Need to fill out S-Corporation Tax Return with the given information.

The following information is necessary to complete the second tax return assignment. 1. Pages 1 to 6 of the 2018 Form 11205 (placed in the file exchange) 2. Schedule K-1 of Form 11205 (placed in nthe file exchange) 3. Income statement 4. Balance sheet 5. Worksheet for Shareholder's Basis Computation The corporation's address is: Stockton University Productions Inc 101 Vera King Farris Drive Galloway, New Jersey 08205 Other information necessary for the tax return: 1. Employer identification number: XX-XXXXXXX 2. Date incorporated: 01/01/2015 3. Accounting method: Cash 4. Business activity code: 711320 5. Business activity: Business Promotions 6. Product or Service: Promotions 7. You may disregard answering all the questions on Schedule B 8. Schedule K - answer line 1, line 16d and line 18 9. Schedule L, M-1 and M-2 are to be answered similar to the corp tax return There is only one shareholder who owns 100% of the stock: Stanley Morner 101 Vera King Farris Drive Galloway, New Jersey 08205 SS# XXX-XX-XXXX Assume that Stanley has a beginning balance in stock basis of: Also, Stanley contributes capital (cash) during the year of: Stanley has also decided that he will take a distribution of: (The distribution affects basis and needs to be reported) 2,000 1,000 (2,000) After you have completed the tax return, calculate the following: 1. Allowed loss to report on his personal tax return. 2. Any suspended loss due to lack of stock basis. 3. End of year balance of his stock basis. The due date of this assignment is: Thursday, April 30, 2020, 6:00PM Profit & Loss January through December 2018 Income $ 70,000 Expense 7,830 186 100 199 Automobile Expense Bank Service Charges Computer and Internet Expenses Insurance Office Supplies Officer Salary Payroll Taxes Postage and Delivery Professional Fees Rent Expense Repairs and Maintenance Telephone Expense Tolls and Parking Travel Expense Utilities Total Expense Net Income (Loss) 1,470 29,500 3,511 183 8,709 9,420 103 6,430 119 1,650 2.070 71,480 ($1,480) Balance Sheet As of December 31, 2018 12/31/18 12/31/17 Assets Current Assets Operating Cash $ 1,411 $ 3,891 Total Current Assets 1,411 3,891 1.000 Other Assets Investment in Stock Total Other Assets Total Assets $ $ 1,000 2,411 1,000 $1,000 $ 4,891 Liabilities & Equity Shareholder Loan Payable Total Liabilities $ 1,000 1,000 $1,000 1,000 100 100 Equity Common Stock Additional Paid-in Capital Retained Earnings Net Income Total Equity Total Liabilities & Equity 3,791 1,000 1.791 (1,480) 1,411 2,411 3,891 $ $ 4,891 Problem information given Total Contributions Total Distributions Total Net Income OR Total Net (Loss) Shareholder's Basis Computation Beginning of year stock basis Capital contributions Net Income Add lines 1 through 3 Distributions (not to exceed line 4) Subtract line 5 from line 4 Net Loss (not to exceed line 6) End of year stock basis Net loss carried over to next year, if any U.S. Income Tax Return for an S Corporation Form 1120S OMB No 1545-0123 2018 Do not file this form unless the corporation has filed or is Department of the Tre attaching Form 2553 to elect to be an Scorporation Service Go to www.irs.gov/Form 1205 for instructions and the latest information For calendar year 2018 or tax year beginning 2016, ending A Selection etective D Employer identification number TYPE OR Business activity code Number, street and room or in PO Boxe ctos De Incorporated numbers instructions PRINT City or town state or province, country, and ZP or foreign postcode IF Total instructions C Check Sch. M atached G is the corporation electing to be an scorporation beginning with this tax year? Yes No Yes c h Form 2553 not already Sled HCheck it (1) Final return (2) Name change (3) Address change 14 Amended retum Section termination or revocation | 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 ta through 21. See the instructions for more information 1a Gross receipts or sales. Returns and allowances . . . . . . . . . . . . . Balance Subtract line 1b from line la. . . . . . Cost of goods sold (attach Form 1125-A) . . . 3 Gross profit. Subtract line 2 from line 1c . . . Net gain loss) from Form 4797, line 17 (attach Form 4797) 5 Other income foss) (see instructions-attach statement) . . . . 6 Total income foss). Add lines 3 through 5 7 Compensation of officers (see instructions-attach Form 1125-) . . . . 