PLEASE HELP WITH SCHEDULE D, 1125A AND 1120 AND ARE MY CALCULATION RIGHT.

Page 2 Form 8949 (2019) Attachment Sequence No. 12A Name(s) shown on return. Name and SSN or taxpayer identification no. not required if shown on other side Social security number or taxpayer identification number Express Catering, Inc. 13-9823459 Before you check Box D, E, or F below, see whether you received any Form(s) 1099-B or substitute statement(s) from your broker. A substitute statement will have the same information as Form 1099-B. Either will show whether your basis (usually your cost) was reported to the IRS by your broker and may even tell you which box to check. Part Long-Term. Transactions involving capital assets you held more than 1 year are generally long-term (see instructions). For short-term transactions, see page 1. Note: You may aggregate all long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS and for which no adjustments or codes are required. Enter the totals directly on Schedule D, line 8a; you aren't required to report these transactions on Form 8949 (see instructions). You must check Box D, E, or F below. Check only one box. If more than one box applies for your long-term transactions, complete a separate Form 8949, page 2, for each applicable box. If you have more long-term transactions than will fit on this page for one or more of the boxes, complete as many forms with the same box checked as you need. (D) Long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS (see Note above) (E) Long-term transactions reported on Form(s) 1099-B showing basis wasn't reported to the IRS (F) Long-term transactions not reported to you on Form 1099-B Adjustment, if any, to gain or loss. 1 le) If you enter an amount in column (gl. (h) (b) (c) (d) Cost or other basis. enter a code in column (1). Gain or loss). Description of property Date acquired Date sold or Proceeds See the separate instructions. See the Note below Subtract column (e) (Example: 100 sh. XYZ Co.) disposed of (Mo., day, yr.) (sales price) and see Column (e) from column (d) and (Mo., day, yr.) (see instructions) in the separate (f) (g) combine the result instructions Code(s) from Amount of with column (g) instructions adjustment 200 shares Apple, Inc 10/5/2015 07/15/2015 100,000 70,000 722300 (30,000) OMB No. 1545-0172 Form 4562 2019 Attachment Sequence No. 179 Identifying number Depreciation and Amortization (Including Information on Listed Property) Department of the Treasury Attach to your tax return. Internal Revenue Service (99) Go to www.irs.gov/Form4562 for instructions and the latest information. Name(s) shown on return Business or activity to which this form relates Express Catering, Inc. Part1 Election To Expense Certain Property Under Section 179 Note: If you have any listed property, complete Part V before you complete Part I. 1 Maximum amount (see instructions) 2 Total cost of section 179 property placed in service (see instructions) 3 Threshold cost of section 179 property before reduction in limitation (see instructions) 4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter-O- 5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -O-. If married filing separately, see instructions (a) Description of property (b) Cost (business use only) (c) Elected cost 1 2 3 4 5 6 7 Listed property. Enter the amount from line 29 7 8 Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7 8 9 Tentative deduction. Enter the smaller of line 5 or line 8 9 10 Carryover of disallowed deduction from line 13 of your 2018 Form 4562 10 11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5. See instructions 11 12 Section 179 expense deduction. Add lines 9 and 10, but don't enter more than line 11 12 13 Carryover of disallowed deduction to 2020. Add lines 9 and 10, less line 12 13 Note: Don't use Part II or Part III below for listed property. Instead, use Part V. Part II Special Depreciation Allowance and Other Depreciation (Don't include listed property. See instructions.) 14 Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year. See instructions. 14 420,000 15 Property subject to section 168(1)(1) election 15 16 Other depreciation (including ACRS) 16 Part III MACRS Depreciation (Don't include listed property. See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2019. 17 350,000 18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here Section B-Assets Placed in Service During 2019 Tax Year Using the General Depreciation System (b) Month and year (c) Basis for depreciation (a) Classification of property placed in (business/investment use (d) Recovery (e) Convention (f) Method (g) Depreciation deduction only-see instructions) period 19a 3-year property b5-year property 260,000 5yrs. MO 200DB 13,000 c7-year property 160,000 7 yrs. MO 200DB 17,136 d 10-year property e 15-year property f 20-year property g 25-year property 25 5 yrs. S/L h Residential rental MM S/L property 27.5 yrs. MM S/L i Nonresidential real MM S/L property MM S/L Section C-Assets Placed in Service During 2019 Tax Year Using the Alternative Depreciation System 20a Class life S/L b 12-year 12 yrs. S/L service 27.5 yrs. 39 yrs ZO VM Sign in Others Tax Return-pro x C Ge: Homework * Mal - Moor X Form 8949 1X Fom 490211. Fom 1125-4 11 x Form 1120 022: Schedule G 112 Schedule D ) Form 123-Epot Content x + 0 File Usery lim/Downloads/Form46204562920x1.pdf Ows Werkpla MyFinance Suka Curs Own's GMail Mail. Any Mc.. MyFinance Paul MyFinance Publ... MyFire Terre.. MyFins Publ D Me Tall Survi. Sytu Art Cert. YouTube D- ? of + A Read Aloud DYR Draw Highlight Frase www , Imaatu Eat ratstar puraamatrai C 25 Special depreciation allowance for qualidad de property placed in service during the lane year and than 50% in a quibus est instruction 26 Property used more than 50% in a qualified business use: 1 ib HY W 27 Property used 50% or in a quelled business use SVL EV SVL 28 Add amountain column, line 25 through 27. Enter and on line 21, page 1 29 Add amounts in Column 1. in 26. Enter here and on line 7.page! 20 Section B-Information on Use of Vehicles Complete this section for wat ied by a propriador pare, erother "nore than 5 were person. If you provided witika to your employees, first rower the questions in Section to you most an accepton to completing this section for those vehicles . Whi w 30 Total business restert miles driven during We the year don't nolude computing med 31 Totalcomandaring the your Total where along miles 13 Total i rin during the year. Add Iines 30 through 34 Weathe vehicle wrote for persona Yes No Yes No Yes No Yes No Yes No Yes No UBA during cl-dury hours? as was the which used primarily by a more than 5% owner or related person? 36 la another vidicke vlade for personal ? IIIIIIII Section C-Questions for Employers Who Provide Vehicles for use by Their Employees Answer these questions to determine if you meet an exception to completing Section for vehicles used by employees who aren't more than 5% owners or related persons. See Instructions. 97 Do you maintain written pokey and that partita il profiles, including commuting by , Yes No your employees?. de contra 38 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting. by you employees? See the instructions for vehicles used by corporate officers, directors, or 1% or more owners.. 29 De you to all of whicle by plys pra?.. 40 Do you provide more than the whicles to your employees, obtain information from your employees about the U of the vehicle, win the information Tecava 41 Do you meet the requirements concoming qualified automobile demonstration was? See instructora. Note: If your neto 37, 38, 39, 40 or 1s "Yes" don't complete Section for the covered whics Part VI Amortization 14 Description of cauta BA Colection rad per 42 Ammortional traigongyu 2011 lax your traction AT 43 Amortization of costs that began before your 2010 tax yea.. 44 Total. And amounts in the info where to mort 44 4562 O (2) AUG 4 9:28 AM 11/9/2020 D Form 1125-A Cost of Goods Sold (Rev. November 2018) OMB No. 1545-0123 Attach to Form 1120, 1120-C, 1120-F, 11205, or 1065. Department of the Treasury Internal Revenue Service Go to www.irs.gov/Form 1125A for the latest information. Name Employer identification number Express Catering, Inc. 13-9823459 1 Inventory at beginning of year 1 59,000 2 Purchases 2 1,166,850 3 Cost of labor 3 4 Additional section 263A costs (attach schedule) 4 5 Other costs (attach schedule) 5 6 Total. Add lines 1 through 5. 6 1,225,850 7 Inventory at end of year. 7 96,000 8 Cost of goods sold. Subtract line 7 from line 6. Enter here and on Form 1120, page 1, line 2 or the appropriate line of your tax return. See instructions 1,129,850 9a Check all methods used for valuing closing inventory: o Cost Lower of cost or market (W) Other (Specify method used and attach explanation.) b Check if there was a writedown of subnormal goods c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) d If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed under LIFO 9d e If property is produced or acquired for resale, do the rules of section 263A apply to the entity? See instructions Yes No f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If "Yes," attach explanation Yes NO 8 Section references are to the Internal Revenue Code unless otherwise noted. merchandise is an income-producing factor. See Regulations section 1.471-1. If Small business taxpayer. A small business taxpayer is a taxpayer that (a) has 4 6 9 AA ttach Sch.PH) City or town, state or province, country, and ZIP or foreign postal code D Total assets (see instructions) ersonal service corp. e instructions - New York City, NY 10027 3,716,750 chedule M-3 attached E Check if: (1) Initial retum (2) Final return (3) Name change (4) Address change 1a Gross receipts or sales 1a 3,925,000 b Returns and allowances. 1b 8,500 c Balance. Subtract line 1b from line 1a 1c 3,916,500 2 Cost of goods sold (attach Form 1125-A). 2 1,129,850 3 Gross profit. Subtract line 2 from line 1c. 3 2,786,650 4 Dividends and inclusions (Schedule C, line 23) 2,800 5 Interest 5 4,550 6 Gross rents 7 Gross royalties 7 8 Capital gain net income (attach Schedule D (Form 1120)) 8 -30,000 9 Net gain or loss) from Form 4797, Part II, line 17 (attach Form 4797) 10 Other income (see instructions-attach statement). 10 11 Total income. Add lines 3 through 10 11 2,794,000 12 Compensation of officers (see instructions-attach Form 1125-E) 12 530,000 13 Salaries and wages (less employment credits) 13 213,500 14 Repairs and maintenance 14 19,000 15 Bad debts 15 44,000 16 Rents 16 230,000 17 Taxes and licenses 17 77,000 18 Interest (see instructions) 18 140,000 19 Charitable contributions. 19 8,000 20 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) 20 278,500 21 Depletion 21 22 Advertising 22 70,000 23 Pension, profit-sharing, etc., plans 23 24 Employee benefit programs 24 24,000 25 Reserved for future use. 25 26 Other deductions (attach statement) 26 146,640 27 Total deductions. Add lines 12 through 26. 27 1,780,600 28 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11. 28 1,013,400 29a Net operating loss deduction (see instructions) 29a b Special deductions (Schedule C, line 24) 29b 1,400 C Add lines 29a and 29b 29c 1,400 30 Taxable income. Subtract line 29c from line 28. See instructions 30 1,012,000 31 Total tax (Schedule J, Part I, line 11). 31 21,910 32 2019 net 965 tax liability paid (Schedule J, Part II, line 12) 32 33 Total payments, credits, and section 965 net tax liability (Schedule J, Part III, line 23) 33 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached 34 35 Amount owed. If line 33 is smaller than the total of lines 31, 32, and 34, enter amount owed 35 36 Overpayment. If line 33 is larger than the total of lines 31, 32, and 34, enter amount overpaid 36 37 Enter amount from line 36 you want: Credited to 2020 estimated tax Refunded 37 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 un and complete. Declaration of preparer(other than taxpayer) is based on all information of which preparer has any knowledge. May the IRS discuss this return re with the preparer shown below? See instructions. Yes Signature of officer Date Title No d Print/Type preparer's name Preparer's signature Date PTIN Check it eparer self-employed Firm's name e Only Firm's EIN Firm's address Phone no. Paperwork Reduction Act Notice, see separate instructions. Cat No. 114500 Form 1120 (2019) Fom 1125-411 x Form 1120 Mpx Schedule 12 X 2 Schedule D F 1128-E pot * Content x + Tax Return-pro x C Ge: Homework * Mal - Moor * Fom 1945 13 * Fom 4302 (1) 4502 . X Filo CUsers/Jim/Downloads/Schedule%20G%2017.pdf Ows Werkpla MyFinance Suka. Curs Own's GMail dry. MC. Sign in MyFine PutlMyTast Miller Til Servi.. Others Sytu Art Cert. YouTube D- Draw Highlight Frase 1 of + A Pearl Aloud CHURA SCHEDULEG Information on Certain Persons Owning the [Form 1120) Corporation's Voting Stock December 2011 Attach to form 1120 Bemutamon page 2 Englader Express Catering in 13.4828459 Parti Certain Entities Owning the Corporation's Voting Stock. [Form 1120. Schedule K. Question 4a). Complete columns through halow for any foreign or domestic corporation, partnership including any entity treated Apartnership), trust, or tax-rempt organication that cans directly 20% or more rown, directly or indirectly, 50% or more of the total voting power of all close of the corporation's stock entitled to vote