millionth customer would be given $100,000. The check was presented to the lucky winner on January 15, 2023

Please help with as much as possible please.

The land on which FF resides is owned by the county. FF has a very favorable lease with the county that allows FF the ability to sublease any portion of the ground to another tenant. The board of directors of FF made the decision in the fall of 2022 to seek out a tenant for unimproved land that would not be utilized in any potential expansion plans. FF identified the potential renter and entered into a contract with the renter on December 1,2022 . The rent period is to begin on January 1,2023; however, as part of the contract, the renter was required to pay a full six-month rental amount ($50,000) to FF by December 31, 2022. FF received a check of $50,000 on December 27,2022 from the renter. This rental payment is not refundable to the renter under any circumstances. FF maintains an inventory of several items that it uses in its amusement park. Inventory is valued at cost. FF has never changed it inventory method. FF uses specific identification for its inventory. FF has never written down any subnormal goods. The rules of Section 263A (Unicap) apply to FF. The Unicap calculated costs related to ending inventory at December 31, 2021 and 2022 , respectively, were $15,000 and $19,000. Total current year 263A costs were $22,610, with $18,610 included in COGS during 2022 . FF does not include any of its salary and wage expenses as labor costs for COGS. On December 1,2022 , FF paid a $400,000 (total) dividend to all common stockholders. During the year, FF made Federal estimated income tax payments of $72,500 each on April 15, June 15, September 15 and December 15 of 2022 ( $290,000 in total). If FF has overpaid its current year estimated taxes, it would like to apply the excess to its estimated tax payments for next year. FF is NOT a "large corporation." FF's 2021 tax liability was $200,000. FF made California state estimated income tax payments of $15,000 each on April 15, June 15 , September 15 and December 15 of 2022 ( $60,000 in total). Please complete the 2022 Federal income tax return for Fun Fair of Ventura, Inc. based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Facts: Fun Fair of Ventura, Inc. (FF) is organized as a corporation and is taxed as a " C " corporation with a calendar year-end. FF owns and operates an amusement park in Oxnard, California. Oxnard's weather allows FF to operate year-round. FF's address, employer identification number (EIN), and date of incorporation are as follows: Fun Fair of Ventura, Inc. 50 Boardwalk Oxnard, California 93030 EIN: 364385943 Date Incorporated: July 23, 2004 FF has been at the same address since inception. FF has only common shares issued (no preferred stock). FF is owned by 86 shareholders. The majority owner of FF is a large private equity firm based in San Jose, California called Amusement Ventures, LLC (AV). AV's address, employer identification, and other information are as follows: Amusement Ventures, LLC 675 Shady Wood Boulevard San Jose, California 95101 EIN: 54-8293213 AV is taxed as a partnership for federal tax purposes. AV is organized in California. It owns 30% of the voting stock of FF directly. No other person or entity owns directly 20% or more, or owns, directly or indirectly, more than 50% of the voting stock of FF. FF's regular tax depreciation for the year is correctly calculated as $1,112,499 before considering the 2022 addition of the Vomitnator. FF wants to claim the maximum allowable deduction for the Vominator in 2022. Because of the Vominator's modular design, it is considered personal (as opposed to real) property. FF officer information for the year is as follows (compensation amounts included in total wages on the income statement for all employees): Near the end of the year, FF switched its property and casualty insurance company. As a result, the plan year for its insurance contract was altered. On December 31, 2022 FF prepaid insurance premiums of $25,000 representing coverage through February 15,2023 as a condition of being accepted by the new company. FF did not expense any of the prepayment for financial accounting purposes. FF rents from vendors serveral pieces of equipment to use in its business. As of December 31, 2021 and December 31, 2022, respectively, FF had prepaid vendors for equipment rental of $30,000 for January 2022 and $35,000 for January 2023. On December 26,2022FF prepaid a contractor $17,500 to repair serveral pieces of maintenance shop equipment in January of 2023 . FF fully expects that the contractor will have completed the project by January 31, 2022. All the accrued wages and bonus amounts on the financial statements as of December 31, 2021 were paid on February 28, 2022. As of December 31, 2021 and 2022, respectively, FF had racation accruals on its books of $29,000 and $35,000. As of March 15,2022 and 2023 , respectively, FF had paid $5,000 and $8,000 of those accrued amounts. On December 2, 2022, the millionth customer entered the park. To recognize the accomplishment and to promote the amusement park through print and radio media advertisements, FF held a give-away contest wherein the lucky customer deemed to be the Liabilities and Shareholders' Equity: FF uses the accrual method of accounting. FF is not a subsidiary nor is it in an affiliated group with any other entity. FF is not audited by a CPA firm. It does, however, use G.AP-based financial statements. FF has never had a restatement of its income statement. FF reported the following information for 2022: - FF did not pay dividends in excess of its current and accumulated eamings and profits. - None of the stock of FF is onned by non-U.S. persons - FF has never issued publicly offered debt instruments. - FF is not required to file a Schedule UIP, Uncertain Tax Position Statement. - FF made payments that required it to file federal Form(s) 1099. These Forms 1099 were filed timely by FF. - FF's average annual gross receipts for the prior three years are under $26,000,000. - None of the shareholders of FF changed during the year. - FF has never disposed of more than 65% (by value) of its assets in a taxable, non-taxable, or tax deferred transaction. - FF did not receive any assets in a Section 351 transfer during the year. - FF elects to file a complete Schedule M-3 even if only M-1, or a partial M-3, is required. Additional information: On August 1, 2022 FF was notified by it legal counsel that FF was being sued by a former employee regarding her termination of employment from FF. On December 21, 2022, a legal settlement was reached with this terminated employee. As part of the settlement, FF agreed to pay the employee a settlement amount of $190,000 on January 10, 2023. FF acerued this expense on its 2022 financial statements. FF maintains a portfolio of tax-exempt securities (none of which is a private activity bond) and publicly traded stocks as a measure to protide immediate liquidity if needed (none of these investments is debt financed). All of these securities originate from less than 20% ouned domestic corporations. FF owns 12% of Fun Fair of Russia (FFR), a Russian corporation operating a theme park on the outskirts of Moscow. FFR remitted ditidends to FF of $14,000. FF also received $300 in diridends from holding marketable securities on occasion (all less than 20% orned by FF). From inception until this year the Rapid Coaster had been FF 's main attraction, but as it aged it has lost some appeal. To attract new customers, FF purchased a new attraction known as the Vomitnator. The Vomitnator was installed and rendered operational on March 1,2022 at a cost of $6,000,000 to acquire, install, and make ready for service. Income Statement for the period ending December 31, 2022 Item Amount Income: Gross Sales Less: Retums Net Sales Cost of Goods Sold $26,523,275 (113,500) 26,409,775 (2,052,500) Dividend Income Interest Income Municipal Bond Interest Income Total Income: 14,3002,6502,30024,376,525 Expenses: Employee Salaries Repairs and Maintenance Bad Debts Rent Payroll Taxes Licensing Fees Property Taxes Interest Expense Depreciation Office Supplies Employee Training Safety Expenses Political Contribution C.A Safety Commission Fine Advertising Admission Supplies Meals- 100% deductible Travel Insurance Legal Settlement Prize Contest Expense Fuel Utilities Telephone Total Expenses before taxes: C.A state income tax expense Federal tax expense Total income taxes Net Income: 13,905,600492,35058,0001,543,0001,112,40010,750277,000781,0001,350,00033,95053,75031,0002,5009,250290,500143,2504,25013,550215,000190,000100,000158,6752,530,500135,250323,441,525 60,000 The land on which FF resides is owned by the county. FF has a very favorable lease with the county that allows FF the ability to sublease any portion of the ground to another tenant. The board of directors of FF made the decision in the fall of 2022 to seek out a tenant for unimproved land that would not be utilized in any potential expansion plans. FF identified the potential renter and entered into a contract with the renter on December 1,2022 . The rent period is to begin on January 1,2023; however, as part of the contract, the renter was required to pay a full six-month rental amount ($50,000) to FF by December 31, 2022. FF received a check of $50,000 on December 27,2022 from the renter. This rental payment is not refundable to the renter under any circumstances. FF maintains an inventory of several items that it uses in its amusement park. Inventory is valued at cost. FF has never changed it inventory method. FF uses specific identification for its inventory. FF has never written down any subnormal goods. The rules of Section 263A (Unicap) apply to FF. The Unicap calculated costs related to ending inventory at December 31, 2021 and 2022 , respectively, were $15,000 and $19,000. Total current year 263A costs were $22,610, with $18,610 included in COGS during 2022 . FF does not include any of its salary and wage expenses as labor costs for COGS. On December 1,2022 , FF paid a $400,000 (total) dividend to all common stockholders. During the year, FF made Federal estimated income tax payments of $72,500 each on April 15, June 15, September 15 and December 15 of 2022 ( $290,000 in total). If FF has overpaid its current year estimated taxes, it would like to apply the excess to its estimated tax payments for next year. FF is NOT a "large corporation." FF's 2021 tax liability was $200,000. FF made California state estimated income tax payments of $15,000 each on April 15, June 15 , September 15 and December 15 of 2022 ( $60,000 in total). Please complete the 2022 Federal income tax return for Fun Fair of Ventura, Inc. based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Facts: Fun Fair of Ventura, Inc. (FF) is organized as a corporation and is taxed as a " C " corporation with a calendar year-end. FF owns and operates an amusement park in Oxnard, California. Oxnard's weather allows FF to operate year-round. FF's address, employer identification number (EIN), and date of incorporation are as follows: Fun Fair of Ventura, Inc. 50 Boardwalk Oxnard, California 93030 EIN: 364385943 Date Incorporated: July 23, 2004 FF has been at the same address since inception. FF has only common shares issued (no preferred stock). FF is owned by 86 shareholders. The majority owner of FF is a large private equity firm based in San Jose, California called Amusement Ventures, LLC (AV). AV's address, employer identification, and other information are as follows: Amusement Ventures, LLC 675 Shady Wood Boulevard San Jose, California 95101 EIN: 54-8293213 AV is taxed as a partnership for federal tax purposes. AV is organized in California. It owns 30% of the voting stock of FF directly. No other person or entity owns directly 20% or more, or owns, directly or indirectly, more than 50% of the voting stock of FF. FF's regular tax depreciation for the year is correctly calculated as $1,112,499 before considering the 2022 addition of the Vomitnator. FF wants to claim the maximum allowable deduction for the Vominator in 2022. Because of the Vominator's modular design, it is considered personal (as opposed to real) property. FF officer information for the year is as follows (compensation amounts included in total wages on the income statement for all employees): Near the end of the year, FF switched its property and casualty insurance company. As a result, the plan year for its insurance contract was altered. On December 31, 2022 FF prepaid insurance premiums of $25,000 representing coverage through February 15,2023 as a condition of being accepted by the new company. FF did not expense any of the prepayment for financial accounting purposes. FF rents from vendors serveral pieces of equipment to use in its business. As of December 31, 2021 and December 31, 2022, respectively, FF had prepaid vendors for equipment rental of $30,000 for January 2022 and $35,000 for January 2023. On December 26,2022FF prepaid a contractor $17,500 to repair serveral pieces of maintenance shop equipment in January of 2023 . FF fully expects that the contractor will have completed the project by January 31, 2022. All the accrued wages and bonus amounts on the financial statements as of December 31, 2021 were paid on February 28, 2022. As of December 31, 2021 and 2022, respectively, FF had racation accruals on its books of $29,000 and $35,000. As of March 15,2022 and 2023 , respectively, FF had paid $5,000 and $8,000 of those accrued amounts. On December 2, 2022, the millionth customer entered the park. To recognize the accomplishment and to promote the amusement park through print and radio media advertisements, FF held a give-away contest wherein the lucky customer deemed to be the Liabilities and Shareholders' Equity: FF uses the accrual method of accounting. FF is not a subsidiary nor is it in an affiliated group with any other entity. FF is not audited by a CPA firm. It does, however, use G.AP-based financial statements. FF has never had a restatement of its income statement. FF reported the following information for 2022: - FF did not pay dividends in excess of its current and accumulated eamings and profits. - None of the stock of FF is onned by non-U.S. persons - FF has never issued publicly offered debt instruments. - FF is not required to file a Schedule UIP, Uncertain Tax Position Statement. - FF made payments that required it to file federal Form(s) 1099. These Forms 1099 were filed timely by FF. - FF's average annual gross receipts for the prior three years are under $26,000,000. - None of the shareholders of FF changed during the year. - FF has never disposed of more than 65% (by value) of its assets in a taxable, non-taxable, or tax deferred transaction. - FF did not receive any assets in a Section 351 transfer during the year. - FF elects to file a complete Schedule M-3 even if only M-1, or a partial M-3, is required. Additional information: On August 1, 2022 FF was notified by it legal counsel that FF was being sued by a former employee regarding her termination of employment from FF. On December 21, 2022, a legal settlement was reached with this terminated employee. As part of the settlement, FF agreed to pay the employee a settlement amount of $190,000 on January 10, 2023. FF acerued this expense on its 2022 financial statements. FF maintains a portfolio of tax-exempt securities (none of which is a private activity bond) and publicly traded stocks as a measure to protide immediate liquidity if needed (none of these investments is debt financed). All of these securities originate from less than 20% ouned domestic corporations. FF owns 12% of Fun Fair of Russia (FFR), a Russian corporation operating a theme park on the outskirts of Moscow. FFR remitted ditidends to FF of $14,000. FF also received $300 in diridends from holding marketable securities on occasion (all less than 20% orned by FF). From inception until this year the Rapid Coaster had been FF 's main attraction, but as it aged it has lost some appeal. To attract new customers, FF purchased a new attraction known as the Vomitnator. The Vomitnator was installed and rendered operational on March 1,2022 at a cost of $6,000,000 to acquire, install, and make ready for service. Income Statement for the period ending December 31, 2022 Item Amount Income: Gross Sales Less: Retums Net Sales Cost of Goods Sold $26,523,275 (113,500) 26,409,775 (2,052,500) Dividend Income Interest Income Municipal Bond Interest Income Total Income: 14,3002,6502,30024,376,525 Expenses: Employee Salaries Repairs and Maintenance Bad Debts Rent Payroll Taxes Licensing Fees Property Taxes Interest Expense Depreciation Office Supplies Employee Training Safety Expenses Political Contribution C.A Safety Commission Fine Advertising Admission Supplies Meals- 100% deductible Travel Insurance Legal Settlement Prize Contest Expense Fuel Utilities Telephone Total Expenses before taxes: C.A state income tax expense Federal tax expense Total income taxes Net Income: 13,905,600492,35058,0001,543,0001,112,40010,750277,000781,0001,350,00033,95053,75031,0002,5009,250290,500143,2504,25013,550215,000190,000100,000158,6752,530,500135,250323,441,525 60,000