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I have an assignment that I need major help with. At this moment, I am desperate. It is filling out an1120 form. I could use a lot of help at this moment. I can pay any price. Can you get back to me...

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I have an assignment that I need major help with. At this moment, I am desperate. It is filling out an1120 form. I could use a lot of help at this moment. I can pay any price. Can you get back to me as soon as you can? I look forward to hearing from you. This is really urgent. The assignment is due April 2nd to the 5th, although I would like to have it buy Wednesday or Thursday the latest.As I stated in the assignment is filling out a 1120 form. The problem comes from my textbook, which I also attached. Project is found in Problem C:3-66 on pages 3-66 through 3-68. Both documents are attached. Please help me. You are my only hope at this moment. I look forward to hearing from you very soon.Kelizma M
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3 CHAPTER THE CORPORATE INCOME TAX LEARNING OBJECTIVES After studying this chapter, you should be able to 1 Apply the requirements for selecting tax years and accounting methods  to various types of C corporations 2 Compute a corporation’s taxable income  3 Compute a corporation’s income tax liability  4 Understand what a controlled group is and the tax consequences of  being a controlled group 5 Understand how compensation planning can reduce taxes for  corporations and their shareholders 6 Determine the requirements for paying corporate income taxes and  filing a corporate tax return 7 Determine the financial statement implications of federal income taxes  3-1 Prentice Hall’s Federal Taxation 2012 Corporations, Partnerships, Estates & Trusts, Twenty Fifth Edition, by Kenneth E. Anderson, Thomas R. Pope, John L. Kramer. Published by Prentice Hall. Copyright © 2012 by Pearson Education, Inc. ISBN XXXXXXXXXX0ISBN XXXXXXXXXX 3-2 Corporations ? Chapter 3 CHAPTER OUTLINE A corporation is a separate taxpaying entity that must file an annual tax return even if it has no income or loss for the year. This chapter covers the tax rules for domestic corpora- Corporate Elections...3-2 tions (i.e., corporations incorporated in one of the 50 states or under federal law) and General Formula for Determining 1 the Corporate Tax Liability...3-5 other entities taxed as domestic corporations under the check-the-box regulations. It Computing a Corporation’s explains the rules for determining a corporation’s taxable income, loss, and tax liability Taxable Income...3-6 and for filing corporate tax returns. See Table C:3-1 for the general formula for determin- Computing a Corporation’s Income Tax Liability XXXXXXXXXXing the corporate tax liability. It also discusses the financial implications of federal income Controlled Groups of taxes. Some of these implications appear briefly in the Book-to-Tax Accounting Corporations...3-24 Comparisons, and a more detailed discussion...

Answered Same Day Dec 22, 2021

Solution

Robert answered on Dec 22 2021
132 Votes
2010 Form 1120
Form 1120
Department of the Treasury
Internal Revenue Service
U.S. Corporation Income Tax Return
For calendar year 2010 or tax year beginning , 2010, ending , 20
▶ See separate instructions.
OMB No. 1545-0123
2010
Print
or
type
Name
Number, street, and room or suite no. If a P.O. box, see instructions.
City or town, state, and ZIP code
A Check if:
1a Consolidated return
(attach Form 851) .
b Life/nonlife consoli-
dated return . . .
2 Personal holding co.
(attach Sch. PH) . .
3 Personal service corp.
(see instructions) . .
4 Schedule M-3 attached
B Employer identification numbe
C Date incorporated
D Total assets (see instructions)
$
E Check if: (1) Initial return (2) Final return (3) Name change (4) Address change
In
co
m
e
1a Gross receipts or sales b Less returns and allowances c Bal ▶ 1c
2 Cost of goods sold (Schedule A, line 8) . . . . . . . . . . . . . . . . . . . . 2
3 Gross profit. Subtract line 2 from line 1c . . . . . . . . . . . . . . . . . . . . 3
4 Dividends (Schedule C, line 19) . . . . . . . . . . . . . . . . . . . . . . 4
5 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Gross rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 Gross royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8 Capital gain net income (attach Schedule D (Form 1120)) . . . . . . . . . . . . . . . 8
9 Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . . . . . . . . . 9
10 Other income (see instructions—attach schedule) . . . . . . . . . . . . . . . . . 10
11 Total income. Add lines 3 through 10 . . . . . . . . . . . . . . . . . . . . . ▶ 11
D
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.) 12 Compensation of officers (Schedule E, line 4) . . . . . . . . . . . . . . . . . . ▶ 12
13 Salaries and wages (less employment credits) . . . . . . . . . . . . . . . . . . 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 Depreciation from Form 4562 not claimed on Schedule A or elsewhere on return (attach Form 4562) . . 20
21 Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
22 Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
23 Pension, profit-sharing, etc., plans . . . . . . . . . . . . . . . . . . . . . 23
24 Employee benefit programs . . . . . . . . . . . . . . . . . . . . . . . 24
25 Domestic production activities deduction (attach Form 8903) . . . . . . . . . . . . . . 25
26 Other deductions (attach schedule) . . . . . . . . . . . . . . . . . . . . . 26
27 Total deductions. Add lines 12 through 26 . . . . . . . . . . . . . . . . . . . ▶ 27
28 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11. 28
29 Less: a Net operating loss deduction (see instructions) . . . . . . . 29a
b Special deductions (Schedule C, line 20) . . . . . . . . . 29b 29c
Ta
x,
R
ef
un
da
l
e
C
e
di
ts
, a
nd
P
ay
m
en
ts 30 Taxable income. Subtract line 29c from line 28 (see instructions) . . . . . . . . . . . . 30
31 Total tax (Schedule J, line 10) . . . . . . . . . . . . . . . . . . . . . . . 31
32a 2009 overpayment credited to 2010 . 32a
2010 estimated tax payments . . . 32
c 2010 refund applied for on Form 4466 32c ( ) d Bal ▶ 32d
e Tax deposited with Form 7004 . . . . . . . . . . . . . . . 32e
f Credits: (1) Form 2439 (2) Form 4136 32f
g Refundable credits from Form 3800, line 19c, and Form 8827, line 8c . . . 32g 32h
33 Estimated tax penalty (see instructions). Check if Form 2220 is attached . . . . . . . . ▶ 33
34 Amount owed. If line 32h is smaller than the total of lines 31 and 33, enter amount owed . . . . . 34
35 Overpayment. If line 32h is larger than the total of lines 31 and 33, enter amount overpaid . . . . . 35
36 Enter amount from line 35 you want: Credited to 2011 estimated tax ▶ Refunded ▶ 36
Sign
Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, co
ect,
and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Signature of officer Date

