Taxes for S Corp

Needed:

1120S

Sch K

Sch K1 for Kim only

S CORPORATION TAX RETURN PROBLEM Required: Using the information provided below, complete Salt Source Inc.'s (SSI) 2011 Form 11208. Also complete Kim Bentley's Schedule K-1 Form 4-62 for depreciation is not required. Include the amount of tax Form 4562 for depreciation depreciation given in the problem on the appropriate line on the first page of Form 1120S IF any information is missing, use reasonable assumptions to fill in the gaps . The forms, schedules, and instructions can be found at the IRS Web site (www.irsgov). The instructions can be helpful in completing the forms Facts: Salt Source Inc. (SSI) w as formed as a corporation on January 5, 2008, by its two owners Kim Bentley and James Owens. SSI immediately elected to be taxed as an S corporation for federal income tax purposes, SSI sells salt to retailers throughout S corporation for federal income tax purposes SSI sells salt to retailers throughout the Rocky Mountain region. Kim owns 70 percent of the SSI common stock (the only class of stock outstanding) and James owns 30 percent. SSI is located at 4200 West 400 North, Salt Lake City, UT 84116. SSI's Employer Identification Number is 87-5467544. . SSI's business activity is wholesale sales. Its business activity code is 424990. Both shareholders work as employees of the corporation. Kim is the president of SSI (Social Security number 312-89-4567). Kim's address is 1842 East 8400 South, Sandy, UT 84094. . James is the vice president of SSI (Social Security number 321-98-7645). James's address is 2002 East 8145 South, Sandy, UT 84094. SSI uses the accrual method of accounting and has a calendar year-end