Wilson, Inc. is an accrual-basis, calendar-year corporation that operates five local sports merchandise-stores.

Was incorporated on February 14, 2015

Main office is located at 1908 Wrigley Drive, Chicago, IL 60606

Employer identification number is 31-2679457.

Wilson has total assets as of December 31, 2016 of $3,260,000

Wilsons receipts for book purposes are as follows:

Wilsons gross receipts for the year totaled $1,256,000, which included returns and allowances of $62,000.

Wilson received $16,400 of interest income during the year, with $5,250 from City of DeKalb bonds and the balance from BMO Harris certificates of deposit.

Wilson received dividend income of $3,500 from Disney Corporation.

In December 2016, Wilson received $12,000 from a company that will lease excess space in Wilsons largest store from January 1 through October 31, 2017.

Wilsons expenses for book purposes are as follows:

Cost of Goods Sold $623,200

Salaries (including Officers Compensation of $110,000) 197,600

Federal income tax 199,500

Depreciation 165,300

State & Local Taxes 81,200

Interest Expense 3,180

Repairs 11,500

Rent 34,700

Advertising 21,000

Contribution to Gov. Rauners re-election campaign 9,500

Property/Casualty Insurance Premiums 11,430

Business Meals & Entertainment 8,210

Hotel and airfare for business 2,790

Premiums paid to key employee life insurance policy 7,520

Charitable contributions paid 74,600

Wilsons total cost recovery for tax purposes was $124,310.

Wilson has a net capital loss carryforward from 2015 of $7,000

Wilson sold IBM stock on 7/4/16 for $2,600. The shares had been purchased on 12/13/15 for $1,300.

For its first tax year, Wilson generated a $22,000 net operating loss.

Wilson made the following estimated income tax payments to the IRS for 2016:

Overpayment in 2015, credited to 2016 $1,500

2^nd quarter, 3^rd quarter, 4^th quarter $3,000 each

Wilson does not qualify for any other tax credits in 2016.

Any overpayment of 2016 tax should be credited to its 2017 estimated taxes.

Complete Form 1120 pages 1 and 2, Schedule D, Form 8949 and complete Schedule M-1 on page 5 of a 2016 Form 1120.