8 Salaries and wages des employment credits) . 3 9 Repairs and maintenance . . . . . . . . . . . E 10 Bad debts - 11 Rents . . . . . . . . . . . . . . . . . . . . . . 12 Taxes and licenses. . . . . . . . . . . . . . . 13 interest (see instructions). 14 Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562). . . 15 Depletion (Do not deduct oil and gas depletion.). 16 Advertising . . . . . . . . . . . . . . 17 Pension, profit sharing, etc.. plans . . . . . . . . . . . . - - - - 18 Employee benefit programs. . . . . . . . . . . . . . . . . 9 19 Other deductions (attach statement) . . . . . $ 20 Total deductions. Add lines 7 through 19 . . . . . 21 Ordinary business income foss). Subtract line 20 from line 6 22a Excess net passive income or UFO recapture tax see instructions). 22a b Tax from Schedule D Form 1120S). Add lines 22a and 22b see instructions for additional taxes) 23a 2018 estimated tax payments and 2017 overpayment credited to 2018 23a b Tax deposited with Form 7004. 23b c Credit for federal tax paid on fuels attach Form 4136). . .. 23 d Refundable credit from Form 3827, line Bc . . . 23 e Add lines 23a through 230 . . . . . . . . . . . . . a 24 Estimated tax penalty (see instructions. Check if Form 2220 is attached . . . . O 25 Amount owed. If line 23e is smaller than the total of lines 22c and 24. enter amount owed . 26 Overpayment. If line 23e is larger than the total of lines 22c and 24. enter amount Overpaid. 27 Enter amount from line 26: Credited to 2019 estimated tax Refunded 27 Undersofy i declare that have en lugar and standb y corect, and complete. Decision of property b o mo of which are now Sign Here wwwbe Signature oficer Print/Type preparer's name Check PTN Paid Preparer (see instructions Use Only 's name Fi's addres For Paperwork Reduction Act Notice, see separate instructions From 1120S 2013 Form 1120S (2018) Schedule B Other Information (see instructions) 1 Check accounting method: a Cash b Accrual c Other (specity 2 See the instructions and enter the a Business activity b Product or service 3 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. 4 At the end of the tax year, did the corporation 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. "Yes." complete through M below Employer identification Country of IM Percentage of M Percentage in Mis 100. Enter Name of Corporation Number of any the Date of any a Qualified Subchapter Incorporation Stock Owned S Subsidiary Election Was Made 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. "Yes, complete through Mbelow.... Name of Entity Employer identification Type of Entity M Country of M Maximum Percentage Owned in Number of any Organization Profit, Loss, or Capital Sa b At the end of the tax year, did the corporation have any outstanding shares of restricted stock? . . . . . . If "Yes." complete lines and below. Total shares of restricted stock . . 01) Total shares of non-restricted stock. . . At the end of the tax year, did the corporation have any outstanding stock options, warrants, or similar instruments? If "Yes." complete lines and below. Total shares of stock outstanding at the end of the tax year Total shares of stock outstanding if all Instruments were executed Has this corporation filed, or 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... O 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 for 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 S. Did the corporation have an election under section 1630 for any real property trade or business or any farming business in effect during the tax year? See instructions. . . . . . . . . . . . . . . . . . . . . . . Does the corporation satisfy one of the following conditions and the corporation doesn't own a pass-through entity with Current year, or prior year carryover, excess business interest expense? See instructions. . . The corporation's aggregate average annual gross receipts determined under section 448cl for the 3 tax years preceding the current tax year don't exceed $25 million, and the corporation isn't a tax shelter, or The corporation only has business interest expense from (1) an electing real property trade or business, (2) an electing farming business, or (3) certain utility businesses under section 16307). If "No." complete and attach Form 8990. Does the corporation satisfy both of the following conditions? The corporation's total receipts (see instructions for the tax year were less than $250,000. . . . . . . . . 