On February 12, 2003, Nancy Trout and Delores Lake formed Kingfisher corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: > Kingfisher's business address is 2317 Lakeside Drive, Flowery Branch, GA 30542; its telephone number is 678-555-1212 and its email address is k..r@kf.com > The employer identification umber is 11-1111111, and the principal business actifity code is 451110. > Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized. > Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-45-6789, and Delores's Social Security number is 987-65-4321. > Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher usses the straight-line method of depreciation for book purposes and acceleerated depreciation (MACRS) for tax purposes. > During 2016, the corporation distributed cash dividends of $80,000. > During 2016, Kingfisher made estimated tax payments of $43,750 each quarter to the IRS. > Kingfisher's financial statements for 2015 are shown on the following tabs. Required: Prepare a Form 1120 for Kingfisher for tax year 2016. This should be a manually prepared return; download the forms from IRS.gov. Analysis of Tax Return: As you review the tax return and information, what tax planning recommendations do you have for this business?Are there any tax planning tips you have for these owners to reduce their income tax in future years?

1120 U.S. Corporation Income Tax Return Form Department of the Treasury Internal Revenue Service A Check if: 1a Consolidated return (attach Form 851) . b Lifeonlife consolidated return . . . 2 Personal holding co. (attach Sch. PH) . . For calendar year 2016 or tax year beginning TYPE OR PRINT Income Deductions (See instructions for limitations on deductions.) Name B Employer identification number Number, street, and room or suite no. If a P.O. box, see instructions. C Date incorporated City or town, state, or province, country, and ZIP or foreign postal code D Total assets (see instructions) $ E Check if: (1) (2) Initial return (3) Final return (4) Name change Address change . . . . . . . . . . . . 1a 2 3 4 Returns and allowances . . . . . Balance. Subtract line 1b from line 1a Cost of goods sold (attach Form 1125-A) Gross profit. Subtract line 2 from line 1c Dividends (Schedule C, line 19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1c 2 3 4 5 6 7 Interest . . Gross rents . Gross royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 7 8 9 10 Capital gain net income (attach Schedule D (Form 1120)) . . . . Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (see instructionsattach statement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 10 11 12 13 Total income. Add lines 3 through 10 . . . . . . . . Compensation of officers (see instructionsattach Form 1125-E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 16 Salaries and wages (less employment credits) Repairs and maintenance . . . . . . Bad debts . . . . . . . . . . . Rents . . . . . . . . . . . . 11 12 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 16 17 18 19 Taxes and licenses . . Interest . . . . . Charitable contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 19 20 21 22 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) . Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 22 23 24 25 Pension, profit-sharing, etc., plans . . . . . . . . Employee benefit programs . . . . . . . . . . Domestic production activities deduction (attach Form 8903) . . . . 23 24 25 26 27 28 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . . . Total deductions. Add lines 12 through 26 . . . . . . . . . . . . . . . . . . . Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11. 29a b Net operating loss deduction (see instructions) . Special deductions (Schedule C, line 20) . . . b c Tax, Refundable Credits, and Payments 2016 , 20 . 4 Schedule M-3 attached 1a , 2016, ending Information about Form 1120 and its separate instructions is at www.irs.gov/form1120. 3 Personal service corp. (see instructions) . OMB No. 1545-0123 c 30 31 32 33 34 35 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Add lines 29a and 29b . . . . . . . . . . . . . Taxable income. Subtract line 29c from line 28. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 27 28 29a 29b . . . . . . . . . . . . 29c 30 Total tax (Schedule J, Part I, line 11) . . . . . . . . . . . . . . . . Total payments and refundable credits (Schedule J, Part II, line 21) . . . . . . . Estimated tax penalty. See instructions. Check if Form 2220 is attached . . . . . Amount owed. If line 32 is smaller than the total of lines 31 and 33, enter amount owed . . . . . . . . . . . . . . . . 31 32 33 34 Overpayment. If line 32 is larger than the total of lines 31 and 33, enter amount overpaid Enter amount from line 35 you want: Credited to 2017 estimated tax . . . . . Refunded . . . . . . 35 36 Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Date Signature of officer Paid Preparer Use Only Print/Type preparer's name Preparer's signature Sign Here Gross receipts or sales . May the IRS discuss this return with the preparer shown below? See instructions. Yes No Title Date Check if self-employed Firm's name Firm's EIN Firm's address Phone no. For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11450Q PTIN Form 1120 (2016) Page 2 Form 1120 (2016) Schedule C Dividends and Special Deductions (see instructions) (a) Dividends received (b) % 1 Dividends from less-than-20%-owned domestic corporations (other than debt-financed stock) . . . . . . . . . . . . . . . . . . . . . . . . 70 2 Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock) . . . . . . . . . . . . . . . . . . . . . . . . 80 3 Dividends on debt-financed stock of domestic and foreign corporations . . . . . 4 Dividends on certain preferred stock of less-than-20%-owned public utilities . . . 42 5 Dividends on certain preferred stock of 20%-or-more-owned public utilities . . . . 48 6 Dividends from less-than-20%-owned foreign corporations and certain FSCs . . . 70 7 Dividends from 20%-or-more-owned foreign corporations and certain FSCs . . . 80 8 Dividends from wholly owned foreign subsidiaries 100 9 Total. Add lines 1 through 8. See instructions for limitation . . . . . . . . . . . . . . . . . . . see instructions 10 Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 1958 . . . . . 100 11 Dividends from affiliated group members . . . . . . . . . . . . . . 100 12 Dividends from certain FSCs . . . . . . . . . . . . . 100 13 Dividends from foreign corporations not included on line 3, 6, 7, 8, 11, or 12 . . . 14 Income from controlled foreign corporations under subpart F (attach Form(s) 5471) 15 Foreign dividend gross-up 16 IC-DISC and former DISC dividends not included on line 1, 2, or 3 17 Other dividends 18 Deduction for dividends paid on certain preferred stock of public utilities . . . . . . . . . . . . . . . . . . . . 19 Total dividends. Add lines 1 through 17. Enter here and on page 1, line 4 . . . 20 Total special deductions. Add lines 9, 10, 11, 12, and 18. Enter here and on page 1, line 29b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) Special deductions (a) (b) . . . . . . Form 1120 (2016) Page 3 Form 1120 (2016) Schedule J Tax Computation and Payment (see instructions) Part I-Tax Computation 1 2 3 Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)). See instructions Income tax. Check if a qualified personal service corporation. See instructions . . . . . . . . Alternative minimum tax (attach Form 4626) . . . . . . . . . . . . . . . . . . . . 4 5a b Add lines 2 and 3 . . . . . . . . Foreign tax credit (attach Form 1118) . . Credit from Form 8834 (see instructions) . . . . 