Part III Qualifying Advanced Energy Project Credit Under Section 48C (see instructions) 1a Enter the qualified...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Part III Qualifying Advanced Energy Project Credit Under Section 48C (see instructions) 1a Enter the qualified investment in advanced energy project property placed in service during the tax year Basis: Basis from Schedule(s) K-1: 4,000,000 0 1a 4,000,000 b If you checked the box in Part I, line 8a, and it's consistent with your 48C application per Notice 2023-18, enter 30%. If you checked the box in Part I, line 8c, enter 6% 1b C Multiply.line.1.a by.line.1.b. 30.000 % 1c 1,200,000 d Enter your 48C Allocation control number e Is the facility in a section 48C energy community census tract? Yes No 2 Enter the applicable unused investment credit from cooperatives 2 0 3 Add lines 1c.and.2.. Report this amount on. Form 3800, Part. III, line 1d. 3 1,200,000 Tax Computation and Payment (see instructions) Form 1120 (2023) Schedule J Part I-Tax Computation Income tax. See instructions. 1 2 Base erosion minimum tax amount (attach Form 8991). 3 4 Add lines 1, 2, and 3 . . Corporate alternative minimum tax from Form 4626, Part II, line 13 (attach Form 4626). 5a Foreign tax credit (attach Form 1118). b Credit from Form 8834 (see instructions) C General business credit (see instructions-attach Form 3800) d Credit for prior year minimum tax (attach Form 8827) e Bond credits from Form 8912. Page 3 1 2273355 2 5a 5b 5c 1200000 5d 5e 8 9e 9f Subtract line 6 from line 4. . 6 Total credits. Add lines 5a through 5e 7 8 Personal holding company tax (attach Schedule PH (Form 1120)) 9a Recapture of investment credit (attach Form 4255). b Recapture of low-income housing credit (attach Form 8611) c Interest due under the look-back method-completed long-term contracts (attach Form 8697). d Interest due under the look-back method-income forecast method (attach Form 8866) Alternative tax on qualifying shipping activities (attach Form 8902) e f Interest/tax due under section 453A(c). g Interest/tax due under section 453(1) Z Other (see instructions-attach statement) 10 Total. Add lines 9a through 9z .. 11 Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 4 2273355 6 1200000 7 1073355 8 10 11 107355 2 3 4 5 Interest 6 Gross rents Form 1120 Department of the Treasury Internal Revenue Service A Check if: 1a Consolidated return (attach Form 851) b Life/nonlife consoll- dated return.. 2 Personal holding co. (attach Sch. PH). 3 Personal service corp. (see instructions). 4 Schedule M-3 attached Income U.S. Corporation Income Tax Return For calendar year 2023 or tax year beginning 01/01, 2023, ending 12/31 Go to www.irs.gov/Form1120 for instructions and the latest information. Name SageGreen Computer Corporation TYPE OR PRINT Number, street, and room or suite no. If a P.O. box, see instructions. 1234 Anywhere Blvd City or town, state or province, country, and ZIP or foreign postal code Sun City, AZ 85351 20 22 OMB No. 1545-0123 2023 B Employer identification number 85-1234566 C Date incorporated 1/2/2022 D Total assets (see instructions) E Check if: (1) Initial retum (2) Final return (3) Name change 1a (4) 32000000 Address change 1b 1a Gross receipts or sales b Returns and allowances c Balance. Subtract line 1b from line 1a. Cost of goods sold (attach Form 1125-A). Gross profit. Subtract line 2 from line 1c. Dividends and inclusions (Schedule C, line 23) 10815000 1c 32000000 2 20360000 3 11640000 4 65000 5 20000 6 7 Gross royalties 7 8 Capital gain net income (attach Schedule D (Form 1120)) 8 9 10 Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (see instructions-attach statement). 9 10 11 Total income. Add lines 3 through 10. 11 11725000 Deductions (See instructions for limitations on deductions.) 12 Compensation of officers (see instructions-attach Form 1125-E) 12 13 Salaries and wages (less employment credits) 13 800000 14 Repairs and maintenance 14 15 Bad debts. 15 16 Rents 16 17 Taxes and licenses 17 18 Interest (see instructions) 18 19 Charitable contributions. 19 40000 20 21 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) Depletion. 20 21 22 Advertising 22 23 Pension, profit-sharing, etc., plans 23 24 Employee benefit programs 24 25 Energy efficient commercial buildings deduction (attach Form 7205) 25 26 Other deductions (attach statement). 26 27000 27 Total deductions. Add lines 12 through 26. 27 867000 28 29a Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11. Net operating loss deduction (see instructions) 28 10858000 29a b Special deductions (Schedule C, line 24). 