Complete a form $1120$ for Jims auto body

Additional information

Jim's Auto Body $($Inc$,$ or LLC$)$

$1122$ Sesame Street

New York, NY$,10002$

EIN $90-1234567$

Dated incorporated January $1$st$,2010$

Jim Jameson

$8701$ Electric Avenue

New York NY$,10002$SSN: $123-45-6789$

Jim Jameson took on Fred as a partner for the LLC$.$ Fred owns $50\%$ of all profits, losses, and capital. You do not have to complete Part $2$ K $.$ L$.$ or M on the $1065$ Schedule K $-1($there is not enough information provided$).$

$$4,500$ salary expense is officer's compensation for the corporation and guaranteed payment to partners for the LLC$.$

$$55,000$ equipment is $7-$year property in its $5$ th year of service and was placed into service in the middle of the year, thus using the half$-$year convention. Use the correct table from the IRS$-$Publication $946$: How to Depreciate Property$-$to determine the tax deductible depreciation. Form $4562$ is not required.

Jim made four quarterly estimated tax payments of $$BDC$ each over the course of the year.

In accordance with IRS instructions: "Corporations with total recelpts and total assets at the end of the tax year less than $5250,000$ are not required to complete Schedules L$,$ M$-1,$ and M$-2"($Internal Revenue Service, nd$).$ This also applies to the LLC$.$

For the $1065$ Schedule K$-1,$ you will not have enough information to fill out Part $2$ K $.$ L and M$.$

$\backslash$table$[[,$Jim's Auto Body,$],[$Revenues:$,,],[$Service Revenue,,$28,{000}_{?}$