instructions Credito Murberry Type Mbunya Part II Certain Individuals and Estates Owning the Corporation's Voting Stock. [Form 1120. Schedulek Question 4b. Complete columns through M below for any individual or estate that owns directly 20% of mare, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote on instructions Senty Hub Courte Percentage One Voing to Raphael Giardino honus 55 Silvis G C 284-58-458) Honus Andrea Giordano 423-84-2543 hons Marco Giordano 483-27-4792 15 19 nous 19 P ( AD 4 9:30 AM 11/9/2123 D C Carp Tax Return Problem 7 2019 updated 10:1420.docx - Microft Word non-commercial X Fic Han Inic Mailings Rcw Www Page Layou! Rating AB endnete A Mod Full Insert Forte Show Notes Tantne Inserinde WUN Insert the Authors Update Table Udelel Tahle or Contents Table of Content Mange LR Styl Ali Insert Consbliography Chionship Insert Table of Pique ? La Table Innent Con Cross-reference Captions Entry Cestion Tyhle charts Income Statement forthe period ending December 31, 2019 Express Catering, inc. Financial Statements keptona GAAP basis): Item Amount Balance Sheet Income: Assets: 12/01/2018 12/31/2019 Gross Sales Less: Retums $ 3,520,000 18,5001 3,916,500 Cost of Goods Sold 11.123.8501 $ 62.500 145,000 132,000) 59,000 100,000 200.000 125,000 2,115,000 (436,500) 0 3,500 0 Cash Acounts Receivable Less: Allowance for Bad Debts Inventory Publicly traded securities Tex-exempt bond U.S. Treasury Bonds Fixed Assets Less: Au Depreciation Prepaid insurance Prepaid Rent Prepaid Advertising $ 1,037,000 177,000 (41.000) 95,000 0 O 125,000 2.965,000 (715.000) 15.750 29,500 27,500 Gross Profit 2,785,650 Didend income Interest Income-Bank Interest income-ULS. Treasury Municipal and interest income Capital Loss Shares of Apple, Inc. 2.300 159 3.000 1.400 130,00) Total Assets $2,276,500 $3,716,70 2,764,000 Total Income: : Expenses: Liabilities and Shareholders' Equity 102.00: 45,000 62.500 4.500 Accounts Payable Accrued Bonuses Accrued Vacation Accrued Waces Event Deposits Income Tax Payable Datorred Tax Llability Note Payable-First Bank of NY (Credit Line) Note Payable-FG Capital Fquipmenti pasing 131,000 0 73,000 51,500 100,000 Cmployee Salaries Repairs and Maintenance Bad Debts Rent Payrol Taxes Licensing Fees Property Taxes Interest Expense Depreciation 0 45,910 424,000 1,M1,000 14,000 057,000 1,415,000 Office Supplies 743.500 19,000 44,000 230,000 60,000 4,300 12,500 140.000 278,500 5.400 3.GOD 24,000 B.DOO 70,000 3400 600 19,750 142,000 14,500 21,910 Capital Stock Additional pald-In Capital Retained Eaming-Unappropriated 1,000 99,000 209,350 1,000 99,000 1,128,430 Tatal Lisblities and Shareholders' Equity $2,276,500 $ $8.716,75 Employee Training Employee Benefits Charitable contribution Advertising Meals Travel Insurance Utilities Telephone Federal income tax expense/benefit) + Puye sul Worth: 1,407 P 0 . 100% 100% 922 AM ADG 4* 11/9/2020 a w Did the corporation dispose of any investment(s) in a qualified opportunity fund during the tax year? Yes No If "Yes," attach Form 8949 and see its instructions for additional requirements for reporting your gain or loss. Part 1 Short-Term Capital Gains and Losses (See instructions.) See instructions for how to figure the amounts to enter on (d) (g) Adjustments to gain (h) Gain or loss) the lines below. Proceeds Cost or loss from Form(s) Subtract column (e) from This form may be easier to complete if you round off cents to (sales price) (or other basis) 8949, Part I, line 2 column (d) and combine whole dollars. column (9) the result with column (g) 1a Totals for all short-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 1b 1b Totals for all transactions reported on Form(s) 8949 with Box A checked 2 Totals for all transactions reported on Form(s) 8949 with Box B checked 3 Totals for all transactions reported on Form(s) 8949 with Box C checked 4 Short-term capital gain from installment sales from Form 6252, line 26 or 37. 4 5 Short-term capital gain or loss) from like-kind exchanges from Form 8824 5 6 Unused capital loss carryover (attach computation) 7 (e) Cost (or other basis) (g) Adjustments to gain (h) Gain or loss) or loss from Form(s) Subtract column (e) from 8949, Part II, line 2 column (d) and combine column (g) the result with column (g) 7 Net short-term capital gain or loss). Combine lines 1a through 6 in column h Part 11 Long-Term Capital Gains and Losses (See instructions.) See instructions for how to figure the amounts to enter on (d) the lines below. Proceeds This form may be easier to complete if you round off cents to (sales price) whole dollars 8a Totals for all long-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 8b 8b Totals for all transactions reported on Form(s) 8949 with Box D checked 9 Totals for all transactions reported on Form(s) 8949 with Box E checked 10 Totals for all transactions reported on Form(s) 8949 with Box F checked 11 Enter gain from Form 4797, line 7 or 9. 11 12 Long-term capital gain from installment sales from Form 6252, line 26 or 37. 12 13 Long-term capital gain or loss) from like-kind exchanges from Form 8824 13 14 Capital gain distributions (see instructions) 14 15 15 Net long-term capital gain or loss). Combine lines Ba through 14 in column h Part III Summary of Parts I and II 16 Enter excess of net short-term capital gain (line 7) over net long-term capital loss (line 15) 17 Net capital gain. Enter excess of net long-term capital gain (line 15) over net short-term capital loss (line 7) 18 Add lines 16 and 17. Enter here and on Form 1120, page 1, line 8, or the proper line on other returns. Note: If losses exceed gains, see Capital Losses in the instructions. For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Cat. No. 11460M 16 17 18 Schedule D (Form 1120) 2019 C Carp Tax Return Problem 7 2019 updated 10:1420.docx - Microft Word non-commercial X Fic HE Page Layou! Rating RICES RE Www AB met die Insert Index Unk incent The Authors Udale luble Udelel Tahle or Contents Table of Content A Full Insert Fine Show Notes Tantne Manage Source LR Styl Ali Intert Consblopaphy Chion phy netwee of La Table Caprion Crossreference Captions NAT Entry Cestien Tyhle charts 1 EC prepaid an insurance premium of Saupo in September. The new policy is effective October 1, 2018 through September 30, 2019. EC's regular tax depreciation for the yearls correctly calculated as $350,000 betore considering the current year fixed asset additions of $340,000 (see table below). EC wants to daim the fastest recovery method is possible on these asset additions without electing any &179 expensing , EC acquired the following new fixed assets from unrelated parties: EC made the folowing estimated Federal income tax payments: - April 