S CORPORATION TAX RETURN PROBLEM Required: Using the information provided below, complete First Place Inc.'s (FPI 2016 Form 1120S. Also complete Kate Kleiber's Schedule K-1 Form 4562 for depreciation is not required. Include the amount of tax deprecia- tion given in the problem on the appropriate line on the first page of Form 1120s. If any information is missing, use reasonable assumptions to fill in the gaps. The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: First Place Inc. (FPI) was formed as a corporation on January 5, 2013, by its two owners Kate Kleiber and James Chandler. FPI immediately elected to be taxed as an S corpora- tion for federal income tax purposes. FPI sells mountain climbing gear to retailers S CORPORATION TAX RETURN PROBLEM Required: Using the information provided below, complete First Place Inc.'s (FPI 2016 Form 1120S. Also complete Kate Kleiber's Schedule K-1 Form 4562 for depreciation is not required. Include the amount of tax deprecia- tion given in the problem on the appropriate line on the first page of Form 1120s. If any information is missing, use reasonable assumptions to fill in the gaps. The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: First Place Inc. (FPI) was formed as a corporation on January 5, 2013, by its two owners Kate Kleiber and James Chandler. FPI immediately elected to be taxed as an S corpora- tion for federal income tax purposes. FPI sells mountain climbing gear to retailers