29b 32500 Add lines 29a and 29b 29c Tax, Refundable Credits, and Payments 31 25333385 30 Taxable income. Subtract line 29c from line 28. See instructions 30 32500 10825500 Total tax (Schedule J, Part I, line 11) 31 1073355 Reserved for future use. 32 Total payments and credits (Schedule J, Part II, line 23) 33 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached 34 36 37 Amount owed. If line 33 is smaller than the total of lines 31 and 34, enter amount owed Overpayment. If line 33 is larger than the total of lines 31 and 34, enter amount overpaid Enter amount from line 36 you want: Credited to 2024 estimated tax 35 1073355 36 Refunded 37 Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and Part III Qualifying Advanced Energy Project Credit Under Section 48C (see instructions) 1a Enter the qualified investment in advanced energy project property placed in service during the tax year Basis: Basis from Schedule(s) K-1: 4,000,000 0 1a 4,000,000 b If you checked the box in Part I, line 8a, and it's consistent with your 48C application per Notice 2023-18, enter 30%. If you checked the box in Part I, line 8c, enter 6% 1b C Multiply.line.1.a by.line.1.b. 30.000 % 1c 1,200,000 d Enter your 48C Allocation control number e Is the facility in a section 48C energy community census tract? Yes No 2 Enter the applicable unused investment credit from cooperatives 2 0 3 Add lines 1c.and.2.. Report this amount on. Form 3800, Part. III, line 1d. 3 1,200,000 Tax Computation and Payment (see instructions) Form 1120 (2023) Schedule J Part I-Tax Computation Income tax. See instructions. 1 2 Base erosion minimum tax amount (attach Form 8991). 3 4 Add lines 1, 2, and 3 . . Corporate alternative minimum tax from Form 4626, Part II, line 13 (attach Form 4626). 5a Foreign tax credit (attach Form 1118). b Credit from Form 8834 (see instructions) C General business credit (see instructions-attach Form 3800) d Credit for prior year minimum tax (attach Form 8827) e Bond credits from Form 8912. Page 3 1 2273355 2 5a 5b 5c 1200000 5d 5e 8 9e 9f Subtract line 6 from line 4. . 6 Total credits. Add lines 5a through 5e 7 8 Personal holding company tax (attach Schedule PH (Form 1120)) 9a Recapture of investment credit (attach Form 4255). b Recapture of low-income housing credit (attach Form 8611) c Interest due under the look-back method-completed long-term contracts (attach Form 8697). d Interest due under the look-back method-income forecast method (attach Form 8866) Alternative tax on qualifying shipping activities (attach Form 8902) e f Interest/tax due under section 453A(c). g Interest/tax due under section 453(1) Z Other (see instructions-attach statement) 10 Total. Add lines 9a through 9z .. 11 Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 4 2273355 6 1200000 7 1073355 8 10 11 107355 2 3 4 5 Interest 6 Gross rents Form 1120 Department of the Treasury Internal Revenue Service A Check if: 1a Consolidated return (attach Form 851) b Life/nonlife consoll- dated return.. 2 Personal holding co. (attach Sch. PH). 3 Personal service corp. (see instructions). 4 Schedule M-3 attached Income U.S. Corporation Income Tax Return For calendar year 2023 or tax year beginning 01/01, 2023, ending 12/31 Go to www.irs.gov/Form1120 for instructions and the latest information. Name SageGreen Computer Corporation TYPE OR PRINT Number, street, and room or suite no. If a P.O. box, see instructions. 1234 Anywhere Blvd City or town, state or province, country, and ZIP or foreign postal code Sun City, AZ 85351 20 22 OMB No. 1545-0123 2023 B Employer identification number 85-1234566 C Date incorporated 1/2/2022 D Total assets (see instructions) E Check if: (1) Initial retum (2) Final return (3) Name change 1a (4) 32000000 Address change 1b 1a Gross receipts or sales b Returns and allowances c Balance. Subtract line 1b from line 1a. Cost of goods sold (attach Form 1125-A). Gross profit. Subtract line 2 from line 1c. Dividends and inclusions (Schedule C, line 23) 10815000 1c 32000000 2 20360000 3 11640000 4 65000 5 20000 6 7 Gross royalties 7 8 Capital gain net income (attach Schedule D (Form 1120)) 8 9 10 Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (see instructions-attach statement). 9 10 11 Total income. Add lines 3 through 10. 11 11725000 Deductions (See instructions for limitations on deductions.) 12 Compensation of officers (see instructions-attach Form 1125-E) 12 13 Salaries and wages (less employment credits) 13 800000 14 Repairs and maintenance 14 15 Bad debts. 15 16 Rents 16 17 Taxes and licenses 17 18 Interest (see instructions) 18 19 Charitable contributions. 