Sample 1120 Form

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					Tab: C Corp - Tax Return Prob-2009    File: 271b93d7-08e7-4214-ae59-2ca3285ed534.xls.                      Page 1 of 4

        Corporate Tax Return Problem                                     Name: _____________________
       Using the information below, please prepare a Form 1120
        for the Charlotte Corporation.
       You may submit your answer on the spreadsheets in this file,
        which are designed to be similar to the actual corporate tax return.
       The corporation was started on January 1, 2009.
       Schedules A, C, E, J, and K are omitted
       The corporation is not a member of a controlled group.
                                                                                  December 31, 2009
                                                                                  Dr            Cr.
       Cash                                                                        24,000
       Accounts receivable                                                         48,000
       Investment in IBM Stock                                                    100,000
       Investment in North Carolina Bonds (7%)                                    200,000
       Fixed assets                                                               200,000
       Accumulated depreciation                                                                  16,000
       Accounts payable                                                                          70,000
       Capital stock                                                                            400,000
       Retained earnings
       Service revenue                                                                           600,000
       Dividend income                                                                            10,000
       Interest income                                                                            14,000
       Salary expense for employees                                                300,000
       Payroll taxes                                                                29,000
       Bad debts expense (Note 1)                                                    5,000
       N. C. Corp. estimated income taxes - 2009                                    12,000
       Federal Corp. estimated income taxes - 2009                                  40,000
       Rent expense                                                                 73,000
       Depreciation expense (Note 2)                                                16,000
       Entertainment expenses                                                       18,000
       Capital loss                                                                 15,000
       Charitable Contribution                                                      30,000
       Trial Balance Total                                                $ 1,110,000        $ 1,110,000
       Total Revenue                                                                             624,000
       Total Expenses                                                              538,000
       Net income per books                                                         86,000
       Note 1. The company uses the direct write-off method for bad debts.
       Note 2. Depreciation for tax purposes is $20,000
Tab: ComputeTaxableIncome   File: 271b93d7-08e7-4214-ae59-2ca3285ed534.xls.         Page 2 of 4



  Net income (loss) per books




  Taxable income before Charity & Div. Ded.

  Charitable contribution deduction

  Taxable Income before Div. Rec. Ded.

  Dividends received deduction
  Taxable income
  Income Tax Computation                                       50,000         15%   7,500.00
                                                               25,000         25%   6,250.00
                                                               25,000         34%   8,500.00
                                                                              39%
               Tab: 1120-front                        File: 271b93d7-08e7-4214-ae59-2ca3285ed534.xls                 Page 3 of 4

Name:________________________                                               Student ID Number

Class ________ Row:_________


 1120                            U.S. Corporation Income Tax Return                                                     2009
                  1a        Gross Receipts                                     b. Less: Returns        Bal 1c
                  2         Cost of Goods Sold………..……………………..………………………………………………………                          2
                  3         Gross Profit………..……………………..………………………………………………………                                3
                  4         Dividends………..……………………..………………………………………………………                                   4
                            Interest………..……….………………..………………………………………………………
Income




                  5                                                                                         5
                  6         Gross Rents…...……..……………………..……………………………………………………… 6
                  7         Gross royalties………..……………………..……………………………………………………… 7
                  8         Capital gain net income………..……………………..………………………………………………………                     8
                  9         Net gain or (loss) from Form 4797, Part II, Line 17………..……………………..………………………………………………
                                                                                                            9
                  10        Other Income………..……………………..……………………………………………………… 10
                  11        Total Income………..……………………..……………………………………………………… 11
                  12        Compensation of officers………..……………………..………………………………………………………                   12
                  13        Salaries and Wages………..……………………..………………………………………………………                         13
                  14        Repairs and Maintenance………..……………………..………………………………………………………                    14
                  15        Bad debts………..……………………..………………………………………………………                                  15
                  16        Rents…………….......……………………..………………………………………………………                               16
                  17        Taxes and licenses………..……………………..………………………………………………………                         17
                  18        Interest…………...……...………………..………………………………………………………                              18
                  19        Charitable contributions………..……………………..………………………………………………………                   19
                 20 a       Depreciation (attach form 4562)………..……………………..………………………………………………………
                                                                                              20 a
                 20 b       Less depreciation claimed on Schedule A………..……………………..………………………………………………………
                                                                                              20 b         20c
                  21        Depletion…….……..……………………..………………………………………………………                                21
                  22        Advertising………..……………………..………………………………………………………                                22
                  23        Pension, profit-sharing, etc………..……………………..………………………………………………………               23
                  24        Employee benefit plans………..……………………..………………………………………………………                     24
                  25        Domestic production activities deduction (attach Form 8903) ………...………………..     25
                  26        Other Deductions………..……………………..………………………………………………………                           26
                  27        Total Deductions………..……………………..………………………………………………………                           27
                  28        Taxable income before net operating loss and special deductions………..……………………..……………………………
                                                                                                           28
                  29        Less: a. Net operating loss………..……………………..………………………………………………………    29a
                                  b. Special deductions………..……………………..………………………………………………………    29b         29c
                   30       Taxable income ………..……………………..………………………………………………………                            30
                   31       Total Tax………..………..………………..………………………………………………………                               31
                            2008 overpayment credited to 2009………..……………………..………………………………………………………
Tax Payments