Title
May the IRS discuss this return
with the preparer shown below
(see instructions)? Yes No
Paid
Preparer
Use Only
Print/Type preparer’s name Preparer's signature Date
Check if
self-employed
PTIN
Firm’s name ▶ Firm's EIN ▶
Firm's address ▶ Phone no.
For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11450Q Form 1120 (2010)
Form 1120 (2010) Page 2
Schedule A Cost of Goods Sold (see instructions)
1 Inventory at beginning of year . . . . . . . . . . . . . . . . . . . . . 1
2 Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3 Cost of labor . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4 Additional section 263A costs (attach schedule) . . . . . . . . . . . . . . . . 4
5 Other costs (attach schedule) . . . . . . . . . . . . . . . . . . . . . 5
6 Total. Add lines 1 through 5 . . . . . . . . . . . . . . . . . . . . . . 6
7 Inventory at end of year . . . . . . . . . . . . . . . . . . . . . . . 7
8 Cost of goods sold. Subtract line 7 from line 6. Enter here and on page 1, line 2 . . . . . . 8
9a Check all methods used for valuing closing inventory:
(i) Cost
(ii) Lower of cost or market
(iii) Other (Specify method used and attach explanation.) ▶
Check if there was a writedown of subnormal goods . . . . . . . . . . . . . . . . . . . . . . ▶
c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) . . . . . . ▶
d If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of closing
inventory computed under LIFO . . . . . . . . . . . . . . . . . . . . 9d
e If property is produced or acquired for resale, do the rules of section 263A apply to the corporation? . . . . . Yes No
f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If “Yes,”
attach explanation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No
Schedule C Dividends and Special Deductions (see instructions) (a) Dividends
eceived
(b) % (c) Special deductions (a) × (b)
1 Dividends from less-than-20%-owned domestic corporations (other than debt-financed
stock) . . . . . . . . . . . . . . . . . . . . . . . . 70
2 Dividends from 20%-or-more-owned domestic corporations (other than debt-financed
stock) . . . . . . . . . . . . . . . . . . . . . . . . 80
3 Dividends on debt-financed stock of domestic and foreign corporations . . . . .
see
instructions
4 Dividends on certain prefe
ed stock of less-than-20%-owned public utilities . . . 42
5 Dividends on certain prefe
ed stock of 20%-or-more-owned public utilities . . . . 48
6 Dividends from less-than-20%-owned foreign corporations and certain FSCs . . . 70
7 Dividends from 20%-or-more-owned foreign corporations and certain FSCs . . . 80
8 Dividends from wholly owned foreign subsidiaries . . . . . . . . . . . 100
9 Total. Add lines 1 through 8. See instructions for limitation . . . . . . . .
10 Dividends from domestic corporations received by a small business investment
company operating under the Small Business Investment Act of 1958 . . . . . 100
11 Dividends from affiliated group members . . . . . . . . . . . . . . 100
12 Dividends from certain FSCs . . . . . . . . . . . . . . . . . 100
13 Dividends from foreign corporations not included on lines 3, 6, 7, 8, 11, or 12 . . .
14 Income from controlled foreign corporations under subpart F (attach Form(s) 5471) .
15 Foreign dividend gross-up . . ....
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