19 40000 20 21 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) Depletion. 20 21 22 Advertising 22 23 Pension, profit-sharing, etc., plans 23 24 Employee benefit programs 24 25 Energy efficient commercial buildings deduction (attach Form 7205) 25 26 Other deductions (attach statement). 26 27000 27 Total deductions. Add lines 12 through 26. 27 867000 28 29a Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11. Net operating loss deduction (see instructions) 28 10858000 29a b Special deductions (Schedule C, line 24). 29b 32500 Add lines 29a and 29b 29c Tax, Refundable Credits, and Payments 31 25333385 30 Taxable income. Subtract line 29c from line 28. See instructions 30 32500 10825500 Total tax (Schedule J, Part I, line 11) 31 1073355 Reserved for future use. 32 Total payments and credits (Schedule J, Part II, line 23) 33 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached 34 36 37 Amount owed. If line 33 is smaller than the total of lines 31 and 34, enter amount owed Overpayment. If line 33 is larger than the total of lines 31 and 34, enter amount overpaid Enter amount from line 36 you want: Credited to 2024 estimated tax 35 1073355 36 Refunded 37 Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
If the resultant force acting on the hook is F R = {? 200i + 800j + 150k} lb, determine the magnitude and coordinate direction angles of F. 30 F= 600 ib
-
On January 1, 2014, Palmer Company acquired a 90% interest in Stevens Company at a cost of $1,000,000. At the purchase date, Stevens Company's stockholders' equity consisted of the following: Common...
-
Write an O(n)-time recursive procedure that, given an n-node binary tree, prints out the key of each node in the tree.
-
True or False: If \(\operatorname{IRR}(\mathrm{A})>\operatorname{IRR}(\mathrm{B})\), then \(\operatorname{ERR}(\mathrm{A})>\operatorname{ERR}(\mathrm{B})\).
-
Santa Ana Services was formed on May 1, 2014. The following transactions took place during the first month. Transactions on May 1: 1. Don Humes invested $40,000 cash in the company, as its sole...
-
Using the list method or the switch method, find the inverse function of: f(x)=6x+1-13 f1(x) =
-
Three types of entities required to produce annual financial reports that comply with the Australian Accounting Standards under the Corporations Act 2001 (Cth).Australia. Is administered by the...
-
There are some things that I would like to recommend modifying and being updated with today's technology. Many of the employees would like to be aware of their benefits. Therefore it is important to...
-
Compute the flux of F = x + yj+zk through just the curved surface of the cylinder x + y = 1 bounded below by the plane x + y + z = 3, above by the plane x + y + z = 9, and oriented away from the...
-
Cynthia has been asked by her superior to calculate the total shareholder's equity. Which balance will she add to the opening equity to find the closing balance of the shareholder's equity?
-
Crunch Company is purchasing oats for one line of their famous cereal. What is the entry they would use to record the initial purchase of the oats if they were purchased on account?
-
Derive the dispersion relationship equation and the velocity potential equation from the Laplace equation and Bernoulli equations. It is crucial to show each step clearly.
-
Based on an understanding of government, state, & local accounting; how the government operates on the financial level?
-
Arlington Merchants reported the following on its income statement for the fiscal years ending December 31, 2016 and 2015. 2016 2015 Sales $4,857,500 $4,752,900 Cost of goods sold 3,258,950 3,207,000...
-
Sherry rents her vacation home for 6 months and lives in it for 6 months during the year. Her gross rental income during the year is $4,000. Total real estate taxes for the home are $950, and...
-
William sold Section 1245 property for $25,000 in 2012. The property cost $35,000 when it was purchased 5 years ago. The depreciation claimed on the property was $16,000. a. Calculate the adjusted...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family. The Incisors own a rental beach house in Hawaii. The beach house was rented for the full year during 2012...
-
Discretize the product of two functions, as compared to discretizing each function independently, and describe what that means in the language of kets.
-
Show how \(\delta^{\prime \prime}(x-y)\) (the second derivative with respect to \(x\) ) acts as a distribution on functions.
-
For a tensor product of kets, describe what the norm is in the abstract sense, and then in the function form (with integrals).
Study smarter with the SolutionInn App