Form 1120VE V.E. Corporation Income Tax Return 2012
For the calendar year 2012 or the tax year beginning __________, 2012, ending __________ , 20__
Company name Employer identification number
Number, street and room no. Date incorporated
City, state and ZIP code Total assets
1a. Gross receipts or sales 1a.
1b. Returns or allowances 1b.
1c. Net receipts or sales 1c.
2. Cost of goods sold (Schedule A, line 7) 2.
3. Gross profit. Subtract line 2 from line 1c. 3.
4. Dividends 4.
5. Interest 5.
6. Capital gain net income (attach Schedule D (Form 1120)) 6.
7. Other income 7.
8. Total income 8.
9. Compensation of officers 9.
10. Salaries and wages 10.
11. Repairs and maintenance 11.
12. Bad debts 12.
13. Rents 13.
14. Payroll taxes 14.
15. Interest 15.
16. Advertising 16.
17. Pension, profit sharing, 401(k) plans, etc. 17.
18. Depreciation 18.
19. Other deductions (attach schedule) 19.
20. Total deductions. Add lines 9 through 19. 20.
21. Taxable income before net operating loss deduction. (Subtract line 20 from line 8) 21.
22. Less: Net operating loss deductions 22.
23. Taxable income. Subtract line 22 from line 21. 23.
24. Tax. (Refer to tax table in instructions) 24.
Tax and payments
25. Payments a. 2010 payment credited to 2011
b. 2011 estimated tax payments
c. Other credits
d. Sum of a, b and c. 25d.
26. Estimated tax penalty 26.
27.Tax due. If line 25d is smaller than line 24, enter amount owed. 27.
28. Overpayment. If line 25d is greater than line 24, enter amount of overpayment. 28.
29a. Enter the amount of line 28 you want credited to 2012 estimated tax 29a.
29b. Enter the amount of line 28 you want refunded. 29b.
Under penalties of perjury, I declare that I have examined this return and the accompanying schedules, and to the best of
my knowledge and belief, it is true, correct and complete.
Signature of officer Date Title
Paid Preparer's signature Date
Preparer's Firm name (or yours if self-employed)
Use Only Address
COST OF GOODS SOLD
1 Inventory at the beginning of the year
3 Cost of direct labor (manufacturing firms)
4 Other costs (of production)
5 Total. (Add lines 1 through 4)
6 Inventory at the end of the year
Cost of goods sold. Subtract line 6 from
line 5. Enter here and on line 2 of form
COMPENSATION OF OFFICERS
Name of Officer Title Compensation
CAPITAL GAINS AND LOSSES
LONG AND SHORT TERM CAPITAL GAINS AND LOSSES
(b) Date (f) Gain or loss
(a) Description of property (example: 100 shares of XYZ acquired (c) Date sold (d) Sales (e) Cost or Subtract (e)
Co.) (xx/xx/xx) (xx/xx/xx) price other basis from (d)
11 Net short and long term capital gain or (loss). Combine column (f) of lines 1 through 10. If line
11column (f) is greater than zero, enter on line 6 of form 1120 VE.
If line 11 column (f) is less than zero, enter the amount as a negative number on line 6 of
1120 VE. Do not include any loss greater than 3,000. If loss is greater than 3,000, complete
line 12 below to determine Capital Loss Carryover.
12 If line 11 column (f) is less than zero, enter the amount as a positive number here.
13 Subtract 3,000 from line 12 column (f) amount. This is the amount of your Capital Loss
Use a separate sheet to list additional gains and losses. Enter the total of the separate sheet on line 10 with
notation to refer to separate sheet.
VIRTUAL ENTERPRISES, INTERNATIONAL
LINE BY LINE INSTRUCTIONS FOR CORPORATE TAX RETURN 1120 VE
LINE # DIRECTIONS
1a. Enter the amount of all sales before any deductions.
1b. Enter the total amount of goods that were returned for any reasons. If there are none, leave the
1c. Subtract line 1b. From line 1a.
2 Copy the Cost of Goods Sold from Schedule A line 7.
3 Line 1c. less line 2.
4 Total amount of dividends received. If there were none, leave the line blank.
5 Total amount of interst received. If there was none, leave the line blank.
6 Net amount of capital transactions - be sure to attach either Schedule D or a schedule showing the
calculation. If there are none, leave the space blank.
7 Attach a schedule showing any other income the firm has received. If none, leave blank.
8 Total of lines 3 through 7.
9 Enter the total from Schedule B. If there are none, leave blank.
10 Total amount of wages and salaries. DO NOT INCLUDE ANY AMOUNT THAT WAS INCLUDED
ON LINE 9.
11 Total amount of repairs and maintenance; if none, leave blank.
12 Include only the amounts of previously recorded sales that have become uncollectible.
13 Include all rent expense paid in the current fiscal year.
14 Total amount of payroll taxes that were paid. Do not include the amount deducted from employees
salaries. If there were none, leave blank.
15 Total amount of interest charged to the company.
16 Include all advertising expense recorded in the current fiscal year.
17 Total amount of pension, 401(k) or profit sharing that the firm contributed. If none, leave blank.
18 Depreciation expense. All depreciation is calculated straight line, over 5 years. Assume zero
19 If there are any other expenses, not listed above, list them on a separate schedule and write the
total amount here.
20 Total of lines 9 through 19.
21 Subtract line 20 from line 8. If there is a profit, continue to line 22. If there is a loss, do not go any
further. There is no tax due. Sign and date the return.
22 If there was a loss in prior years, you are permitted to deduct the cumulative net of these losses
from this year's profit before computing the tax due. If the cumulative amount of the losses from
prior years is less than or equal to the amount of the current year profit, write the full amount of the
cumulative loss here. If the total of the cumulative losses from prior years is greater than the
current year profit, write only the amount of the loss that will result in zero taxable income on line
21. Make a schedule of the balance leftover to be used next year.
23 Subtract line 22 from line 21. If the result is zero, place a zero here and on line 24.
24 Refer to the tax table to determine the tax due. Enter the amount here and pay this amount to the
VEC Tax Account, US Network Bank # 100026702. Indicate in the memo box "Corporate Income
Where to file? After completing this form, submit electronically at the VE Web site.
VIRTUAL ENTERPRISES, INTERNATIONAL
LINE BY LINE INSTRUCTIONS FOR SCHEDULES TO CORPORATE TAX RETURN 1120 VE
Tax Rate Schedule
If taxable income on line 23 of Form 1120VE is:
But not amount
Over -- over -- Tax is: over --
0 50,000 15% 0
50,000 75,000 $7,500 + 25% 50,000
75,000 100,000 $13750 + 34% 75,000
100,000 335,000 $22,250 + 39% 100,000
335,000 10,000,000 $113,900 + 34% 335,000
10,000,000 ………….. $3,400,000 + 35% 10,000,000
COST OF GOODS SOLD
This form is required for all firms that maintain merchandise inventory.
1 Enter the amount of merchandise inventory on hand at the end of last year. This is the amount that
2 Total of all merchandise that was purchased for resale.Include all raw materials that were
purchased and converted into merchandise.
3 Include the cost of labor used to convert raw materials into finished merchandise. Do not include
4 Total amount of other costs that can be directly identified to the merchandise (freight in, storage
5 Total of lines 1through 4.
6 Indicate the value (at your cost) of the merchandise at the end of the year. The quantity of
merchandise inventory on hand is generally verified by a year-end physical count. All inventory
records should be updated at this time.
7 Subtract line 6 from line 5.
COMPENSATION OF OFFICERS
List each of the corporate officers (President and all Vice-Presidents). Indicate the officer's name,
title and amount of compensation paid during the fiscal year. Note: if your payroll records are for
the calendar year (they probably are), you will need to determine the amount of compensation that
was paid in this fiscal period by referring to payroll records for two calendar years. DO NOT
INCLUDE THIS AMOUNT ON LINE 11-WAGES AND SALARIES.