Assuming Jeff and JoAnn this year started this same business that they run as a general S
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Question:
Assuming Jeff and JoAnn this year started this same business that they run as a general S corporation, prepare the income tax return for 2019. They each contributed $500 (a total of $1,000) in exchange for common stock. They each received a W-2 salary from the business.
You should complete a Form 1120-S including a Form 4562.
Note: In computing the income distributed on this K-1. the salaries were subtracted but the section 179 depreciation was not subtracted and reported separately. The amount of the officer's health insurance was deducted by the corporation, included in the W-2 wages and indicated on box 12 of the W-2.
Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
Posted Date: