Tax Return: S Corporation Instructions: Please complete the 2015 tax return for Modern Day Clothing, Inc., based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Ignore any Alternative Minimum Tax (AMT) calculations or reporting. Modern Day Clothing, Inc. (MD) is organized as a corporation in the state of North Carolina and is taxed as an "S" corporation with a calendar-year end. MD operates four small boutique clothing outlet stores (family clothing stores) in the North Carolina cities of Charlotte, Durham, Raleigh, and Winston-salem. MD's address, employer identification number, date of incorporation, and effective date of its S corporation election are as follows: Modern Day Clothing, Inc. 1515 North Lincoln Highway Charlotte, North Carolina 28201 EIN: 14-2953556 Date Incorporated- February 2, 1999 Effective date of the S election was January 1, 2015. MD has been at the same address since inception. MD has only common shares issued. There are currently 10,000 shares of MD common stock outstanding and issued. There were no stock transfers during the current tax year. MD is owned by the following unrelated four shareholders: Jennifer Lyons 85 Shady Elm Charlotte, North Carolina, 28201 SSN 524-31-3493 Number of common shares owned 4,300 Chief Executive Officer 2015 W-2 wages $112,000