in numbers.

Form 1120 TAX TRIAL BALANCE Elixir Seecorp Gross receipts Cost of goods sold Dividend income Interest income Capital loss Compensation of officers Salaries & wages Rents Property taxes Depreciation Utilities State income tax Income before Charitable Contributions, Taxes, & Special Deductions Charitable contributions Income before Income Taxes & Special Deductions Provision for Federal Income Taxes Net Income Special Deduction- Dividends Received Federal Taxable Income Federal Income Tax Expense Income per Sch. M Income per Books Adjustments Return $1,000,000 (250,000) 50,000 20,000 (35,000) $785,000 $0 $0 (300,000) (120,000) (60,000) (10,000) (100,000) (24,000) (12,000) ($626,000) $0 $0 159,000 (20,000) 0 139,000 (35,000) 104,000 0 0 0 0 $104,000 $0 0 $0 Inc. Bracket Rate 15% 25% 34% 39% Total Tax Due Estimated Taxes Paid Refund Due Schedule M -1 Book Inc + F.I.T. + Cap. Losses +Excess Charitable Contribution - Exempt Int. Inc. Tax Return Income Before Special Deductions $0 Tax $0 $0 $0 $0 $0 $0 Page 1 31 32b 35 $104,000 $104,000 ACCT 346 Tax Return Information- Part 1 (C Corporation) Fall 2013 Overview The case study consists of four parts, each with its own set of requirements. Each part builds on the information developed in the preceding parts: Part 1 presents financial information for a C corporation that must be used to prepare a basic Form 1120. Part 2 presents financial information for a partnership that is substantially identical to the information used by the C corporation. That information is used to prepare a basic Form 1065 and the related Schedule K-1s. Part 3 presents financial information for an S corporation that is substantially identical to the information used by the partnership and the C corporation. That information is used to prepare a basic Form 1120S and the related Schedule K-1s. Part 4 presents financial information for the individual taxpayer (Ms. Maine), including the information related to the C and S corporations and the partnership. That information is used to prepare a basic Form 1040. The objective of this case study's approach is to have you focus on how the tax treatment of essentially the same income/expense item varies by the type of entity, not to have you become a tax return expert. Therefore, revenue/deduction items that do not contribute to this learning objective have been deliberately omitted. Also, alternative minimum tax factors have not been considered. Background Cindy Maine (S.S.N. 001-02-0012) is a successful young executive. She is single with no dependents and has ownership interests in three businesses: Elixir Seecorp, Inc. (E.I.N. 75-3284680), a cash basis, calendar year-end C corporation. It was incorporated January 1, 1988, in the State of New York and sells miracle cures that are non-traditional treatments for difficult-to-cure ailments. Ms. Maine is a 90% shareholder. The other 10% is owned by L. B. Anderson (S.S.N. 011-22-3012). Research Associates (E.I.N.- 75-3348679), a cash basis, calendar year-end general partnership. Ms. Maine has a 90 percent interest in the entity's equity, profits, and losses; the remaining 10 percent is owned by Dr. K. G. Rue (S.S.N. 210-02-0100). This New York partnership was formed January 1, 1989, for the purpose of testing the efficacy of miracle medical cures. Esscorp Embalming, Inc. (E.I.N.- 75-3284791), a cash basis, calendar year-end S corporation. Ms. Maine has a 90 percent ownership interest; the remaining 10 percent is owned by Dr. I. R. Badr (S.S.N. 120-02-0200). This corporation has had a valid S corporation election in effect since it was formed June 1, 1988. It \"cleans up\" messes made by the testing and use of miracle cures. As a matter of convenience, Ms. Maine and the businesses all use the same mailing address, 512 S. Crouse, Podunk Center, Iowa, 50169. 1 ACCT 346 Tax Return Information- Part 1 (C Corporation) Fall 2013 Taxpayer Information Part 1 -- Form 1120 During the year ended 12/31/2012, Elixir Seecorp: Paid dividends of $198,000 to Ms. Maine, and $22,000 to L.B. Anderson. Paid officer's compensation of $300,000; of this, $200,000 was paid to Ms. Maine (who was actively involved in the business). Made four equal and timely estimated tax payments ($8,750 each to the federal government; $3,000 each to the state government). Received exempt municipal interest income of $5,000. Received dividend income of $30,000 from Miracle Cure, Inc., (in which Elixir has a 30% ownership interest) and $20,000 from corporations in which Elixir has less than a 20% ownership interest. All dividends are qualified dividends. Paid no salaries/wages attributable to inventories. The corporation's balance sheets and income statement are presented in Exhibits 1 and 2, respectively. Exhibit 1 Elixir Seecorp, Inc. Balance Sheet Years ended December 31, 2011 and 2012 Balances as of ASSETS Cash Inventory Depreciable assets (net) TOTAL ASSETS 12/31/11 $25,000 $150,000 $300,000 $475,000 12/31/12 $36,000 $100,000 $200,000 $336,000 LIABILITIES & RETAINED EARNINGS Accounts payable (inventory) Notes payable Common stock Unappropriated retained earnings TOTAL LIABILITIES & RETAINED EARNINGS $10,000 $25,000 $25,000 $415,000 $12,000 $0 $25,000 $299,000 $475,000 $336,000 2 ACCT 346 Tax Return Information- Part 1 (C Corporation) Fall 2013 Exhibit 2 Elixir Seecorp, Inc. Income Statement Year ended December 31, 2012 Gross receipts Cost-of-Goods Sold Dividend Income Interest Income Capital losses $1,000,000 ($250,000) $50,000 $20,000 ($35,000) $785,000 Compensation of officers Salaries and wages Rents Property taxes Utilities Depreciation Charitable contributions Federal income tax State income tax ($300,000) ($120,000) ($60,000) ($10,000) ($24,000) ($100,000) ($20,000) ($35,000) ($12,000) ($681,000) $104,000 Property Transactions Item Purchase** Price - Date Sale Price - Date 100 shares of CYA stock $3,000 - 1/1/00 $7,000 - 1/15/12 2,000 shares of ABZ stock $100,000 - 6/30/00 $54,000 - 6/29/12 City of LA Bonds $25,000 - 10/15/11 $22,000 - 2/14/12 State of MI Bonds $125,000 - 5/30/11 $135,000 - 10/31/12 **The taxpayer received 1099s for these transactions, but the basis was not reported to the IRS. 3 ACCT 346 Tax Return Information- Part 1 (C Corporation) Fall 2013 Required Use the information above to complete the assigned forms and schedules of the corporation's Form 1120 and Schedule D (you will not be filing a complete return). 4