19, 2019: $9,000 September 15, 2019: $2,000 June 15, 2019: $1,500 December 15, 2019 $1,500 if applicable, LC wants sy overpayment credited to its 2020 estimated taxes. Miscellaneous information: Amount $420,000 $320,000 Description Date Purchased S-year MACRS Draperty October 2, 2019 7-year MACRS Property September 10, 2019 Delivery Truck Cover 6,000 lbs: S-year October 12, 2014 MACHS Property $40,000 Creports employee compensationsmounts that remained unpaidat year-end in red Bonuses, Accrued Vacation and Accrued Wages on the balance sheet, as applicable. The table below provides a summary of the balances in these accountstar December 31, 2017 and 2018. EC did not make any dividend distributions or distributions in excess of current and accumulated Pamines and profits during the current year. EC does not have any net operating loss carryfrwd amounts avslsble for the current yes, EC has neverissued publicly offered debt instruments. EC is not required to file a Schedule UTP Uncertain Tax Position Statement EC made several payments during the current yearthat were required to be reported on Forms 1099; all required Form 10% wereliled timely by LC EC has neverdsposed of more than 65% by value) of its assets in a taxable, non-taxable, or tax- deferred transaction EC did not receive any assets in Section 351 transfers during the year. All questions on Schedule B.Form 112D should be checked "no torthe current year. EC's gross receipts have never exceded $5 million annually. Total Officer Compensation is $530,000. Raphacl $150,000, Silvia $130,000, Andrea $139,000, and Marco $120,000. Assume most recent completed calendar yeardata Use mostrecent tax return forms 1120 Account Description Account Walance Balance Sheet Date 12/31/2013 Accrued Bonuses $45,000 12/01/2018 Acued Vacation $62.500 Payment Dale 01/20/2019 04/01/2019 - 11/10/2019 01/20/2019 Unpaid as of 01/15/2020 01/02/2000 Applicable Employees EC's Shareholders (father and children) Unrelated mployees EC's Shareholders (father and children] Unrelated Employees ECShareholders (father and children) 12/01/2018 Accrued Wages $44,500 12/31/2009 Accued Valiun S73,000 12/31/2019 Annued Wages $51,500 Supplementary Details (continued On November 1, alerce insurance company paid $100,000 deposit to reserve catering event services on March 15, 2020 st the insurance company's annual meeting in New York City The deposit is fully refundable until lanuary 15, 2020. Thereafter, half of the depasit becomes non-refundable. Meal expenses were incurred for clients and EC staff at important meetings where business was conducted. Ec did not incur any cntertainment related expenses in 2019. EC values its inventory at cost and has always used the specific identification method for reparting purposes. The company has neverwritten down any inventory for any reason and the rules of Section 263A (UNICAP do not soolvo EC. 100% + Puye sul Worth: 1,407 P . 9:33 AM 11/9/2013 X AB endnete NE Entry 1 , C Carp Tax Return Problem 7 2019 updated 10:1420.docx - Microft Word non-commercial Han Page Layou. Relice Renew Www Manage Sources Inert og Inertines Insert the Authors Udelel A Mod Full LR Styl Ali La Table Udale luble Tahle or Insert Insert Contents Foshe Show Notes Chablio apy Caprion Crossreference Cestien Table of Content Tannes Cationship Captions Tahle of thotties Raphael Giordano Corporation Income Tax Retum, based upon the Information provided bclow. If required informations 200 West 57" Avenue missing, use reasonsblessumptions to fill in the gaps. You may gure sny Alleinste Minimum New York City, NY 10027 CAMI) calculations and should not prepare any AMI-related forms. SSN: 366-37-4322 Shares ownedsson Express Catering, Inc. (EC) is organized in the state of New York as a corporation and is taked as a 'c corporation with a calendar year-end. EC operates a delicatessen/hakery in New York City, NY that Silvia Giordano Costa specializes in moblic food catering for events and gatherings within the tri-state area. Ec's address 20 South Main [unchanged me inception, employer identification number (EIN) and date of curporation ares Hoboken, New Jersey U/000 talows: SSN: 284-58-4583 Shares owned 1,500 Express Catering, Inc. 257 West Awsrus Andrea Giordano New York City, NY 10027 6 East 55 Avenue EIN: 13-23459 New York City, NY 10027 Date of incorporation: March 17, 2012 SSN:493-84-2143 Sharcs owned 1,500 C's address has not changed since its inception Marco Giordano EC has been rapidly expanding its catering business. This expansion has required a significant amount of 200 West Avenue new equipment purchases. EC sald some of its liquid investments in order to avoid having to take on New York City, NY 10037 debt to fund these purchases. Further, EC inwested heavily in its catering business by sianFicantly SSN-487 27-4797 increasing is advertising budget and its officersexpect that revenue increases from these Shoes owned 1,500 expenditures wil begin next year. EC to lows the accrual method at accounting (GAAP) and is not a member of any consolidated or EC is owned by four related shareholders from the same family for the entire year: Raphael Giordano affiliated group of entities. Et is not audited by a CPA firm and has never had to restate its financial father and his three children Silvia, Andrea, and Maria. None of FC's Shareholders are non-U.S. statement information persons. There are currently 10,000 shares of EC common stock sucd and outstanding (EC has never sued preferred stock Supplementary Details: The dividends received by EC during the year were paid by Apple, Inc. (EC owns less than 20% of Apple, Inc.'s stock). EC had its sole municipal bond (New York City) radeemed bought back in the current year. EC originally purchased the New York City hands on February 1, 2015 for $100,000 na premium ar discount paid). The band was redeemed by New York City on February 1, 2018 for $100,000 Roth tax basit and proceeds received on the transaction were reported to Econa Form 1099-8. EC purchased 200 shares of Apple, Inc. on October 10, 2015 for $100,000 (including CUISSON). On July 10, of the current yes, EC vold the 200 shares of Apple, Inc. for $350 share including commission). Both tax basis and proceeds received on this transaction were reported to conform 1099-8. During the year, EC contributed $2,000 to the American Lung Association. On December 10, EC paid Madison Advertising $27,500 to design a new catering advertisement campaign for next year. This money represented hat of the total $55,000 contract price. EC expects that the services will be provided and delivered to EC an about lune 30, 2019. Andres de Pys: 1 ul 6 Wr: 1,407 100% + P . 