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 10 a b a b Income (Loss Form 11:20 2018 Schedule B Other Information (see instructions) continued 12 During the tax year, did the corporation have any non-shareholder debt that was canceled, was forgiven, or had the terms modified so as to reduce the principal amount of the debt? - of principal reduction . . . . S 13 During the tax year, was a qualified subchapters subsidiary election terminated or revoked? Yes." See instructions 14a Did the corporation make any payments in 2018 that would require it to file Formis) 10992. . b "Yes," did the corporation file or wil it file required Forms 1099? 15 is the corporation attaching Form 8996 to certify as a Qualified Opportunity Fund? "Yes" enter the amount from Form 8996, line 13 . $ Schedule K Shareholders' Pro Rata Share Items 1 Ordinary business income (oss) page 1. line 21) . . . 2 Net rental real estate income oss attach Form 8825) 3a Other gross rental income foss). . . . . b Expenses from other rental activities attach statement C Other net rental income foss). Subtract line 3b from line 3a . 4 interest income . . . . . . . . . . . s Dividends a Ordinary dividends. . . . . . b Qualified dividends. . . . . . . . . 6 Royalties . . . . . . . . 7 Net short-term capital gain loss) (attach Schedule D Form 1120SI. . . Ba Net long-term capital gain oss) (attach Schedule D Form 11205) b Collectibles (28%) gain loss). . . Unrecaptured section 1250 gain (attach statement). . . 8c 9 Net section 1231 gain oss attach Form 4797) .. 10 Other income foss) is instructions) Type 11 Section 179 deduction (attach Form 4562) . . . . . . . . . 12a Charitable contributions . . . . . . . . . . . b Investment interest expense. . . . . . . . . . . . . . . c Section 59( 2) expenditures (1) Type Amount d Other deductions (see instructions). Type 13a Low-income housing credit section 42050 - - b Low-income housing credit fother) . . . . . . . . c u alified rehabilitation expenditures frental real estate) (attach Form 3468, if applicable) d Other rental real estate credits see instructions) Type e Other rental credits (see instructions) Type f Biofuel producer credit attach Form 6478) . . . . . . . Other credits (see instructions) Type 14a Name of country or U.S. Possession b Gross income from all sources . . . . . . . c Gross income sourced at shareholder level . Foreign gross income sourced at corporate level d Section 951A Category e Foreign branch category . . . . . . . . . . . . . . f Passive category . . . . . . . . . . . . . . . G eneral category . h Other (attach statement) . . . . . . . . Deductions allocated and apportioned at shareholder level i interest expense . . . . . . i Other Deductions allocated and apportioned at corporate level to foreign source income k Section 951A category. . 1 Foreign branch category . . . . . m Passive category . . . . . . . . . . . . . . n General category . . . . . . . . . . . . o Other (attach statement) . . . . . . . . . . . Other information P Total foreign taxes check one: Paid Accrued . q Reduction in taxes available for credit attach statement) . . Other foreign tax information (attach statement) Deductions Foreign Transactions 1120S 2015 Form 11205 00100 Schedule K 15a b . . . . . . . Alterative Minimum Tax (AMT) Items . . 15 d . . . . . . . . . . . Shareholders' Pro Rata Share Items continued) Post-1986 depreciation adjustment . . . . . Adjusted gain or loss . . . . . . . . . . . . . Depletion other than oil and gas) . . . . Oil, gas, and geothermal properties-gross income. . . Oil, gas, and geothermal properties-deductions. . . Other AMT items attach statement). . . Tax-exempt interest income .. . . . . . . . Other tax-exempt income.. . . . . . . . . . Nondeductible expenses . . . . . . . . . . . Distributions (attach statement if required to instructions Regayment of loans from shareholders Investment income. . . . . . . . . . . . . . Investment expenses . . . . . Dividend distributions paid from accumulated earnings and profits Other items and amounts attach statement . . . . . . . . 16a b . . . . . . . . . . . . . . . . . . . Items Affecting Shareholder 16b . . . . 16 . 