Note: This problem is for the 2021 tax year. John . Parsons (123.456781) and George Smith (123-45-6782) are 70% and 30% owrers, respectively, of Premitum, Inc. (11-1111120\}, a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. Premilum's 5 election was made on January 15, 2012, its date of Incorporation. The following information was taken from the company's 2021 income statement. Other deductions (59,899) Book income 704,574 A comparative balance sheet appears below. Premium's accounting firm provides the following additional information. Distributions to shareholders (not reported on Form 1099-DIV and made based on percentage of ownership): Beginningbalance,Accumulatedadjustmentsaccount:OrdinarybusinessincomeforQBI:W-2wagesforQBI:111,148639,574795,205 UBLA of qualified property $100,000111,148639,574795,205125,000 Required: Prepare Premium's Form 11205, Additional Information- Continuation Statement, and Schedule K-1s for John Parsons and George Smith. 560720 th Street, Cut and Shoot, Tx 77303 . - If an amount box does not require an entry or the answer is zero, enter " 0" - Enter all amounts as positive numbers, unless otherwise instructed. - If required, round amounts to the nearest dollar. - Make realistic assumptions about any missing data. Complete Statement A-QBI Pass through Entity Reporting (Schedule K-1, Box 17, Code V) for Premium, inc. Prepare the Schedule K+1 for George Smith. If required, round amounts to the nearest dollar. Note: Box 12: Code A is is to report cash charitable contributions. Box 16: Code C is used to report nondeductible expenses, and Code D is used to report distributions not reported on form -1099-Drv. Box 17: Code A is used to report investment income, Code AC is used to report gross receipts for Section 448(c) purposes. Box 17: Code V is used to report information required for the QBI deduction. You are not required to provide a statement of the QBI items. C IRS Center where corporation filed return 6 Royalties 15 Alternative minimum tax e-file D Corporation's total number of shares Comnlete Federal Statements for Premium, thc. Statement 2 Form 1120S, Schedule K, Line 12a Charitable Contributions Cosh Contributions - 60% Limitation . Prepare Form 1125-E for Premium, Inc. for tax year 2021. Note: This problem is for the 2021 tax year. John . Parsons (123.456781) and George Smith (123-45-6782) are 70% and 30% owrers, respectively, of Premitum, Inc. (11-1111120\}, a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. Premilum's 5 election was made on January 15, 2012, its date of Incorporation. The following information was taken from the company's 2021 income statement. Other deductions (59,899) Book income 704,574 A comparative balance sheet appears below. Premium's accounting firm provides the following additional information. Distributions to shareholders (not reported on Form 1099-DIV and made based on percentage of ownership): Beginningbalance,Accumulatedadjustmentsaccount:OrdinarybusinessincomeforQBI:W-2wagesforQBI:111,148639,574795,205 UBLA of qualified property $100,000111,148639,574795,205125,000 Required: Prepare Premium's Form 11205, Additional Information- Continuation Statement, and Schedule K-1s for John Parsons and George Smith. 560720 th Street, Cut and Shoot, Tx 77303 . - If an amount box does not require an entry or the answer is zero, enter " 0" - Enter all amounts as positive numbers, unless otherwise instructed. - If required, round amounts to the nearest dollar. - Make realistic assumptions about any missing data. Complete Statement A-QBI Pass through Entity Reporting (Schedule K-1, Box 17, Code V) for Premium, inc. Prepare the Schedule K+1 for George Smith. If required, round amounts to the nearest dollar. Note: Box 12: Code A is is to report cash charitable contributions. Box 16: Code C is used to report nondeductible expenses, and Code D is used to report distributions not reported on form -1099-Drv. Box 17: Code A is used to report investment income, Code AC is used to report gross receipts for Section 448(c) purposes. Box 17: Code V is used to report information required for the QBI deduction. You are not required to provide a statement of the QBI items. C IRS Center where corporation filed return 6 Royalties 15 Alternative minimum tax e-file D Corporation's total number of shares Comnlete Federal Statements for Premium, thc. Statement 2 Form 1120S, Schedule K, Line 12a Charitable Contributions Cosh Contributions - 60% Limitation . Prepare Form 1125-E for Premium, Inc. for tax year 2021