12 9:33 AM 11/9/2013 Page 2 Form 8949 (2019) Attachment Sequence No. 12A Name(s) shown on return. Name and SSN or taxpayer identification no. not required if shown on other side Social security number or taxpayer identification number Express Catering, Inc. 13-9823459 Before you check Box D, E, or F below, see whether you received any Form(s) 1099-B or substitute statement(s) from your broker. A substitute statement will have the same information as Form 1099-B. Either will show whether your basis (usually your cost) was reported to the IRS by your broker and may even tell you which box to check. Part Long-Term. Transactions involving capital assets you held more than 1 year are generally long-term (see instructions). For short-term transactions, see page 1. Note: You may aggregate all long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS and for which no adjustments or codes are required. Enter the totals directly on Schedule D, line 8a; you aren't required to report these transactions on Form 8949 (see instructions). You must check Box D, E, or F below. Check only one box. If more than one box applies for your long-term transactions, complete a separate Form 8949, page 2, for each applicable box. If you have more long-term transactions than will fit on this page for one or more of the boxes, complete as many forms with the same box checked as you need. (D) Long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS (see Note above) (E) Long-term transactions reported on Form(s) 1099-B showing basis wasn't reported to the IRS (F) Long-term transactions not reported to you on Form 1099-B Adjustment, if any, to gain or loss. 1 le) If you enter an amount in column (gl. (h) (b) (c) (d) Cost or other basis. enter a code in column (1). Gain or loss). Description of property Date acquired Date sold or Proceeds See the separate instructions. See the Note below Subtract column (e) (Example: 100 sh. XYZ Co.) disposed of (Mo., day, yr.) (sales price) and see Column (e) from column (d) and (Mo., day, yr.) (see instructions) in the separate (f) (g) combine the result instructions Code(s) from Amount of with column (g) instructions adjustment 200 shares Apple, Inc 10/5/2015 07/15/2015 100,000 70,000 722300 (30,000) OMB No. 1545-0172 Form 4562 2019 Attachment Sequence No. 179 Identifying number Depreciation and Amortization (Including Information on Listed Property) Department of the Treasury Attach to your tax return. Internal Revenue Service (99) Go to www.irs.gov/Form4562 for instructions and the latest information. Name(s) shown on return Business or activity to which this form relates Express Catering, Inc. Part1 Election To Expense Certain Property Under Section 179 Note: If you have any listed property, complete Part V before you complete Part I. 1 Maximum amount (see instructions) 2 Total cost of section 179 property placed in service (see instructions) 3 Threshold cost of section 179 property before reduction in limitation (see instructions) 4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter-O- 5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -O-. If married filing separately, see instructions (a) Description of property (b) Cost (business use only) (c) Elected cost 1 2 3 4 5 6 7 Listed property. Enter the amount from line 29 7 8 Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7 8 9 Tentative deduction. Enter the smaller of line 5 or line 8 9 10 Carryover of disallowed deduction from line 13 of your 2018 Form 4562 10 11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5. See instructions 11 12 Section 179 expense deduction. Add lines 9 and 10, but don't enter more than line 11 12 13 Carryover of disallowed deduction to 2020. Add lines 9 and 10, less line 12 13 Note: Don't use Part II or Part III below for listed property. Instead, use Part V. Part II Special Depreciation Allowance and Other Depreciation (Don't include listed property. See instructions.) 14 Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year. See instructions. 14 420,000 15 Property subject to section 168(1)(1) election 15 16 Other depreciation (including ACRS) 16 Part III MACRS Depreciation (Don't include listed property. See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2019. 17 350,000 18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here Section B-Assets Placed in Service During 2019 Tax Year Using the General Depreciation System (b) Month and year (c) Basis for depreciation (a) Classification of property placed in (business/investment use (d) Recovery (e) Convention (f) Method (g) Depreciation deduction only-see instructions) period 19a 3-year property b5-year property 260,000 5yrs. MO 200DB 13,000 c7-year property 160,000 7 yrs. MO 200DB 17,136 d 10-year property e 15-year property f 20-year property g 25-year property 25 5 yrs. S/L h Residential rental MM S/L property 27.5 yrs. MM S/L i Nonresidential real MM S/L property MM S/L Section C-Assets Placed in Service During 2019 Tax Year Using the Alternative Depreciation System 20a Class life S/L b 12-year 12 yrs. S/L service 27.5 yrs. 39 yrs ZO VM Sign in Others Tax Return-pro x C Ge: Homework * Mal - Moor X Form 8949 1X Fom 490211. Fom 1125-4 11 x Form 1120 022: Schedule G 112 Schedule D ) Form 123-Epot Content x + 0 File Usery lim/Downloads/Form46204562920x1.pdf Ows Werkpla MyFinance Suka Curs Own's GMail Mail. Any Mc.. MyFinance Paul MyFinance Publ... MyFire Terre.. MyFins Publ D Me Tall Survi. Sytu Art Cert. YouTube D- ? of + A Read Aloud DYR Draw Highlight Frase www , Imaatu Eat ratstar puraamatrai C 25 Special depreciation allowance for qualidad de property placed in service during the lane year and than 50% in a quibus est instruction 26 Property used more than 50% in a qualified business use: 1 ib HY W 27 Property used 50% or in a quelled business use SVL EV SVL 28 Add amountain column, line 25 through 27. Enter and on line 21, page 1 29 Add amounts in Column 1. in 26. Enter here and on line 7.page! 20 Section B-Information on Use of Vehicles Complete this section for wat ied by a propriador pare, erother "nore than 5 were person. If you provided witika to your employees, first rower the questions in Section to you most an accepton to completing this section for those vehicles . Whi w 30 Total business restert miles driven during We the year don't nolude computing med 31 Totalcomandaring the your Total where along miles 13 Total i rin during the year. Add Iines 30 through 34 Weathe vehicle wrote for persona Yes No Yes No Yes No Yes No Yes No Yes No UBA during cl-dury hours? as was the which used primarily by a more than 5% owner or related person? 