Question
On November 1, 2005, Bill Smith and Tom Lang formed Hunt 4 Fun, Inc., to sell hunting supplies. Pertinent information regarding Hunt 4 Fun is
On November 1, 2005, Bill Smith and Tom Lang formed Hunt 4 Fun, Inc., to sell hunting supplies. Pertinent information regarding Hunt 4 Fun is summarized as follows:
* Hunt 4 Funs business address is 1010 West Parkway, Dallas, TX 75225;
* Its telephone number is (214) 777-1122; and its e-mail address is hunt4fun@h4f.com.
* The employer identification number is 11-1111111, and the principal business activity code is 453910.
* Bill and Tom each own 50% of the common stock; Bill is president and Tom is vice president. No other class of stock is authorized.
* Both Bill and Tom are full-time employees of Hunt 4 Fun.
* Bills Social Security number is 123-45-6789, and Toms Social Security number is 987-65-4321. * Hunt 4 Fun is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower cost or market method.
* Hunt 4 Fun uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes.
* During 2015, the corporation distributed cash dividends of $300,000.
REQUIRED: - Prepare a Form 1120 for Hunt 4 Fun for tax year 2015. - 2015 Forms required: Form 1120 (pages 1 - 5), Form 1125-A, 1120 (Schedule G), Form 1120 (Schedule M-3), Form 8916-A, Form 1125-E, supplemental schedules for applicable lines on Form 1120, pages 1 and 5.
Tax question, form 1120
You can choose tax as a category, so I needed to put it into accounting, as it is the most related to it. Just hoping someone can help.
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