160 d e 17a b . . . . . . . . Information 17a 170 17c . d 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 line 11 through 120 and 140 18 Balance Sheets per Books Beginning of tax year End of tax year Assets bola Schedule L 2a Trade notes and accounts receivable ... b Less allowance for bad debts 3 Inventories . . . 4 US government obligations ....... 5 Tax-exempt securities (see instructions) . 6 Other current assets (attach statement). . . . 7 Loans to shareholders. . . . 8 Mortgage and real estate loans . 9 Other investments (attach statement) . 10a Buildings and other depreciable assets . b Less accumulated depreciation. 11a Depletable assets . . . . b Less accumulated depletion . . . . . . . 12 Land inet of any amortization . . 13a Intangible assets (amortizable only . . . . b Less accumulated amortication . . . . 14 Other assets (attach statement). . . 15 Total assets . Liabilities and Shareholders' Equity 16 Accounts payable . . . . . . . Mortgages, notes, bonds payable in less than 1 year 18 Other current liabilities (attach statement). - Loans from shareholders . . . . Mortgages, notes, bonds payable in 1 year or more 21 Other liabilities attach statement) . . . Capital stock. . . . . . Additional paid-in capital.. . . 24 Retained earnings . - 25 Adjustments to shareholders' equity (attach statement 26 Less cost of treasury stock . . . 27 Total liabilities and shareholders' equity . . Form 1120S 2018 Page 5 Form 1120S (2018) Schedule M-1 Reconciliation of Income (Loss) per Books With Income (Loss) per Return Note: The corporation may be required to file Schedule M-3 (see instructions) 1 Net income foss) per books ..... 5 Income recorded on books this year 2 Income included on Schedule K, lines 1, 2, not included on Schedule K, lines 1 30, 4, 5a, 6, 7, 8, 9, and 10, not recorded through 10 itemize): on books this year itemize) a Tax-exempt interest $ Expenses recorded on books this year not included on Schedule K, lines 1 through 12 and 14p [itemize): Depreciation $ 6 Deductions included on Schedule K, lines 1 through 12 and 14p, not charged against book income this year (itemize): a Depreciation $ a b Travel and entertainment $ 7 Add lines 5 and 6..... 8 Income (loss) (Schedule K, line 18). Line 4 Add lines 1 through 3 . . 4 less line 7 Schedule M-2 Analysis of Accumulated Adjustments Account, Shareholders' Undistributed Taxable income Previously Taxed, Accumulated Earnings and Profits, and Other Adjustments Account (see instructions) b) Shareholders (a) Accumulated (c) Accumulated id) Other adjustments undistributed taxable adjustments account come previously taxed earnings and profits account 1 Balance at beginning of tax year . . . . . 2 Ordinary income from page 1, line 21.. . . 3 Other additions . . . . . . . . Loss from page 1. line 21 . . Other reductions . . . . . . . Combine lines 1 through 5...... 7 Distributions . . . . . . 8 Balance at end of tax year. Subtract line 7 from line 6 Form 1120S (2018) 2018 Schedule K-1 (Form 1120S) Department of the Treasury 671117 Amended K-1 OMB No 1545-0123 Part II Shareholder's Share of Current Year Income Deductions, Credits, and Other Items 1 Ordinary business income 13 Credits heves For calendar year 2018, orta year 2 Nerontreal estate income There income beginning 2018 ending Shareholder's Share of Income, Deductions, Credits, etc. Part 1 Information About the Corporation A Corporation's employer identification number sa Ordinary dividende B Corporation's name, address, city, state, and ZIP code Net short-term capital gains C RS Center where corporation filed retum tahuatlong term capigano 8 Collectibles 28% gain ons Part II Information About the Shareholder D Shareholder's identifying number & recaptured ction 1250 am E Shareholder's name, address, city, state, and ZIP code 9 section 123 gans Shareholder's percentage of stock ownership for a year eduction om For IRS Use Only See attached statement for additional information For Paperwork Reduction Act Notice, see the Instructions for Form 11205. www.is gouform 11205 Cat No. 115200 Schedule K-1 Form 112052015 Schedule K-1 Form 11205, 2018 Page 2 This list identifies the codes used on schedule K-1 for all shareholders and provides summarized reporting information for shareholders who file Form 1040 For detailed reporting and filing Information, see the separate Shareholder's Instructions for Schedule K-1 and the instructions for your income tax retum. 