complete forms 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.

- form 1120 along with schedules c, d, j, k, m-1 and m-2.
- form 4797 (sale of business property)
- form 4562 (depreciation expense) - is completed.

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

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.
i need the solution by 6pm est on 06/13
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