3 4 . . . . . . . . . . . . 6 7 . . 9a . . . . . 8 . . . . . . . . . . . . . . . . . . . . . . . . General business credit (attach Form 3800) . . . Credit for prior year minimum tax (attach Form 8827) Bond credits from Form 8912 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Total credits. Add lines 5a through 5e Subtract line 6 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . 8 9a Personal holding company tax (attach Schedule PH (Form 1120)) . Recapture of investment credit (attach Form 4255) . . . . . . . . . . . . . . . . b Recapture of low-income housing credit (attach Form 8611) . . . . . c Interest due under the look-back methodcompleted long-term contracts (attach Form 8697) . . . . . . . . . . . . . . . . . . . . . . 9c d Interest due under the look-back methodincome forecast method 8866) . . . . . . . . . . . . . . . . . . . Alternative tax on qualifying shipping activities (attach Form 8902) . Other (see instructionsattach statement) . . . . . . . . 9d 9e 9f e f 10 11 . . . . . . . . Total. Add lines 9a through 9f . . . . . . . . . . . . Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 . (attach . . . . . . . . . . . . . . . . . . . . c d e . . . 2 . . 5a 5b 5c 5d 5e . . 9b Form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Part II-Payments and Refundable Credits 12 13 2015 overpayment credited to 2016 2016 estimated tax payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 14 15 16 2016 refund applied for on Form 4466 . Combine lines 12, 13, and 14 . . . Tax deposited with Form 7004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 ( 15 16 17 18 Withholding (see instructions) . . . . Total payments. Add lines 15, 16, and 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 19 Refundable credits from: Form 2439 . . . . . . . . . . . . . . . . . . 20 Form 4136 . . . . . . . . . . Form 8827, line 8c . . . . . . . Other (attach statementsee instructions). Total credits. Add lines 19a through 19d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19a 19b 19c 19d . . . . . . . . 21 Total payments and credits. Add lines 18 and 20. Enter here and on page 1, line 32 . . . . . . 20 21 a b c d Schedule K . . . . Other Information (see instructions) 1 Check accounting method: a 2 a b See the instructions and enter the: Business activity code no. Business activity c Product or service Cash b Accrual c . Other (specify) 3 Is the corporation a subsidiary in an affiliated group or a parent-subsidiary controlled group? If \"Yes,\" enter name and EIN of the parent corporation 4 At the end of the tax year: a b . ) Yes . . . . . . . . . No . Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote? If "Yes," complete Part I of Schedule G (Form 1120) (attach Schedule G) . . . . . . Did any individual or estate own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote? If "Yes," complete Part II of Schedule G (Form 1120) (attach Schedule G) . Form 1120 (2016) Page 4 Form 1120 (2016) Schedule K Other Information (continued from page 3) Yes 5 No At the end of the tax year, did the corporation: a Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation not included on Form 851, Affiliations Schedule? For rules of constructive ownership, see instructions. If \"Yes,\" complete (i) through (iv) below. (i) Name of Corporation (ii) Employer Identification Number (if any) (iv) Percentage Owned in Voting Stock (iii) Country of Incorporation b Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more 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. If \"Yes,\" complete (i) through (iv) below. (i) Name of Entity 6 (ii) Employer Identification Number (if any) (iv) Maximum Percentage Owned in Profit, Loss, or Capital (iii) Country of Organization During this tax year, did the corporation pay dividends (other than stock dividends and distributions in exchange for stock) in excess of the corporation's current and accumulated earnings and profits? See sections 301 and 316 . . . . . . . . If "Yes," file Form 5452, Corporate Report of Nondividend Distributions. If this is a consolidated return, answer here for the parent corporation and on Form 851 for each subsidiary. 7 At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of (a) the total voting power of all classes of the corporation's stock entitled to vote or (b) the total value of all classes of the corporation's stock? . . . . For rules of attribution, see section 318. If \"Yes,\" enter: (i) Percentage owned and (ii) Owner's country 8 (c) The corporation may have to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Enter the number of Forms 5472 attached Check this box if the corporation issued publicly offered debt instruments with original issue discount . . . . . . 9 10 If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments. Enter the amount of tax-exempt interest received or accrued during the tax year $ Enter the number of shareholders at the end of the tax year (if 100 or fewer) 11 If the corporation has an NOL for the tax year and is electing to forego the carryback period, check here 12 If the corporation is filing a consolidated return, the statement required by Regulations section 1.1502-21(b)(3) must be attached or the election won't be valid. Enter the available NOL carryover from prior tax years (don't reduce it by any deduction on line 29a.) $ 13 . . . . . Are the corporation's total receipts (page 1, line 1a, plus lines 4 through 10) for the tax year and its total assets at the end of the tax year less than $250,000? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If \"Yes,\" the corporation isn't required to complete Schedules L, M-1, and M-2. Instead, enter the total amount of cash distributions and the book value of property distributions (other than cash) made during the tax year $ 14 Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement? See instructions . . . . . . . . . . . . If \"Yes,\" complete and attach Schedule UTP. 15a b Did the corporation make any payments in 2016 that would require it to file Form(s) 1099? If \"Yes,\" did or will the corporation file required Forms 1099? . . . . . . . . . 16 During this tax year, did the corporation have an 80% or more change in ownership, including a change due to redemption of its own stock? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 During or subsequent to this tax year, but before the filing of this return, did the corporation dispose of more than 65% (by value) of its assets in a taxable, non-taxable, or tax deferred transaction? . . . . . . . . . . . . . . . . . . 18 Did the corporation receive assets in a section 351 transfer in which any of the transferred assets had a fair market basis or fair market value of more than $1 million? . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 During the corporation's tax year, did the corporation make any payments that would require it to file Forms 1042 and 1042-S under chapter 3 (sections 1441 through 1464) or chapter 4 (sections 1471 through 1474) of the Code? . . . . . . . . . . . . . . . . . . . . . . Form 1120 (2016) Page 5 Form 1120 (2016) Schedule L Balance Sheets per Books Beginning of tax year (a) Assets 1 . . . 2a b 3 4 5 6 7 8 9 10a b 11a b 12 13a b 14 15 Cash Trade notes and accounts receivable . Less allowance for bad debts . . . Inventories . . . . . . . . . U.S. government obligations . . . Tax-exempt securities (see instructions) Other current assets (attach statement) Loans to shareholders . . . . . Mortgage and real estate loans . . . Other investments (attach statement) . Buildings and other depreciable assets Less accumulated depreciation . . . Depletable assets . . . . . . . Less accumulated depletion . . . . Land (net of any amortization) . . . Intangible assets (amortizable only) . Less accumulated amortization . . . Other assets (attach statement) . . . Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 18 19 20 21 22 Accounts payable . . . . . . . . . Mortgages, notes, bonds payable in less than 1 year Other current liabilities (attach statement) . . Loans from shareholders . . . . . . . Mortgages, notes, bonds payable in 1 year or more Other liabilities (attach statement) . . . . Capital stock: a Preferred stock . . . . b Common stock . . . . Additional paid-in capital . . . . . . . Retained earningsAppropriated (attach statement) Retained earningsUnappropriated . . . Adjustments to shareholders' equity (attach statement) Less cost of treasury stock . . . . . . Total liabilities and shareholders' equity . . End of tax year (b) (c) (d) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Liabilities and Shareholders' Equity 23 24 25 26 27 28 Schedule M-1 ( ) ( ) Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions. 1 Net income (loss) per books . . . . . . 2 Federal income tax per books . . . . . 3 Excess of capital losses over capital gains 4 Income subject to tax not recorded on books this year (itemize): 5 Expenses recorded on books this year not deducted on this return (itemize): a b c 6 4 Income recorded on books this year not included on this return (itemize): Tax-exempt interest $ 8 Deductions on this return not charged against book income this year (itemize): a Depreciation . . $ b Charitable contributions $ 9 10 Add lines 7 and 8 . . . . . . Income (page 1, line 28)line 6 less line 9 . Depreciation . . . . $ Charitable contributions . $ Travel and entertainment . $ Add lines 1 through 5 . Schedule M-2 1 2 3 7 . . . . . . . Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L) Balance at beginning of year Net income (loss) per books . Other increases (itemize): Add lines 1, 2, and 3 . . . . . . . . . . . . . . . . . . 5 6 7 8 Distributions: a Cash . b Stock . c Property Other decreases (itemize): . . . . . . . . . Add lines 5 and 6 . . . . . . Balance at end of year (line 4 less line 7) Form 1120 (2016) SCHEDULE G (Form 1120) (Rev. December 2011) Department of the Treasury Internal Revenue Service Information on Certain Persons Owning the Corporation's Voting Stock to Form 1120. See instructions on page 2. Employer identification number (EIN) Name Part I Certain Entities Owning the Corporation's Voting Stock. (Form 1120, Schedule K, Question 4a). Complete columns (i) through (v) below for any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization that owns directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote (see instructions). (i) Name of Entity Part II OMB No. 1545-0123 Attach (ii) Employer Identification Number (if any) (iii) Type of Entity (iv) Country of Organization (v) Percentage Owned in Voting Stock Certain Individuals and Estates Owning the Corporation's Voting Stock. (Form 1120, Schedule K, Question 4b). Complete columns (i) through (iv) below for any individual or estate that owns directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote (see instructions). (i) Name of Individual or Estate For Paperwork Reduction Act Notice, see the Instructions for Form 1120. (ii) Identifying Number (if any) Cat. No. 52684S (iii) Country of Citizenship (see instructions) (iv) Percentage Owned in Voting Stock Schedule G (Form 1120) (Rev. 12-2011) Page 2 Schedule G (Form 1120) (Rev. 12-2011) General Instructions Purpose of Form Use Schedule G (Form 1120) to provide information applicable to certain entities, individuals, and estates that own, directly, 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote. Who Must File Every corporation that answers \"Yes\" to Form 1120, Schedule K, Questions 4a or 4b, must file Schedule G to provide the additional information requested for certain entities, individuals, and estates owning the corporation's voting stock. Constructive Ownership of the Corporation For purposes of Schedule G (Form 1120), the constructive ownership rules of section 267(c) (excluding section 267(c)(3)) apply to ownership of interests in corporate stock and ownership of interests in the profit, loss, or capital of a partnership. An interest in the corporation owned directly or indirectly by or for another entity (corporation, partnership, estate, or trust) is considered to be owned proportionately by the owners (shareholders, partners, or beneficiaries) of the owning entity. Also, under section 267(c), an individual is considered to own an interest owned directly or indirectly by or for his or her family. The family of an individual includes only that individual's spouse, brothers, sisters, ancestors, and lineal descendants. An interest will be attributed from an individual under the family attribution rules only if the person to whom the interest is attributed owns a direct or an indirect interest in the corporation under section 267(c)(1) or (5). However, for purposes of these instructions, an individual will not be considered to own, under section 267(c)(2), an interest in the corporation owned, directly or indirectly, by a family member unless the individual also owns an interest in the corporation either directly or indirectly through a corporation, partnership or trust. Example 1. Corporation A owns, directly, a 50% interest in the profit, loss, or capital of Partnership B. Corporation A also owns, directly, a 15% interest in the profit, loss, or capital of Partnership C and owns, directly, 15% of the voting stock of Corporation D. Partnership B owns, directly, a 70% interest in the profit, loss, or capital of Partnership C and owns, directly, 70% of the voting stock of Corporation D. Corporation A owns, indirectly, through Partnership B, a 35% interest (50% of 70%) in the profit, loss, or capital of Partnership C and owns, indirectly, 35% of the voting stock of Corporation D. Corporation A owns, directly or indirectly, a 50% interest in the profit, loss, or capital of Partnership C (15% directly and 35% indirectly), and owns, directly or indirectly, 50% of the voting stock of Corporation D (15% directly and 35% indirectly). Corporation D reports in Part I that its voting stock is owned, directly or indirectly, 50% by Corporation A and is owned, directly, 70% by Partnership B. Example 2. A owns, directly, 50% of the voting stock of Corporation X. B, the daughter of A, does not own, directly, any interest in Corporation X and does not own, indirectly, any interest in Corporation X through any entity (corporation, partnership, trust, or estate). Therefore, the family attribution rules do not apply and, for the purposes of Part II, the 50% interest of A in Corporation X is not attributed to B. Example 3. A owns, directly, 50% of the voting stock of Corporation X. B, the daughter of A, does not own, directly, any interest in X but does own, indirectly, 10% of the voting stock of Corporation X through Trust T of which she is the sole beneficiary. No other family member of A or B owns, directly, any interest in Corporation X nor does any own, indirectly, any interest in Corporation X through any entity. Neither A nor B owns any other interest in Corporation X through any entity. For the purposes of Part II, the 50% interest of A in the voting stock of Corporation X is attributed to B and the 10% interest of B in the voting stock of Corporation X is attributed to A. A owns, directly or indirectly, 