1. Ordinary business income foss. Determine whether the income foss) is Report on passive or nonpassive and enter on your return as follow O Backup with holding See the Shareholder's instructions P Other credits See the Shareholder's Instructions See the Shareholder's instructions 14. Foreign transactions Passive Income Schedule Etre 28. column See the Shareholder's instructions A Name of country or US No passive Income Schedule Eine 28. column B Gross income from all sources > Form 1116. Parti 2. Net rental real estate income foss See the Shareholder's Instructions C Gross income sourced at 3. Other net rental income oss) Net Income Schedule 28. column Foreign gross income source of corporate level Netlos See the Shareholder's instructions D Section 951A category E Foreign branch category Sa. Ordinary dividends Form 1040, line 3 F Passive category Form 1116. Parti Sh. Qualified dividends o General Category & Royalties H Other 7. Net short-term capital gain Gloss Deductions allocated and approved a shareholder level da. Net long-term capital gains Form 1116 Parti Schedule D line 12 Interest expense Form 1116, Part I Bb. Collectibles (28%) gain oss 28% Rate Gain Worksheet, line 4 Schw Deductions allocated and approved af corporate level to foreign source uctions Be. Unrecaptured section 1250 gain See the Shareholder's Instructions K Section 1A category Net section 1231 anos See the Shard 's Instructions L Foreign branch category 10 Other income Bossi M P ecategory Form 1116, Parti N General algory A Other portfolio income OO Form 6781, Ine 1 SeePub as P Total foreign taxes paid Total frente accrued R Reduction in e vable for Form 1116 Part Form 1116, Part See the Shareholder's instructions Form 1116. line 12 Form 8873 H See the Shareholder's Instructions See the Shareholder's instructions See the Shareholder's instructions C Sec. 1256 contracts & straddles D Mining exploration costs recaptare E Section 51A Income F Section inclusion G Subpart Fincome other than sections 1 and 6 Inclusion er income Section 179 deduction Other deductions A Cash contributions (60%) B Cash contributions 30%) Noncash contributions (50%) D oncash contribution 30%) E Capital gain property to a 50% organication 30%) F Capital in property ( 20%) Contributions (100%) S Foreign Trading gross receiptis T Extraterritorial income exclusion U Section 965 information V Other foreign transactions 15. Alternative m a x (AMT) items A Powdepreciation Adjusted gain or loss C Depletion for an all & DOL , & otherm-gross income El et -eductions F Other AMT item 16. items atlecting shareholder basis See the Shareholder's instructions and the instructions for Form 6251 See the Shareholder's instructions Form 1040, line 2 For 4952, line 1 Schedule Eine 19 See the Shareholder's instructions See the Shareholder's instructions Schedule A line 16 See the Shareholder's Instructions See the Shareholder's instructions E Repayment of loan from Preproductive period expenses See Form 8582 instructions O Reforestation expense deduction See the Shareholder's instructions Reserved for the use See the Shareholder's instructions 12 Credits A Low come un crediction 4206 from pre-2008 buildings B Low-income housing credit other) from pre-2008 buildings C Low-income housing credit section 42050 from post 2007 buildings See the Shareholder's Instructions 17. Other information Form 1952, linea Form 1952, line 5 C Qualified rehabilitation expenditures other than rental real estate See the Shareholder's instructions D Basis of any property See the Shareholder's Instructions E Recepture of low-income housing credit section 4258 Form 611, ines F Recapture of low-income housing Form 8611, line 8 See Form 4256 H Recapture of other credits See the Shareholder's instructions I look back interest - completed See Form 8897 Look back interest income See Form 8866 L Recure of section 179 deduction Schedule 5 Form 10401. line 74. boka F Other mental real estate credits GOther rental credits H Undistributed capital gain credit Biofuel producer credit J Work opportunity credit K Disabled access credit L Empowerment one employment Credit M Credit for increasing research See the Shareholders inctions See the shareholder's w Section 1AW- Zages X Section 10A unausted as Y Section 19A REIT dividends Z Section 199A PTP income N Credit for employer social security and Medicare taxes AB Ence business interest income AC Other information