Question Details

Entity Type: Sub-Entity Type: Entity Name: State of Formation Entity Start Date Corporation None BADEC Georgia 4/2/2013 Tax Year Start Date: Tax Year...


Because it is important for accountants to demonstrate the filing requirements for specialized tax returns, for this final project you will be completing a corporate tax return and then analyzing this experience.

Key Component:

Use the financial data from the following file to complete form 1120.

f1120-2013.PDF

Complete the following template that has the respective tax forms and schedules required to complete the return. Complete all of the parts of your respective business tax return for which there is information.

ACT415_Portfolio_Option1_Student_Template.docx - attached below

In the space at the bottom of the template, show your income tax calculations and prepare a write-up on some questions contained within the tax return. Look at the information on Form 1120 Schedule K. With the exception of line 1, discuss the purpose of these questions. (You may select a sub-grouping of these questions to complete your milestone). What are some challenges (identify three to five), both anticipated and unexpected, when completing the corporate tax return? What solutions can you provide to those challenges?

Requirements:

Submit 1) your tax return template and 2) your write-up about the tax return questions to the drop box identified for that submission. (Your paper must be formatted according to APA


Entity Type:

 

Sub-Entity Type:

 

Entity Name:

 

State of Formation

 

Entity Start Date Corporation

 

None

 

BADEC

 

Georgia

 

4/2/2013 Tax Year Start Date:

 

Tax Year End Date: 4/2/2013

 

12/31/2013 Book Maintained By:

 

Address: Andrew Anderson

 

10 Sysco Way Atlanta, GA 30039 Purpose of Entity Acquire, rehabilitate and resale residential real property. Dividends Received

 

Estimated Tax Payments Corporate Information

 

from investment in a domestic corporations with ownership property. 70%

 

$6,000 Investor Information

 

First Name

 

Andrew

 

Bill

 

Cathy

 

Doris

 

Elroy

 

Farah

 

Gomez Last Name

 

Anderson

 

Bacon

 

Cox

 

Day

 

Elders

 

Fawcett

 

Gonzalez SSN

 

756-12-1111

 

756-12-2222

 

756-12-3333

 

756-12-4444

 

756-12-5555

 

756-12-6666

 

756-12-7777 Address

 

10 Sysco Way

 

20 Sysco Way

 

30 Sysco Way

 

40 Sysco Way

 

50 Sysco Way

 

60 Sysco Way

 

70 Sysco Way City

 

Atlanta

 

Atlanta

 

Atlanta

 

Atlanta

 

Atlanta

 

Atlanta

 

Atlanta State

 

GA

 

GA

 

GA

 

GA

 

GA

 

GA

 

GA Zip

 

30039

 

30039

 

30039

 

30039

 

30039

 

30039

 

30039 Shareholder Information

 

Shareholder

 

Shareholder

 

Shareholder

 

Shareholder

 

Shareholder

 

Shareholder

 

Shareholder Investor Information . First Name

 

Andrew

 

Bill

 

Cathy

 

Doris

 

Elroy

 

Farah

 

Gomez Investor

 

Last Name

 

Anderson

 

Bacon

 

Cox

 

Day

 

Elders

 

Fawcett

 

Gonzalez SSN

 

756-12-1111

 

756-12-2222

 

756-12-3333

 

756-12-4444

 

756-12-5555

 

756-12-6666

 

756-12-7777 Contribution Date

 

4/2/2013

 

4/2/2013

 

4/2/2013

 

4/2/2013

 

4/2/2013

 

4/2/2013

 

4/2/2013 Contribution 1

 

Contribution 2

 

Item

 

Value

 

Item

 

Cash

 

$50,000

 

Cash

 

$150,000

 

Cash

 

$100,000

 

Cash

 

$50,000

 

Cash

 

$40,000

 

Cash

 

$30,000 Land

 

Cash

 

$10,000 Computer Contribution 2

 

Value Contribution 3

 

Item

 

Value $50,000

 

$7,000 Furniture $3,000 Contribution 4

 

Item

 

Value Net

 

Contributions

 

$50,000

 

$150,000

 

$100,000

 

$50,000

 

$40,000

 

$80,000

 

$20,000 Sharholder

 

Interest

 

10%

 

31%

 

20%

 

10%

 

8%

 

16%

 

4%

 

100% BADEC

 

Balance Sheet

 

1/2/2008 BADEC, Inc

 

4/2/2013

 

Assets

 

Cash

 

Computer

 

Furniture

 

Land

 

Total Assets

 

Liabilities $

 

$

 

$

 

$

 

$ 430,000

 

7,000

 

3,000

 

50,000

 

490,000 $

 

$

 

$

 

$

 

$

 

$

 

$

 

$ 50,000

 

150,000

 

100,000

 

50,000

 

40,000

 

80,000

 

20,000

 

490,000 Equity

 

Capital-Anderson

 

Capital-Bacon

 

Capital-Cox

 

Capital-Day

 

Capital-Elders

 

Capital-Fawcett

 

Capital-Gonzalez

 

Total Liabilities plus Equity BADEC Income Statement

 

1/1/2008-12/31/2008 BADEC, Inc.

 

04/02/2013 - 12/31/2013 Gross Income

 

Repair Revenue

 

Interest Income

 

Dividends (Qualified)

 

Net Short-term Capital Gain

 

Total Income from all sources $100,000

 

$600

 

$2,000

 

$5,000

 

$107,600 Expenses

 

Guaranteed payments

 

Renovation Expense

 

Rent

 

Depreciaton expense

 

Licenses

 

Travel Expenses

 

Supplies Expenses

 

Net Long-term Capital Loss

 

Charitable Contributions

 

Total Expenses $10,000

 

$5,500

 

$1,500

 

$2,066

 

$500

 

$800

 

$700

 

$10,000

 

$5,000

 

$36,066 Net Income (before federal income taxes) $71,534 Cash Dividend Distribution to- Elders

 

Cash Dividend Distribution to- Fawcett

 

Cash Dividend Distribution to- Gonzalez $5,000

 

$6,000

 

$7,000 BADEC

 

Balance Sheet

 

1/2/2008

 

BADEC Partnership

 

12/31/2013

 

Assets

 

Cash

 

Computer

 

AccDep-Computer

 

Furniture

 

AccDep-Furniture

 

Land

 

Total Assets

 

Liabilities $

 

$

 

$

 

$

 

$

 

$

 

$ 485,600

 

7,000

 

(1,745)

 

3,000

 

(321)

 

50,000

 

543,534 $

 

$

 

$

 

$

 

$

 

$

 

$

 

$

 

$ 53,534

 

50,000

 

150,000

 

100,000

 

50,000

 

40,000

 

80,000

 

20,000

 

543,534 Equity

 

Retained Earnings

 

Stock-Anderson

 

Stock-Bacon

 

Stock-Cox

 

Stock-Day

 

Stock-Elders

 

Stock-Fawcett

 

Stock-Gonzalez

 

Total Liabilities plus Equity

 


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DATE ANSWERED

Oct 15, 2019

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