60% of the voting stock of Corporation X, 50% directly and 10% indirectly through B. B owns, directly or indirectly, 60% of the voting stock of Corporation X (50% indirectly through A and 10% indirectly through Trust T). Specific Instructions Part I Complete Part I if the corporation answered \"Yes\" to Form 1120, Schedule K, Question 4a. List each foreign or domestic corporation, partnership, trust, or taxexempt organization that owns, at the end of the tax year, directly 20% or more, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote. Indicate the name of the entity, employer identification number (if any), type of entity (corporation, partnership, trust, or taxexempt organization), country of organization, and the percentage owned, directly or indirectly, of the voting stock of the corporation. For an affiliated group filing a consolidated tax return, list the parent corporation rather than the subsidiary members. List the entity owner of a disregarded entity rather than the disregarded entity. If the owner of a disregarded entity is an individual rather than an entity, list the individual in Part II. Part II Complete Part II if the corporation answered \"Yes\" to Form 1120, Schedule K, Question 4b. List each individual or estate that owns, at the end of the tax year, directly 20% or more, or owns, directly or indirectly, 50% or more, of the total voting power of all classes of the corporation's stock entitled to vote. Indicate the name of the individual or estate, taxpayer identification number (if any), country of citizenship (for an estate, the citizenship of the decedent), and the percentage owned, directly or indirectly, of the voting stock of the corporation. SCHEDULE M-3 (Form 1120) Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More Department of the Treasury Internal Revenue Service Part I 2017 Attach to Form 1120 or 1120-C. Go to www.irs.gov/Form1120 for instructions and the latest information. Employer identification number Name of corporation (common parent, if consolidated return) Check applicable box(es): OMB No. 1545-0123 (1) Non-consolidated return (2) Consolidated return (Form 1120 only) (3) Mixed 1120/L/PC group (4) Dormant subsidiaries schedule attached Financial Information and Net Income (Loss) Reconciliation (see instructions) 1a Did the corporation file SEC Form 10-K for its income statement period ending with or within this tax year? Yes. Skip lines 1b and 1c and complete lines 2a through 11 with respect to that SEC Form 10-K. No. Go to line 1b. See instructions if multiple non-tax-basis income statements are prepared. b Did the corporation prepare a certified audited non-tax-basis income statement for that period? Yes. Skip line 1c and complete lines 2a through 11 with respect to that income statement. No. Go to line 1c. c Did the corporation prepare a non-tax-basis income statement for that period? Yes. Complete lines 2a through 11 with respect to that income statement. No. Skip lines 2a through 3c and enter the corporation's net income (loss) per its books and records on line 4a. MM/DD/YYYY Ending MM/DD/YYYY 2a Enter the income statement period: Beginning b Has the corporation's income statement been restated for the income statement period on line 2a? Yes. (If \"Yes,\" attach an explanation and the amount of each item restated.) No. c Has the corporation's income statement been restated for any of the five income statement periods immediately preceding the period on line 2a? Yes. (If \"Yes,\" attach an explanation and the amount of each item restated.) No. 3a Is any of the corporation's voting common stock publicly traded? Yes. No. If \"No,\" go to line 4a. b Enter the symbol of the corporation's primary U.S. publicly traded voting common stock . . . . . . . . . . . . . . . . . . . . . . . . . . c Enter the nine-digit CUSIP number of the corporation's primary publicly traded voting common stock . . . . . . . . . . . . . . . . . . . . . . . 4a Worldwide consolidated net income (loss) from income statement source identified in Part I, line 1 . b Indicate accounting standard used for line 4a (see instructions): (1) GAAP (2) IFRS (3) Statutory (4) Tax-basis (5) Other (specify) 5a Net income from nonincludible foreign entities (attach statement) . . . . . . . . . . . . b Net loss from nonincludible foreign entities (attach statement and enter as a positive amount) . . . 6a Net income from nonincludible U.S. entities (attach statement) . . . . . . . . . . . . . b Net loss from nonincludible U.S. entities (attach statement and enter as a positive amount) . . . . 7a Net income (loss) of other includible foreign disregarded entities (attach statement) . . . . . . b Net income (loss) of other includible U.S. disregarded entities (attach statement) . . . . . . . c Net income (loss) of other includible entities (attach statement) . . . . . . . . . . . . . Adjustment to eliminations of transactions between includible entities and nonincludible entities (attach 8 statement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10a b c 11 12 5a ( 5b 6a ( 6b 7a 7b 7c ) ) 8 Adjustment to reconcile income statement period to tax year (attach statement) . . . . . . . 9 Intercompany dividend adjustments to reconcile to line 11 (attach statement) . . . . . . . . 10a Other statutory accounting adjustments to reconcile to line 11 (attach statement) . . . . . . . 10b Other adjustments to reconcile to amount on line 11 (attach statement) . . . . . . . . . . 10c Net income (loss) per income statement of includible corporations. Combine lines 4 through 10 . 11 Note: Part I, line 11, must equal Part II, line 30, column (a), or Schedule M-1, line 1 (see instructions). Enter the total amount (not just the corporation's share) of the assets and liabilities of all entities included or removed on the following lines. Total Assets a b c d 4a Included on Part I, line 4 Removed on Part I, line 5 Removed on Part I, line 6 Included on Part I, line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Cat. No. 37961C Schedule M-3 (Form 1120) 2017 Page 2 Schedule M-3 (Form 1120) 2017 Employer identification number Name of corporation (common parent, if consolidated return) Check applicable box(es): (1) Check if a sub-consolidated: (6) Consolidated group 1120 group (7) (2) (3) Parent corp Consolidated eliminations (4) (5) Mixed 1120/L/PC group Employer identification number Name of subsidiary (if consolidated return) Part II Subsidiary corp 1120 eliminations Reconciliation of Net Income (Loss) per Income Statement of Includible Corporations With Taxable Income per Return (see instructions) (a) Income (Loss) per Income Statement Income (Loss) Items (Attach statements for lines 1 through 12) 1 Income (loss) from equity method foreign corporations 2 Gross foreign dividends not previously taxed . . . 3 Subpart F, QEF, and similar income inclusions . . 4 Section 78 gross-up . . . . . . . . . . . 5 Gross foreign distributions previously taxed . . . 6 Income (loss) from equity method U.S. corporations 7 U.S. dividends not eliminated in tax consolidation . 8 Minority interest for includible corporations . . . 9 Income (loss) from U.S. partnerships . . . . . 10 Income (loss) from foreign partnerships . . . . 11 Income (loss) from other pass-through entities . . 12 Items relating to reportable transactions . . . . 13 Interest income (see instructions) . . . . . . 14 Total accrual to cash adjustment . . . . . . . 15 Hedging transactions . . . . . . . . . . 16 Mark-to-market income (loss) . . . . . . . . 17 Cost of goods sold (see instructions) . . . . . 