36 la another vidicke vlade for personal ? IIIIIIII Section C-Questions for Employers Who Provide Vehicles for use by Their Employees Answer these questions to determine if you meet an exception to completing Section for vehicles used by employees who aren't more than 5% owners or related persons. See Instructions. 97 Do you maintain written pokey and that partita il profiles, including commuting by , Yes No your employees?. de contra 38 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting. by you employees? See the instructions for vehicles used by corporate officers, directors, or 1% or more owners.. 29 De you to all of whicle by plys pra?.. 40 Do you provide more than the whicles to your employees, obtain information from your employees about the U of the vehicle, win the information Tecava 41 Do you meet the requirements concoming qualified automobile demonstration was? See instructora. Note: If your neto 37, 38, 39, 40 or 1s "Yes" don't complete Section for the covered whics Part VI Amortization 14 Description of cauta BA Colection rad per 42 Ammortional traigongyu 2011 lax your traction AT 43 Amortization of costs that began before your 2010 tax yea.. 44 Total. And amounts in the info where to mort 44 4562 O (2) AUG 4 9:28 AM 11/9/2020 D Form 1125-A Cost of Goods Sold (Rev. November 2018) OMB No. 1545-0123 Attach to Form 1120, 1120-C, 1120-F, 11205, or 1065. Department of the Treasury Internal Revenue Service Go to www.irs.gov/Form 1125A for the latest information. Name Employer identification number Express Catering, Inc. 13-9823459 1 Inventory at beginning of year 1 59,000 2 Purchases 2 1,166,850 3 Cost of labor 3 4 Additional section 263A costs (attach schedule) 4 5 Other costs (attach schedule) 5 6 Total. Add lines 1 through 5. 6 1,225,850 7 Inventory at end of year. 7 96,000 8 Cost of goods sold. Subtract line 7 from line 6. Enter here and on Form 1120, page 1, line 2 or the appropriate line of your tax return. See instructions 1,129,850 9a Check all methods used for valuing closing inventory: o Cost Lower of cost or market (W) Other (Specify method used and attach explanation.) b Check if there was a writedown of subnormal goods c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) d If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed under LIFO 9d e If property is produced or acquired for resale, do the rules of section 263A apply to the entity? See instructions Yes No f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If "Yes," attach explanation Yes NO 8 Section references are to the Internal Revenue Code unless otherwise noted. merchandise is an income-producing factor. See Regulations section 1.471-1. If Small business taxpayer. A small business taxpayer is a taxpayer that (a) has 4 6 9 AA ttach Sch.PH) City or town, state or province, country, and ZIP or foreign postal code D Total assets (see instructions) ersonal service corp. e instructions - New York City, NY 10027 3,716,750 chedule M-3 attached E Check if: (1) Initial retum (2) Final return (3) Name change (4) Address change 1a Gross receipts or sales 1a 3,925,000 b Returns and allowances. 1b 8,500 c Balance. Subtract line 1b from line 1a 1c 3,916,500 2 Cost of goods sold (attach Form 1125-A). 2 1,129,850 3 Gross profit. Subtract line 2 from line 1c. 3 2,786,650 4 Dividends and inclusions (Schedule C, line 23) 2,800 5 Interest 5 4,550 6 Gross rents 7 Gross royalties 7 8 Capital gain net income (attach Schedule D (Form 1120)) 8 -30,000 9 Net gain or loss) from Form 4797, Part II, line 17 (attach Form 4797) 10 Other income (see instructions-attach statement). 10 11 Total income. Add lines 3 through 10 11 2,794,000 12 Compensation of officers (see instructions-attach Form 1125-E) 12 530,000 13 Salaries and wages (less employment credits) 13 213,500 14 Repairs and maintenance 14 19,000 15 Bad debts 15 44,000 16 Rents 16 230,000 17 Taxes and licenses 17 77,000 18 Interest (see instructions) 18 140,000 19 Charitable contributions. 19 8,000 20 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) 20 278,500 21 Depletion 21 22 Advertising 22 70,000 23 Pension, profit-sharing, etc., plans 23 24 Employee benefit programs 24 24,000 25 Reserved for future use. 25 26 Other deductions (attach statement) 26 146,640 27 Total deductions. Add lines 12 through 26. 27 1,780,600 28 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11. 28 1,013,400 29a Net operating loss deduction (see instructions) 29a b Special deductions (Schedule C, line 24) 29b 1,400 C Add lines 29a and 29b 29c 1,400 30 Taxable income. Subtract line 29c from line 28. See instructions 30 1,012,000 31 Total tax (Schedule J, Part I, line 11). 31 21,910 32 2019 net 965 tax liability paid (Schedule J, Part II, line 12) 32 33 Total payments, credits, and section 965 net tax liability (Schedule J, Part III, line 23) 33 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached 34 35 Amount owed. If line 33 is smaller than the total of lines 31, 32, and 34, enter amount owed 35 36 Overpayment. If line 33 is larger than the total of lines 31, 32, and 34, enter amount overpaid 36 37 Enter amount from line 36 you want: Credited to 2020 estimated tax Refunded 37 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 un and complete. Declaration of preparer(other than taxpayer) is based on all information of which preparer has any knowledge. May the IRS discuss this return re with the preparer shown below? See instructions. Yes Signature of officer Date Title No d Print/Type preparer's name Preparer's signature Date PTIN Check it eparer self-employed Firm's name e Only Firm's EIN Firm's address Phone no. Paperwork Reduction Act Notice, see separate instructions. Cat No. 114500 Form 1120 (2019) Fom 1125-411 x Form 1120 Mpx Schedule 12 X 2 Schedule D F 1128-E pot * Content x + Tax Return-pro x C Ge: Homework * Mal - Moor * Fom 1945 13 * Fom 4302 (1) 4502 . X Filo CUsers/Jim/Downloads/Schedule%20G%2017.pdf Ows Werkpla MyFinance Suka. Curs Own's GMail dry. MC. Sign in MyFine PutlMyTast Miller Til Servi.. Others Sytu Art Cert. YouTube D- Draw Highlight Frase 1 of + A Pearl Aloud CHURA SCHEDULEG Information on Certain Persons Owning the [Form 1120) Corporation's Voting Stock December 2011 Attach to form 1120 Bemutamon page 2 Englader Express Catering in 13.4828459 Parti Certain Entities Owning the Corporation's Voting Stock. [Form 1120. Schedule K. Question 4a). Complete columns through halow for any foreign or domestic corporation, partnership including any entity treated Apartnership), trust, or tax-rempt organication that cans directly 20% or more rown, directly or indirectly, 50% or more of the total voting power of all close of the corporation's stock entitled to vote instructions Credito Murberry Type Mbunya Part II Certain Individuals and Estates