Tax return project by using Lacerte

Prepare Federal Return form 1120, 1125-A and 1125-E and 4562 Pet Kingdom 1010 Northwest Parkway Menlo Park, Ca 94025 FED ID State number 1234567 Date incorporated and date business began 11/01/2006 Accrual basis Dividend income is from less than 20 percent owned corps Business activity code 453910 and activity is retail and product is pet store Assume there are 2 shareholders and both are officers Other information Harry Bird, 101 Third Avenue, San Mateo, Ca 94402 SS# 222-33-4444, owns 40 percent-Salary 315,000 Secretary Kat Black 101 Third Avenue, San Mateo, Ca 94402 SS#111-22-3333 owns 60 percent-Salary 315,000 President Cost of Goods sold enter this amount in the tax software as purchases Purchases Labor Other 2,296,000 500,000 300,000 Fixed Asset Additions 01/01/15- 150,000 7 year property, take 179 Book depreciation = 22,000 Pre 2015 fixed assets are fully depreciation for book, federal and state Federal estimated tax payments made in 2015 428,000 (timely made in 4 installments) Dividends of 300,000 paid by Pet kingdom Assume the 2014 state corporate tax was 800 and the 2015 state corporate tax is 95,360 For Dividends received by Pet Kingdom, less than 20 percent of the corporation was owned Prepare Federal Return form 1120, 1125-A and 1125-E and 4562 Pet Kingdom 1010 Northwest Parkway Menlo Park, Ca 94025 FED ID State number 1234567 Date incorporated and date business began 11/01/2006 Accrual basis Dividend income is from less than 20 percent owned corps Business activity code 453910 and activity is retail and product is pet store Assume there are 2 shareholders and both are officers Other information Harry Bird, 101 Third Avenue, San Mateo, Ca 94402 SS# 222-33-4444, owns 40 percent-Salary 315,000 Secretary Kat Black 101 Third Avenue, San Mateo, Ca 94402 SS#111-22-3333 owns 60 percent-Salary 315,000 President Cost of Goods sold enter this amount in the tax software as purchases Purchases Labor Other 2,296,000 500,000 300,000 Fixed Asset Additions 01/01/15- 150,000 7 year property, take 179 Book depreciation = 22,000 Pre 2015 fixed assets are fully depreciation for book, federal and state Federal estimated tax payments made in 2015 428,000 (timely made in 4 installments) Dividends of 300,000 paid by Pet kingdom Assume the 2014 state corporate tax was 800 and the 2015 state corporate tax is 95,360 For Dividends received by Pet Kingdom, less than 20 percent of the corporation was owned