Florida Corporate Tax Return Assignment Assignment Overview In this assignment, you will prepare a Florida Corporate Income Tax Return (Form F-1120) for a fictional corporation operating in multiple states. The assignment will include: Federal-to-state tax adjustments Multistate apportionment calculations Florida-specific modifications and credits This assignment will provide hands-on experience in corporate tax compliance, state tax adjustments, and apportionment methodologies. Learning Objectives By completing this assignment, you will be able to: Prepare a Florida Corporate Income Tax Return (Form F-1120) based on federal tax return data. Adjust federal taxable income to conform to Floridas tax rules. Calculate Florida taxable income using apportionment formulas. Apply Florida tax credits and modifications where applicable. Analyze how multistate apportionment affects corporate tax liability. Assignment Instructions Scenario: ABC Manufacturing, Inc. ABC Manufacturing, Inc. is a C corporation headquartered in Florida. It operates in Florida, Georgia, and Texas, selling tangible products. The company files a federal corporate tax return (Form 1120) and must file a Florida corporate tax return (Form F-1120) based on its apportioned income. Company Information ABC Manufacturing Inc Address: 123 Warehouse Ln, Miami, FL 33199 FEIN: 12-3456789 FL SOS Number: L24000001234 NAICS code: 424000 CFO/Signer/Contact person: Cole D. Hardcash, (305)-555-1234, CFO@ABC.com Federal Taxable Income and State Adjustments Use the following tax data for ABC Manufacturing, Inc.: Federal taxable income (after federal NOL deduction and before state adjustments): $2,500,000 Tax-exempt interest income from California bonds: $50,000 Federal depreciation (IRC 168k bonus depreciation deduction): $200,000 State depreciation adjustment (Additional MACRS if Bonus not taken): $150,000 Federal Net Operating Loss (NOL) deduction: $100,000. The Florida NOL carryover amount as of 12/31/2023 is $48,000.108(i) Discharge of Indebtedness:$400,000, which was excluded from federal taxable income. Florida Estimated Payments: $80,000. Carryforward any overpayment to the next tax year. Florida Jobs Tax Credit: ABC Manufacturing, Inc. qualifies for a creditof $10,000. Multistate Apportionment Calculation ABC Manufacturing, Inc. operates in Florida, Georgia, and Texas. Use the following apportionment data: StateSales ($)Payroll ($)Property ($)Florida5,000,0001,200,0002,000,000Georgia3,000,000800,0001,000,000Texas2,000,000600,0001,500,000Total10,000,0002,600,0004,500,000 Calculate Floridas apportionment percentage using the appropriate formula and apply it to the adjusted taxable income. Deliverables Completed Florida Form F-1120 with all required calculations. No detail statements are required. A supporting worksheet showing federal-to-state tax adjustments.