Owning the Corporation's Voting Stock. [Form 1120. Schedulek Question 4b. Complete columns through M below for any individual or estate that owns directly 20% of mare, or owns, directly or indirectly, 50% or more of the total voting power of all classes of the corporation's stock entitled to vote on instructions Senty Hub Courte Percentage One Voing to Raphael Giardino honus 55 Silvis G C 284-58-458) Honus Andrea Giordano 423-84-2543 hons Marco Giordano 483-27-4792 15 19 nous 19 P ( AD 4 9:30 AM 11/9/2123 D C Carp Tax Return Problem 7 2019 updated 10:1420.docx - Microft Word non-commercial X Fic Han Inic Mailings Rcw Www Page Layou! Rating AB endnete A Mod Full Insert Forte Show Notes Tantne Inserinde WUN Insert the Authors Update Table Udelel Tahle or Contents Table of Content Mange LR Styl Ali Insert Consbliography Chionship Insert Table of Pique ? La Table Innent Con Cross-reference Captions Entry Cestion Tyhle charts Income Statement forthe period ending December 31, 2019 Express Catering, inc. Financial Statements keptona GAAP basis): Item Amount Balance Sheet Income: Assets: 12/01/2018 12/31/2019 Gross Sales Less: Retums $ 3,520,000 18,5001 3,916,500 Cost of Goods Sold 11.123.8501 $ 62.500 145,000 132,000) 59,000 100,000 200.000 125,000 2,115,000 (436,500) 0 3,500 0 Cash Acounts Receivable Less: Allowance for Bad Debts Inventory Publicly traded securities Tex-exempt bond U.S. Treasury Bonds Fixed Assets Less: Au Depreciation Prepaid insurance Prepaid Rent Prepaid Advertising $ 1,037,000 177,000 (41.000) 95,000 0 O 125,000 2.965,000 (715.000) 15.750 29,500 27,500 Gross Profit 2,785,650 Didend income Interest Income-Bank Interest income-ULS. Treasury Municipal and interest income Capital Loss Shares of Apple, Inc. 2.300 159 3.000 1.400 130,00) Total Assets $2,276,500 $3,716,70 2,764,000 Total Income: : Expenses: Liabilities and Shareholders' Equity 102.00: 45,000 62.500 4.500 Accounts Payable Accrued Bonuses Accrued Vacation Accrued Waces Event Deposits Income Tax Payable Datorred Tax Llability Note Payable-First Bank of NY (Credit Line) Note Payable-FG Capital Fquipmenti pasing 131,000 0 73,000 51,500 100,000 Cmployee Salaries Repairs and Maintenance Bad Debts Rent Payrol Taxes Licensing Fees Property Taxes Interest Expense Depreciation 0 45,910 424,000 1,M1,000 14,000 057,000 1,415,000 Office Supplies 743.500 19,000 44,000 230,000 60,000 4,300 12,500 140.000 278,500 5.400 3.GOD 24,000 B.DOO 70,000 3400 600 19,750 142,000 14,500 21,910 Capital Stock Additional pald-In Capital Retained Eaming-Unappropriated 1,000 99,000 209,350 1,000 99,000 1,128,430 Tatal Lisblities and Shareholders' Equity $2,276,500 $ $8.716,75 Employee Training Employee Benefits Charitable contribution Advertising Meals Travel Insurance Utilities Telephone Federal income tax expense/benefit) + Puye sul Worth: 1,407 P 0 . 100% 100% 922 AM ADG 4* 11/9/2020 a w Did the corporation dispose of any investment(s) in a qualified opportunity fund during the tax year? Yes No If "Yes," attach Form 8949 and see its instructions for additional requirements for reporting your gain or loss. Part 1 Short-Term Capital Gains and Losses (See instructions.) See instructions for how to figure the amounts to enter on (d) (g) Adjustments to gain (h) Gain or loss) the lines below. Proceeds Cost or loss from Form(s) Subtract column (e) from This form may be easier to complete if you round off cents to (sales price) (or other basis) 8949, Part I, line 2 column (d) and combine whole dollars. column (9) the result with column (g) 1a Totals for all short-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 1b 1b Totals for all transactions reported on Form(s) 8949 with Box A checked 2 Totals for all transactions reported on Form(s) 8949 with Box B checked 3 Totals for all transactions reported on Form(s) 8949 with Box C checked 4 Short-term capital gain from installment sales from Form 6252, line 26 or 37. 4 5 Short-term capital gain or loss) from like-kind exchanges from Form 8824 5 6 Unused capital loss carryover (attach computation) 7 (e) Cost (or other basis) (g) Adjustments to gain (h) Gain or loss) or loss from Form(s) Subtract column (e) from 8949, Part II, line 2 column (d) and combine column (g) the result with column (g) 7 Net short-term capital gain or loss). Combine lines 1a through 6 in column h Part 11 Long-Term Capital Gains and Losses (See instructions.) See instructions for how to figure the amounts to enter on (d) the lines below. Proceeds This form may be easier to complete if you round off cents to (sales price) whole dollars 8a Totals for all long-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 8b 8b Totals for all transactions reported on Form(s) 8949 with Box D checked 9 Totals for all transactions reported on Form(s) 8949 with Box E checked 10 Totals for all transactions reported on Form(s) 8949 with Box F checked 11 Enter gain from Form 4797, line 7 or 9. 11 12 Long-term capital gain from installment sales from Form 6252, line 26 or 37. 12 13 Long-term capital gain or loss) from like-kind exchanges from Form 8824 13 14 Capital gain distributions (see instructions) 14 15 15 Net long-term capital gain or loss). Combine lines Ba through 14 in column h Part III Summary of Parts I and II 16 Enter excess of net short-term capital gain (line 7) over net long-term capital loss (line 15) 17 Net capital gain. Enter excess of net long-term capital gain (line 15) over net short-term capital loss (line 7) 18 Add lines 16 and 17. Enter here and on Form 1120, page 1, line 8, or the proper line on other returns. Note: If losses exceed gains, see Capital Losses in the instructions. For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Cat. No. 11460M 16 17 18 Schedule D (Form 1120) 2019 C Carp Tax Return Problem 7 2019 updated 10:1420.docx - Microft Word non-commercial X Fic HE Page Layou! Rating RICES RE Www AB met die Insert Index Unk incent The Authors Udale luble Udelel Tahle or Contents Table of Content A Full Insert Fine Show Notes Tantne Manage Source LR Styl Ali Intert Consblopaphy Chion phy netwee of La Table Caprion Crossreference Captions NAT Entry Cestien Tyhle charts 1 EC prepaid an insurance premium of Saupo in September. The new policy is effective October 1, 2018 through September 30, 2019. EC's regular tax depreciation for the yearls correctly calculated as $350,000 betore considering the current year fixed asset additions of $340,000 (see table below). EC wants to daim the fastest recovery method is possible on these asset additions without electing any &179 expensing , EC acquired the following new fixed assets from unrelated parties: EC made the folowing estimated Federal income tax payments: - April 