18 Sale versus lease (for sellers and/or lessors) . . . 19 Section 481(a) adjustments . . . . . . . . 20 Unearned/deferred revenue . . . . . . . . 21 Income recognition from long-term contracts . . 22 Original issue discount and other imputed interest . 23a Income statement gain/loss on sale, exchange, abandonment, worthlessness, or other disposition of assets other than inventory and pass-through entities b Gross capital gains from Schedule D, excluding amounts from pass-through entities . . . . . ( (b) Temporary Difference (c) Permanent Difference ) (d) Income (Loss) per Tax Return ( ) c Gross capital losses from Schedule D, excluding amounts from pass-through entities, abandonment losses, and worthless stock losses . . . . . d Net gain/loss reported on Form 4797, line 17, excluding amounts from pass-through entities, abandonment losses, and worthless stock losses e Abandonment losses . . . . . . . . . . f Worthless stock losses (attach statement) . . . . g Other gain/loss on disposition of assets other than inventory 24 Capital loss limitation and carryforward used . . . 25 Other income (loss) items with differences (attach statement) 26 Total income (loss) items. Combine lines 1 through 25 27 Total expense/deduction items (from Part III, line 38) 28 Other items with no differences . . . . . . . 29a Mixed groups, see instructions. All others, combine lines 26 through 28 . . . . . . . . . . b PC insurance subgroup reconciliation totals . . . c Life insurance subgroup reconciliation totals . . . 30 Reconciliation totals. Combine lines 29a through 29c Note: Line 30, column (a), must equal Part I, line 11, and column (d) must equal Form 1120, page 1, line 28. Schedule M-3 (Form 1120) 2017 Page 3 Schedule M-3 (Form 1120) 2017 Employer identification number Name of corporation (common parent, if consolidated return) Check applicable box(es): (1) Check if a sub-consolidated: (6) Consolidated group 1120 group (7) (2) Parent corp (3) Consolidated eliminations (4) Subsidiary corp (5) Mixed 1120/L/PC group 1120 eliminations Employer identification number Name of subsidiary (if consolidated return) Part III Reconciliation of Net Income (Loss) per Income Statement of Includible Corporations With Taxable Income per ReturnExpense/Deduction Items (see instructions) (a) Expense per Income Statement Expense/Deduction Items 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 U.S. current income tax expense . . . . . U.S. deferred income tax expense . . . . State and local current income tax expense . State and local deferred income tax expense . Foreign current income tax expense (other foreign withholding taxes) . . . . . . . (b) Temporary Difference (c) Permanent Difference (d) Deduction per Tax Return . . . . . . . . than . Foreign deferred income tax expense . . . . Foreign withholding taxes . . . . . . . . Interest expense (see instructions) . . . . . Stock option expense . . . . . . . . . Other equity-based compensation . . . . . Meals and entertainment . . . . . . . . Fines and penalties . . . . . . . . . . Judgments, damages, awards, and similar costs Parachute payments . . . . . . . . . . Compensation with section 162(m) limitation . . Pension and profit-sharing . . . . . . . . Other post-retirement benefits . . . . . . Deferred compensation . . . . . . . . . Charitable contribution of cash and tangible property . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 22 23 Charitable contribution of intangible property . . Charitable contribution limitation/carryforward . . Domestic production activities deduction . . . . Current year acquisition or reorganization investment banking fees . . . . . . . . 24 Current year acquisition or reorganization legal and accounting fees . . . . . . . . . . . 25 Current year acquisition/reorganization other costs . 26 Amortization/impairment of goodwill . . . . . 27 Amortization of acquisition, reorganization, and start-up costs . . . . . . . . . . . . 28 29 30 31 32 33 34 Other amortization or impairment write-offs Reserved . . . . . . . . . . . Depletion . . . . . . . . . . . Depreciation . . . . . . . . . . Bad debt expense . . . . . . . . Corporate owned life insurance premiums Purchase versus lease (for purchasers lessees) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . and/or . . 35 Research and development costs . . . . . . 36 Section 118 exclusion (attach statement) . . . . 37 Other expense/deduction items with differences (attach statement) . . . . . . . . . . 38 Total expense/deduction items. Combine lines 1 through 37. Enter here and on Part II, line 27, reporting positive amounts as negative and negative amounts as positive . . . . . . . Schedule M-3 (Form 1120) 2017 Publication 509 Contents Tax Calendars Introduction . . . . . . . . . . . . . . . . . . 1 Cat. No. 15013X Department of the Treasury Internal Revenue Service For use in 2017 Background Information for Using the Tax Calendars . . . . . . . . . . . 2 General Tax Calendar . . . . . . . . . . . . 3 Employer's Tax Calendar . . . . . . . . . . 5 Excise Tax Calendar . . . . . . . . . . . . . 8 How To Get Tax Help . . . . . . . . . . . 11 Future Developments For the latest information about developments related to Pub. 509, such as legislation enacted after it was published, go to IRS.gov/pub509. What's New Changes to due dates for filing certain re turns. The due dates of several forms, includ ing Forms 1120, 1065, 1065B, Form 1099MISC (reporting nonemployee compen sation), and Form W2 have changed for re turns due in 2017. The General Tax Calendar and Employer's Tax Calendar have been upda ted with the new due dates. Extended due date for providing individuals 2016 Forms 1095B and 1095C. Notice 201670 extends the due date for providing in dividuals the 2016 Form 1095B, Health Cover age, and the 2016 Form 1095C, EmployerPro vided Health Insurance Offer and Coverage, from January 31, 2017, to March 2, 2017. See Notice 201670, 201649 I.R.B. 784, available at IRS.gov/irb/2016-49_IRB/ar07.html. Reminders Online IRS Tax Calendar. The IRS Tax Cal endar for Small Businesses and SelfEmployed is available online at IRS.gov/taxcalendar. This calendar is also available in Spanish. Photographs of missing children. The IRS is a proud partner with the National Center for Missing & Exploited Children (NCMEC). Pho tographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1800THELOST (18008435678) if you recognize a child. Introduction Get forms and other information faster and easier at: IRS.gov (English) IRS.gov/Spanish (Espaol) IRS.gov/Chinese () Dec 21, 2016 IRS.gov/Korean () IRS.gov/Russian (P) IRS.gov/Vietnamese (TingVit) A tax calendar is a 12month calendar divided into quarters. The calendar gives specific due dates for: Filing tax forms, Paying taxes, and Taking other actions required by federal tax law. Table 1. Useful Publications IF you're... THEN you may need... An employer Pub. 15, Employer's Tax Guide. Pub. 15A, Employer's Supplemental Tax Guide. Pub. 15B, Employer's Tax Guide to Fringe Benefits. Pub. 926, Household Employer's Tax Guide. A farmer Pub. 51, Agricultural Employer's Tax Guide. Pub. 225, Farmer's Tax Guide. An individual Pub. 505, Tax Withholding and Estimated Tax. Required to pay excise taxes Pub. 510, Excise Taxes. What does this publication contain? This publication contains the following. 1. A section on how to use the tax calendars. 2. Three tax calendars: a. General Tax Calendar, b. Employer's Tax Calendar, and c. Excise Tax Calendar. 3. A table showing the semiweekly deposit due dates for payroll taxes for 2017. Most of the due dates discussed in this pub lication are also included in the IRS Tax Calen dar available at IRS.gov/taxcalendar. The on line IRS Tax calendar is also available in Spanish. Who should use this publication? Primarily, employers need to use this publication. How ever, the General Tax Calendar has important due dates for all businesses and individuals. Anyone who must pay excise taxes may need the Excise Tax Calendar. What are the advantages of using a tax cal endar? The following are advantages of using a calendar. You don't have to figure the due dates yourself. You can file or pay timely and avoid penal ties. You don't have to adjust the due dates for Saturdays, Sundays, and legal holidays. You don't have to adjust the due dates for special banking rules if you use the Employer's Tax Calendar or Excise Tax Calendar. Which calendar(s) should I use? To decide which calendar(s) to use, first look at the General Tax Calendar and highlight the dates that apply to you. If you're an employer, also use the Employer's Tax Calendar. If you must pay ex cise taxes, use the Excise Tax Calendar. De pending on your situation, you may need to use more than one calendar. What other publications and tax forms will I need? Table 1 lists other publications you may need. Each calendar lists the forms you may need. See How To Get Tax Help near the end of this publication for information about getting publications and forms. There is also a list of commonly used tax forms and publications. Page 2 What isn't included in these calendars? The calendars don't cover the employment or excise tax deposit rules. You can find the de posit rules for employment taxes in Pub. 15. The deposit rules for excise taxes are in Pub. 510 and in the Instructions for Form 720. In ad dition, the calendars don't cover filing forms and other requirements for: Estate taxes, Gift taxes, Trusts, Exempt organizations, Certain types of corporations, or Foreign partnerships. Comments and suggestions. We welcome your comments about this publication and your suggestions for future editions. You can send us comments from IRS.gov/ formcomment. Or you can write to: Internal Revenue Service Tax Forms and Publications 1111 Constitution Ave. NW, IR6526 Washington, DC 20224 We respond to many letters by telephone. Therefore, it would be helpful if you would in clude your daytime phone number, including the area code, in your correspondence. Although we can't respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publi cations. Ordering forms and publications. Visit IRS.gov/forms to download forms and publica tions. Otherwise, you can go to IRS.gov/ orderforms to order current and prioryear forms and instructions. Your order should arrive within 10 business days. Tax questions. If you have a tax question not answered by this publication, check IRS.gov and How To Get Tax Help at the end of this publication. Background Information for Using the Tax Calendars The following brief explanations may be helpful to you in using the tax calendars. IRS eservices make taxes easier. Now, more than ever before, businesses can enjoy the benefits of filing and paying their federal taxes electronically. Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make taxes easier. You can e-file your Form 1040; certain business tax returns such as Forms 1120, 1120S, and 1065; certain employment tax returns such as Forms 940 and 941; cer tain excise tax returns such as Forms 720, 2290, and 8849; and Form 1099 and other information returns. Visit IRS.gov/efile for more information. You can pay taxes online or by phone us ing the Electronic Federal Tax Payments System (EFTPS). For detailed information about using this free service, see Electronic deposit requirement below. Use these electronic options to make filing and paying taxes easier. For more information on electronic payments, visit the IRS website at IRS.gov/payments. Tax deposits. Some taxes can be paid with the return on which they are reported. However, in many cases, you have to deposit the tax be fore the due date for filing the return. Tax de posits are figured for periods of time that are shorter than the time period covered by the re turn. See Pub. 15 for the employment tax de posit rules. For the excise tax deposit rules, see Pub. 510 or the Instructions for Form 720. Electronic deposit requirement. You must use electronic funds transfer (EFT) to make all federal tax deposits. Generally, an EFT is made using the Electronic Federal Tax Payment System (EFTPS). If you don't want to use EFTPS, you can arrange for your tax pro fessional, financial institution, payroll service, or other trusted third party to make electronic de posits on your behalf. EFTPS is a free service provided by the Department of Treasury. Serv ices provided by your tax professional, financial institution, payroll service, or other third party may have a fee. To get more information or to enroll in EFTPS, call 18005554477 (business), 18003166541 (individual), or 18007334829 (TTY/TDD). You can also visit the EFTPS web site at eftps.gov. Additional information about EFTPS is also available in Pub. 966. If you fail to timely, properly, and in full make your federal tax deposit, you may CAUTION be subject to a failure-to-deposit penalty. For an EFTPS deposit to be on time, you must submit the deposit by 8 p.m. Eastern time the day before the date the deposit is due. ! Saturday, Sunday, or legal holiday. Gener ally, if a due date for performing any act for tax purposes falls on a Saturday, Sunday, or legal holiday, the act is considered to be performed timely if it is performed no later than the next day that isn't a Saturday, Sunday, or legal holi day. The term legal holiday means any legal holiday in the District of Columbia. The calen dars provided in this publication make the ad justment for Saturdays, Sundays, and legal holi days. But you must make any adjustments for statewide legal holidays, as discussed later. Publication 509 (2017) ! CAUTION An exception to this rule for certain excise taxes is noted later under the Ex cise Tax Calendar. Legal holidays. Legal holidays for 2017 are listed below. January 2 New Year's Day (observed) January 16 Birthday of Martin Luther King, Jr. January 20 Inauguration Day February 20 Washington's Birthday April 17 District of Columbia Emancipa tion Day (observed) May 29 Memorial Day July 4 Independence Day September 4 Labor Day October 9 Columbus Day November 10 Veterans Day (observed) November 23 Thanksgiving Day December 25 Christmas Day Statewide legal holidays. A statewide le gal holiday delays a due date for filing a return only if the IRS office where you're required to file is located in that state. A statewide legal hol iday doesn't delay a due date for making a fed eral tax deposit. Penalties. Whenever possible, you should take action before the listed due date. If you're late, you may have to pay a penalty as well as interest on any overdue taxes. Be sure to follow all the tax laws that apply to you. In addition to civil penalties, criminal penalties may be imposed for intentionally not paying taxes, for intentionally filing a false re turn, or for not filing a required return. Use of private delivery services. You can use certain private delivery services designated by the IRS to meet the timely mailing as timely filing/paying rule for tax returns and payments. For the list of private delivery services and the IRS mailing address to use if you're using a private delivery service, go to IRS.gov and enter \"private delivery service\" in the search box. The private delivery service can tell you