complete form form 1120 schedules c, d, j, k, m-1 and m-2. form 4797

Project Description:

this excel workbook includes the financial statements, and book and tax depreciation schedules for elite office furnitures, inc.
using this information, complete elite office furniture's 2011 corporate income tax return.

required forms:

form 1120 along with schedules c, d, j, k, m-1 and m-2.
form 4562 (depreciation expense) - i have completed this form for you. make sure to include this form with your return.
form 4797 (sale of business property)

you do not need to complete schedule a (cost of goods sold), just use the cogs from the income statement for line 2 of the 1120.

do not prepare the tax return with a commercial tax preparation software (e.g. turbo tax).

the instructions indicate that the return should not be prepared by the software. will the asnwer be different if you do it manually or with the software? will it be obvious that the return prepared by using the software? if so, then won't be ok.

for the excel workbook above (instruction, financials, additional information, etc. - use tabs at the bottom of the spreadsheet to navigate through the worksheets)

here are some hints:

1. you do not have to complete schedules g or l (the balance sheet).
2. schedule j should only have a single entry for the calcualtion of the regular tax (the only one that applies).

3. the corporation should receive a refund.

4. begin the return by completing form 4797. sales of non depreciable property are reported in part i, sales of depreciable property are reported in part iii (the second page). remember you are preparing a corporate tax return and will have calculate sec. 291 recpature in addition to what you would calculate for an individual. once this form is completed, the ordinary income is reported on page 1 of form 1120 and the sec. 1231 gain is tranferred to schedule d.

5. for schedule m-1, remember that if the book and tax gains on the sale of assets are different, that difference will be one of your reconciling items.

thank you
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