19, 2019: $9,000 September 15, 2019: $2,000 June 15, 2019: $1,500 December 15, 2019 $1,500 if applicable, LC wants sy overpayment credited to its 2020 estimated taxes. Miscellaneous information: Amount $420,000 $320,000 Description Date Purchased S-year MACRS Draperty October 2, 2019 7-year MACRS Property September 10, 2019 Delivery Truck Cover 6,000 lbs: S-year October 12, 2014 MACHS Property $40,000 Creports employee compensationsmounts that remained unpaidat year-end in red Bonuses, Accrued Vacation and Accrued Wages on the balance sheet, as applicable. The table below provides a summary of the balances in these accountstar December 31, 2017 and 2018. EC did not make any dividend distributions or distributions in excess of current and accumulated Pamines and profits during the current year. EC does not have any net operating loss carryfrwd amounts avslsble for the current yes, EC has neverissued publicly offered debt instruments. EC is not required to file a Schedule UTP Uncertain Tax Position Statement EC made several payments during the current yearthat were required to be reported on Forms 1099; all required Form 10% wereliled timely by LC EC has neverdsposed of more than 65% by value) of its assets in a taxable, non-taxable, or tax- deferred transaction EC did not receive any assets in Section 351 transfers during the year. All questions on Schedule B.Form 112D should be checked "no torthe current year. EC's gross receipts have never exceded $5 million annually. Total Officer Compensation is $530,000. Raphacl $150,000, Silvia $130,000, Andrea $139,000, and Marco $120,000. Assume most recent completed calendar yeardata Use mostrecent tax return forms 1120 Account Description Account Walance Balance Sheet Date 12/31/2013 Accrued Bonuses $45,000 12/01/2018 Acued Vacation $62.500 Payment Dale 01/20/2019 04/01/2019 - 11/10/2019 01/20/2019 Unpaid as of 01/15/2020 01/02/2000 Applicable Employees EC's Shareholders (father and children) Unrelated mployees EC's Shareholders (father and children] Unrelated Employees ECShareholders (father and children) 12/01/2018 Accrued Wages $44,500 12/31/2009 Accued Valiun S73,000 12/31/2019 Annued Wages $51,500 Supplementary Details (continued On November 1, alerce insurance company paid $100,000 deposit to reserve catering event services on March 15, 2020 st the insurance company's annual meeting in New York City The deposit is fully refundable until lanuary 15, 2020. Thereafter, half of the depasit becomes non-refundable. Meal expenses were incurred for clients and EC staff at important meetings where business was conducted. Ec did not incur any cntertainment related expenses in 2019. EC values its inventory at cost and has always used the specific identification method for reparting purposes. The company has neverwritten down any inventory for any reason and the rules of Section 263A (UNICAP do not soolvo EC. 100% + Puye sul Worth: 1,407 P . 9:33 AM 11/9/2013 X AB endnete NE Entry 1 , C Carp Tax Return Problem 7 2019 updated 10:1420.docx - Microft Word non-commercial Han Page Layou. Relice Renew Www Manage Sources Inert og Inertines Insert the Authors Udelel A Mod Full LR Styl Ali La Table Udale luble Tahle or Insert Insert Contents Foshe Show Notes Chablio apy Caprion Crossreference Cestien Table of Content Tannes Cationship Captions Tahle of thotties Raphael Giordano Corporation Income Tax Retum, based upon the Information provided bclow. If required informations 200 West 57" Avenue missing, use reasonsblessumptions to fill in the gaps. You may gure sny Alleinste Minimum New York City, NY 10027 CAMI) calculations and should not prepare any AMI-related forms. SSN: 366-37-4322 Shares ownedsson Express Catering, Inc. (EC) is organized in the state of New York as a corporation and is taked as a 'c corporation with a calendar year-end. EC operates a delicatessen/hakery in New York City, NY that Silvia Giordano Costa specializes in moblic food catering for events and gatherings within the tri-state area. Ec's address 20 South Main [unchanged me inception, employer identification number (EIN) and date of curporation ares Hoboken, New Jersey U/000 talows: SSN: 284-58-4583 Shares owned 1,500 Express Catering, Inc. 257 West Awsrus Andrea Giordano New York City, NY 10027 6 East 55 Avenue EIN: 13-23459 New York City, NY 10027 Date of incorporation: March 17, 2012 SSN:493-84-2143 Sharcs owned 1,500 C's address has not changed since its inception Marco Giordano EC has been rapidly expanding its catering business. This expansion has required a significant amount of 200 West Avenue new equipment purchases. EC sald some of its liquid investments in order to avoid having to take on New York City, NY 10037 debt to fund these purchases. Further, EC inwested heavily in its catering business by sianFicantly SSN-487 27-4797 increasing is advertising budget and its officersexpect that revenue increases from these Shoes owned 1,500 expenditures wil begin next year. EC to lows the accrual method at accounting (GAAP) and is not a member of any consolidated or EC is owned by four related shareholders from the same family for the entire year: Raphael Giordano affiliated group of entities. Et is not audited by a CPA firm and has never had to restate its financial father and his three children Silvia, Andrea, and Maria. None of FC's Shareholders are non-U.S. statement information persons. There are currently 10,000 shares of EC common stock sucd and outstanding (EC has never sued preferred stock Supplementary Details: The dividends received by EC during the year were paid by Apple, Inc. (EC owns less than 20% of Apple, Inc.'s stock). EC had its sole municipal bond (New York City) radeemed bought back in the current year. EC originally purchased the New York City hands on February 1, 2015 for $100,000 na premium ar discount paid). The band was redeemed by New York City on February 1, 2018 for $100,000 Roth tax basit and proceeds received on the transaction were reported to Econa Form 1099-8. EC purchased 200 shares of Apple, Inc. on October 10, 2015 for $100,000 (including CUISSON). On July 10, of the current yes, EC vold the 200 shares of Apple, Inc. for $350 share including commission). Both tax basis and proceeds received on this transaction were reported to conform 1099-8. During the year, EC contributed $2,000 to the American Lung Association. On December 10, EC paid Madison Advertising $27,500 to design a new catering advertisement campaign for next year. This money represented hat of the total $55,000 contract price. EC expects that the services will be provided and delivered to EC an about lune 30, 2019. Andres de Pys: 1 ul 6 Wr: 1,407 100% + P . 12 9:33 AM 11/9/2013