how to get written proof of the mailing date. The U.S. Postal Service advises that private delivery services can't deliver CAUTION items to P.O. boxes. You must use the U.S. Postal Service to mail any item to an IRS P.O. box address. ! General Tax Calendar This tax calendar has the due dates for 2017 that most taxpayers will need. Employers and persons who pay excise taxes also should use the Employer's Tax Calendar and the Excise Tax Calendar. Fiscalyear taxpayers. If you file your income tax return for a fiscal year rather than the calen dar year, you must change some of the dates in this calendar. These changes are described un der Fiscal-Year Taxpayers at the end of this cal endar. Publication 509 (2017) First Quarter The first quarter of a calendar year is made up of January, February, and March. January 10 Employees who work for tips. If you re ceived $20 or more in tips during December, report them to your employer. You can use Form 4070. January 17 Individuals. Make a payment of your esti mated tax for 2016 if you didn't pay your in come tax for the year through withholding (or didn't pay in enough tax that way). Use Form 1040ES. This is the final installment date for 2016 estimated tax payments. However, you don't have to make this payment if you file your 2016 return (Form 1040) and pay any tax due by January 31, 2017. Farmers and fishermen. Pay your esti mated tax for 2016 using Form 1040ES. You have until April 18 to file your 2016 income tax return (Form 1040). If you don't pay your estimated tax by January 17, you must file your 2016 return and pay any tax due by March 1, 2017, to avoid an estimated tax penalty. January 31 Individuals who must make estimated tax payments. If you didn't pay your last in stallment of estimated tax by January 17, you may choose (but aren't required) to file your income tax return (Form 1040) for 2016 by January 31. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment. If you can't file and pay your tax by January 31, file and pay your tax by April 18. All businesses. Give annual information statements to recipients of certain payments you made during 2016. You can use the ap propriate version of Form 1099 or other infor mation return. Form 1099 can be issued elec tronically with the consent of the recipient. Payments that may be covered include the following. Cash payments for fish (or other aquatic life) purchased from anyone engaged in the trade or business of catching fish. Compensation for workers who aren't considered employees (including fishing boat proceeds to crew members). Dividends and other corporate distribu tions. Interest. Rent. Royalties. Payments of Indian gaming profits to tribal members. Profitsharing distributions. Retirement plan distributions. Original issue discount. Prizes and awards. Medical and health care payments. Debt cancellation (treated as payment to debtor). Cash payments over $10,000. See the instructions for Form 8300. See the General Instructions for Certain Infor mation Returns for information on what pay ments are covered, how much the payment must be before a statement is required, which form to use, when to file, and exten sions of time to provide statements to the IRS. Forms 1099B, 1099S, and certain re porting on Form 1099MISC, Miscellaneous Income, are due to recipients by February 15. Payers of nonemployee compensation. File Form 1099MISC for nonemployee compensation paid in 2016. February 10 Employees who work for tips. If you re ceived $20 or more in tips during January, re port them to your employer. You can use Form 4070. February 15 Individuals. If you claimed exemption from income tax withholding last year on the Form W4, Employee's Withholding Allow ance Certificate, you gave your employer, you must file a new Form W4 by this date to continue your exemption for another year. All businesses. Give annual information statements to recipients of certain payments you made during 2016. You can use the ap propriate version of Form 1099 or other infor mation return. Form 1099 can be issued elec tronically with the consent of the recipient. This due date applies only to the following types of payments. All payments reported on Form 1099B, Proceeds From Broker and Barter Ex change Transactions. All payments reported on Form 1099S, Proceeds From Real Estate Transac tions. Substitute payments reported in box 8 or gross proceeds paid to an attorney re ported in box 14 of Form 1099MISC. February 28 All businesses. File information returns (for example, certain Forms 1099) for certain payments you made during 2016. These pay ments are described under January 31. How ever, Form 1099MISC reporting nonem ployee compensation must be filed by January 31. There are different forms for dif ferent types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, which form to use, and extensions of time to file. If you file Forms 1097, 1098, 1099 (except a Form 1099MISC reporting nonemployee com pensation), 3921, 3922, or W2G electronically, your due date for filing them with the IRS will be Page 3 extended to March 31. The due date for giving the recipient these forms generally remains January 31. March 1 Farmers and fishermen. File your 2016 income tax return (Form 1040) and pay any tax due. However, you have until April 18 to file if you paid your 2016 estimated tax by January 17, 2017. March 10 Employees who work for tips. If you re ceived $20 or more in tips during February, report them to your employer. You can use Form 4070. March 15 Partnerships. File a 2016 calendar year return (Form 1065). Provide each partner with a copy of their Schedule K1 (Form 1065), Partner's Share of Income, Deduc tions, Credits, etc., or substitute Sched ule K1 (Form 1065). To request an automatic 6month extension of time to file the return, file Form 7004. Then file the return and provide each partner with a copy of their final or amended (if required) Schedule K1 (Form 1065) by September 15. Electing large partnerships. File a 2016 calendar year return (Form 1065B). Provide each partner with a copy of their Sched ule K1 (Form 1065B), Partner's Share of In come (Loss) From an Electing Large Partner ship, or substitute Schedule K1 (Form 1065B). This due date for providing Sched ule K1 (Form 1065B) applies even if the partnership requests an extension of time to file Form 1065B. To request an automatic 6month extension of time to file the return, file Form 7004. Then file the return and provide each partner with a copy of their amended (if required) Sched ule K1 (Form 1065B) by September 15. S corporations. File a 2016 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of their Schedule K1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc., or substitute Schedule K1 (Form 1120S). To request an automatic 6month extension of time to file the return, file Form 7004 and de posit what you estimate you owe in tax. Then file the return; pay any tax, interest, and penal ties due; and provide each shareholder with a copy of their Schedule K1 (Form 1120S) by September 15. S corporation election. File Form 2553 to elect to be treated as an S corporation be ginning with calendar year 2017. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2018. Page 4 March 31 May 10 Electronic filing of Forms 1097, 1098, 1099, 3921, 3922, and W2G. File Forms 1097, 1098, 1099 (except a Form 1099MISC reporting nonemployee compensation), 3921, 3922, and W2G with the IRS. This due date applies only if you file electronically. Otherwise, see February 28. The due date for giving the recipient these forms generally remains January 31. For information about filing Forms 1097, 1098, 1099, 3921, 3922, and W2G electroni cally, see Pub. 1220. Employees who work for tips. If you re ceived $20 or more in tips during April, report them to your employer. You can use Form 4070. Second Quarter June 12 Employees who work for tips. If you re ceived $20 or more in tips during May, report them to your employer. You can use Form 4070. June 15 April 18 Individuals. If you're a U.S. citizen or resi dent alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, inter est, and penalties due. Otherwise, see April 18. If you want additional time to file your re turn, file Form 4868 to obtain 4 additional months to file. Then, file Form 1040 by Octo ber 16. However, if you're a participant in a combat zone, you may be able to further extend the fil ing deadline. See Pub. 3, Armed Forces' Tax Guide. Individuals. File a 2016 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6month extension of time to file the return, file Form 4868. For more information, see Form 4868. Then, file Form 1040, 1040A, or 1040EZ by October 16. Individuals. Make a payment of your 2017 estimated tax if you're not paying your income tax for the year through withholding (or won't pay in enough tax that way). Use Form 1040ES. This is the second installment date for estimated tax in 2017. For more in formation, see Pub. 505. Individuals. If you're not paying your 2017 income tax through withholding (or won't pay in enough tax during the year that way), pay the first installment of your 2017 estimated tax. Use Form 1040ES. For more informa tion, see Pub. 505. Corporations. Deposit the second install ment of estimated income tax for 2017. A worksheet, Form 1120W, is available to help you estimate your tax for the year. The second quarter of a calendar year is made up of April, May, and June. April 10 Employees who work for tips. If you re ceived $20 or more in tips during March, re port them to your employer. You can use Form 4070. Household employers. If you paid cash wages of $2,000 or more in 2016 to a house hold employee, you must file Schedule H (Form 1040), Household Employment Taxes. If you're required to file a federal income tax return (Form 1040), file Schedule H (Form 1040) with the return and report any house hold employment taxes. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040) if you paid total cash wages of $1,000 or more in any calendar quarter of 2015 or 2016 to household employees. Also, report any income tax you withheld for your household employees. For more information, see Pub. 926. Corporations. File a 2016 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in taxes. Corporations. Deposit the first installment of estimated income tax for 2017. A work sheet, Form 1120W, is available to help you estimate your tax for the year. Third Quarter The third quarter of a calendar year is made up of July, August, and September. July 10 Employees who work for tips. If you re ceived $20 or more in tips during June, report them to your employer. You can use Form 4070. August 10 Employees who work for tips. If you re ceived $20 or more in tips during July, report them to your employer. You can use Form 4070. September 11 Employees who work for tips. If you re ceived $20 or more in tips during August, re port them to your employer. You can use Form 4070. Publication 509 (2017) September 15 November 13 Corporations and S Corporations Individuals. Make a payment of your 2017 estimated tax if you're not paying your income tax for the year through withholding (or won't pay in enough tax that way). Use Form 1040ES. This is the third installment date for estimated tax in 2017. For more in formation, see Pub. 505. Employees who work for tips. If you re ceived $20 or more in tips during October, re port them to your employer. You can use Form 4070. Form 1120 (or Form 7004). This form is due on the 15th day of the 4th month after the end of the corporation's tax year. However, a corpora tion with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month after the end of its tax year. A corporation with a short tax year ending anytime in June will be treated as if the short year ended on June 30, and must file by the 15th day of the 3rd month after the end of its tax year. Form 7004 is used to request an automatic 6month extension of time to file Form 1120. However, corporations with a fiscal tax year ending June 30, or a short tax year treated as if the short year ended June 30 will use Form 7004 to request an automatic 7month exten sion of time to file Form 1120. Partnerships. File a 2016 calendar year return (Form 1065). This due date applies only if you timely requested an automatic 6month extension. Otherwise, see March 15. Provide each partner with a copy of their final or amended Schedule K1 (Form 1065) or substitute Schedule K1 (Form 1065). S corporations. File a 2016 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6month ex tension of time to file the return. Otherwise, see March 15. Provide each shareholder with a copy of their final or amended Sched ule K1 (Form 1120S) or substitute Sched ule K1 (Form 1120S). Electing large partnerships. File a 2016 calendar year return (Form 1065B). If re quired, provide each partner with an amen ded copy of their Schedule K1 (Form 1065B) or substitute Schedule K1 (Form 1065B). This due date applies only if you timely requested a 6month extension of time to file the return. Otherwise, see March 15. Provide each partner with a copy of their final or amended Schedule K1 (Form 1065B) or substitute Schedule K1 (Form 1065B). Corporations. Deposit the third install ment of estimated income tax for 2017. A worksheet, Form 1120W, is available to help you estimate your tax for the year. Fourth Quarter The fourth quarter of a calendar year is made up of October, November, and December. October 10 Employees who work for tips. If you re ceived $20 or more in tips during September, report them to your employer. You can use Form 4070. October 16 Individuals. If you have an automatic 6month extension to file your income tax re turn for 2016, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penal ties due. Corporations. File a 2016 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6month extension. Otherwise, see April 18. Publication 509 (2017) December 11 Employees who work for tips. If you re ceived $20 or more in tips during November, report them to your employer. You can use Form 4070. December 15 Corporations. Deposit the fourth install ment of estimated income tax for 2017. A worksheet, Form 1120W, is available to help you estimate your tax for the year. FiscalYear Taxpayers If you use a fiscal year (rather than the calendar year) as your tax year, you should change some of the dates in this calendar. Use the following general guidelines to make these changes. The 3 months that make up each quar- TIP ter of a fiscal year may be different from those of each calendar quarter, depending on when the fiscal year begins. Also see Saturday, Sunday, or legal holiday, earlier. Individuals Form 1040. This form is due on the 15th day of the 4th month after the end of your tax year. Form 4868 is used to request an extension of time to file Form 1040. Estimated tax payments (Form 1040ES). Payments are due on the 15th day of the 4th, 6th, and 9th months of your tax year and on the 15th day of the 1st month after your tax year ends. Partnerships Form 1065. This form is due on the 15th day of the 3rd month after the end of the partnership's tax year. Provide each partner with a copy of their Sched