Task: In order to successfully complete this assignment you must:

Complete Celebrity Catering Service Inc.$\text{'}$s $($CCS$)$ ?Form $1120$ ?and all related schedules. Be sure to attach schedules for any line item, which indicates one is required on the $1120.$ ?This includes line items that may require you to create a schedule that identifies the various items that are included in a line on the return these usually indicate "attach schedule." Other lines will indicate specifically which schedule must be included with the return.

The returns must be in$.$pdf format. The student can use either:

Forms schedules and instructions found at

www$.$irs.gov

Tax preparation software may be used to prepare your assignment, but submission must still be in $.$pdf format.

Include a list of all the judgments, decisions and assumptions that you made in order to complete the return. This should be submitted along with your return in a separate document.

Required:

Complete Celebrity Catering Service Inc.$\text{'}$s $($CCS$)$ ?Federal Form $1120$ ?and all related schedules for the tax period indicated in the financial statements provided. Be sure to attach schedules for any line item, which indicates one is required on the $1120.$

If any information is missing, use reasonable assumptions to fill in the gaps and list those assumptions as an attachment.

Also list on the attachment any tax positions that you took in the completion of the return, such as depreciation method, elections, etc.

The forms schedules and instructions can be found at

www$.$irs.gov and download the necessary forms.

Rachael Ray, Paula Deen and Gordon Ramsay each own one$-$third of the common stock of Celebrity Catering Services, Inc. $($CCS$).$ ?CCS was incorporated on February $2,2009.$ ?It has only one class of stock outstanding and operates as a C corporation for tax purposes. CCS caters to all types of social events.

CCS is located at $540$ ?Waverly Way Burbank, CA $91501$

Its employer ID is $38-4743474$

CCS$\text{'}$s business activity is catering food services. Its business activity code is $722300.$

The shareholders also work as officers for the corporation as follows:

Rachael is the chief executive officer and president, $($SS# $231-54-8976).$

Paula is the executive VP and Chief operating officer $($SS#$798-56-3241),$

Gordon is the VP of Finance $($SS# $879-21-4536).$

All officers devote $100\%$ ?of their time to the business and all of the officers are US citizens.

CCS uses the accrual method of accounting, and the year$-$end as listed on the financial statement.

Its tax liability last year was $$10,000.$ ?If it has overpaid its federal tax liability, CCS would like to receive a refund.

CCS paid a dividend of $$50,000$ ?to each of its three shareholders on December $1.$ ?CCS had ample earnings and profits $($E&P$)$ ?to absorb the distribution.

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