Question
S1120 Tax return: Augusta Wind (SSN: 234?56?7890) a nd Ina Pitts (SSN: 345?67?8901 )formed Gus Git n Go, Inc., EIN 12? 3456789, a local convenient
S1120 Tax return: Augusta Wind (SSN: 234?56?7890) a nd Ina Pitts (SSN: 345?67?8901 )formed Gus Git n Go, Inc., EIN 12? 3456789, a local convenient store in 2012. They have been succ essful and over the last 5 years have purchased for more convenient s tores. They are currently plann ing the purchase of 5 additional stores in the coming year. Ms. Wind tells you that she and Ms. Pitts are each 50% sharehol ders. Ms. Wind is the President and main operator of the business a nd Ms. Pitts is the Vice?Preside nt/Secretary. They each get $2,250 for their service as officers of the corporation. Both are also em ployees of the corporation. Any wages they receive are included as wages in the provided accounting statem ents. Ms. Wind asks you to prepare the corporations federal S?Corpor ation tax return, and any attached schedules and K?1s for shareholde rs. She provides you with a c opy of the corporations accounting information for 2017, as well as t he corporations tax return f or 2016 to assist you in completing the tax return. In addition, Ms. Wind is a savvy business person and h as already considered the necessary depreciation elections for you. Attached is a depreciation sch edule for all of the property placed into service by the corporation sin ce 2012. All the depreciation el ections for prior ye ars and the current years have been made and calculat ed for you. This should assis t you in transferring the depreciation amounts to the Form 4562. She re quests that you send all K?1s to shareholders to the primary business address. Attached you will find copies of all the forms you will need to complete this return. Please attach a separate schedule regarding any deductible expenses considered Other Deductions on Line 19.
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