                   32                                                  32a
                     b 2009 Estimated payments…………….………...……………..                32b    40,000.00
                      c 2009 refund applied for ………..……………………..………………………………………………………
                                                                                  32c              d Bal. 32d         40,000
                     e Tax deposited with form 7004………..……………………..………………………………………………………                    32e
                      f Credit for tax paid on undistributed capital gain………..……………………..……………………………………………………32f
                     g Credit for federal tax on fuels (attach form 4136)………..……………………..…………………………………………………32g               32h     40,000
                   33   Estimated tax penalty………..……………………..………………………………………………………\                                            33
                   34   Tax Due……….…..……………………..………………………………………………………                                                         34
                   35   Overpayment If line 32h is larger than the total of lines 31 and 33, enter amount overpaid………..……………………..………………………………
                                                                                                                              35
                   36 Enter amt of line 35 you want credited to 2010 estimated tax    Credited                    Refunded    36
Tab: Form 1120-Balance sheet                                                File: 271b93d7-08e7-4214-ae59-2ca3285ed534.xls                                                    Page 4 of 4


 Form 1120 (2009)                                                            Sample Corporation                                                                                     Page 4
 Schedule L Balance Sheets
                        Assets                                                            (a)                                (b)                    (c)                       (d)
 1        Cash ……...……..............................................................…….
 2a       Trade notes and accounts receivable …...……...............
 2b       Less allowance for bad debts .………..........................……
 3        Inventories...........……..……….......................................………….
 4        U.S. govemment obligations.………...............................
 5        Tax-exempt securities (see instructions) .…….............
 6        Other current assets (attach schedule) (Savings)….......
 7        Loans to stockholders....……...................................………
 8        Mortgage and real estate loans.....……....................……..
 9        Other investments (attach schedule).……....................
 10a      Buildings and other depreciable assets.……...................
 10b      Less accumulated depreciation..........……...................
 11a      Depletable Assets…………………………...……………
 11b      Less accumulated depletion..……................................
 12       Land (net of any amortization) ....……..........................
 13a      Intangible assets (amortizable only)……......................
 13b      Less accumulated amortization.....…….......................
 14       Other assets (attach schedule) .......…….....................
 15       Total Assets………………...……………………………..
          Liabilities and Stockholders' Equity
 16       Accounts payable..............................................
 17       Mortgages, notes, payable in less than 1 year….........
 18       Other current liabilities (attach schedule) ..............
 19       Loans from stockholders...........……...........................
 20       Mortgages, notes payable in 1 year or more……...…..
 21       Other liabilities (attach schedule)………...…….
 22       Capital stock: a Preferred stock.........……...........………….
                                   b Common stock.....……......................
 23       Additional paid-in capital……..…………...…................................
 24       Adjustments to stockholders equity……..…………...…................................
 25       Retained eamings-Appropriated…………….…………..........
 26       Retained eamings-Unappropriated …….......................………….                                                           -
 27       Less cost of treasury stock......……...........................………..
 28       Total liabilities and stockholders' equity …………..….                    $                                                 -
 Note You are not required to complete Schedules M-1 and M-2 if the total assets on Line 15, Column (d) are less than $25,000
 Schedule M-1                                   Reconciliation of Income (Loss) per Books with Income per Return
     1    Net income (loss) per books......………......................                                        7 Income recorded on books this year
     2    Federal income tax.............................................                                       not included on this return (itemize):
     3    Excess of capital losses over capital gains ……............                                            Tax-exempt interest. $
     4    Income subject to tax not recorded on books………..........
          this year (itemize):………...………….
                                        ………………………………                                                        8 Deductions on return not charged
                                                                                                               against book income this yr (itemize):
     5    Expenses recorded on books this year not                                                          a. Depreciation ...... $
          deducted on this retum (itemize):                                                                 b. Contributions carryover $
      a   Depreciation .…............. $
      b   Contributions ………….... $
      c   Travel and entertainment... $
          Bad Debts                                                                                         9 Add lines 7 and 8
     6    Add lines 1 throuqh 5                                                                            10 Income (Line 28, page 1) - line 6 less line 9
 Schedule M-2                                   Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L)
     1 Balance at beginning of year...................................                                      5 Distributions: a Cash........................................
     2 Net income (loss) per books...................................                                                       b Stock .......................................
     3 Other increases (itemize):                                                                                           c Property..................................
                                                                                                            6 Other decreases (itemize):

                                                                                                            7 Add lines 5 and 6..........................................
     4    Add lines 1. 2. and 3..........................................                                   8 Balance end of year (line 4 less line 7)

				
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Description: Sample 1120 Form document sample