Phoenix Medical Worksheet
Week 4: Prepare Form 1120:
1. You are provided with the financial reports (2 year balance sheet and current year profit and loss in as a as a Microsoft® Excel) along with the supplemental information that provides the details required to prepare a tax return for your new tax client – Phoenix Medical, Inc.
2. Fill out pages 1 through 5 of Form 1120 – US Corporation Income Tax Return. Include as many details as you can. Utilize the PDF Form 1120 provided and consult the form instructions where needed.
3. Upload the completed tax return to the assignment tab.
Supplemental information for Phoenix Medical, Inc.
Calendar year ending 12/31/2014:
Page 1 Information:
Phoenix Medical, Inc.
1122 Three Ave.
Phoenix, AZ 85001
B. EIN: 24-5678901
C. Date Incorporated: 3/27/2006
Page 2 Information:
- 1. Dividends were received from Big Labs. Phoenix Medical holds a 15% ownership of Big Labs.
Schedule K Information:
Line 2. a. Business Activity Code: 621111
b. Business Activity: Medical
c. Product or Services: Skin Care
Line 3. Not a subsidiary.
Line 4. a. Not owned by a foreign or domestic entity.
b. Owned equally by three individuals (33.33%).
Line 5. Not an owner of 20% or more of a foreign or domestic corporation or partnership.
Line 6-11. No.
Line 12. NOL carryforward of $1,535,624 is available to offset 2014 income.
Line 13 & 14. No.
Line 15. Yes and Yes.
Line 16-18. No.
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- Submitted On 30 Jul, 2018 11:45:10