Tax Return Problem 8: C corporation Instructions: Please complete the required federal corporation income tax return forms for Fun Fair of Ventura, Inc. for the 2012 tax year, unless instructed otherwise, based upon the facts presented below. Also, if required information is missing, use reasonable assumptions to fill in the gaps. Fun Fair of Ventura, Inc. (FF) is organized as a corporation and is taxed as a "C" corporation with a calendar year-end. FF owns and operates an amusement park in Oxnard, California. Oxnard's weather allows FF to operate year-round. FF's address, employer identification number (EIN), and date of incorporation are as follows: Fun Fair of Ventura, Inc. 50 Boardwalk Oxnard, California 93030 EIN- 36-4385943 Date Incorporated- July 23, 1997 FF has been at the same address and has not changed its same since inception. FF has only common shares issued (no preferred stock). FF is owned by 86 shareholders. The majority owner of FF is large private equity firm based in San Jose, California called Amusement Ventures, LLC (AV). AV's address, employer identification, and other information are as follows: Amusement Ventures, LLC 675 Shady Wood Boulevard San Jose, California 95101 EIN- 54-8293213 AV is taxed as a partnership for federal tax purposes. AV is organized in California. It owns 30%% of the voting stock of FF directly. No other person or entity owns directly or indirectly owns more than 5% of the voting stock of FF. FF uses the accrual method of accounting. FF is not a subsidiary nor is it in an affiliated group with any other entity. FF is not audited by a CPA firm. It does, however, use GAAP-based financial statements. FF has never had a restatement of its income statement. In addition, FF reported the following information for the current year: FF did not pay dividends in excess of its current and accumulated earnings and profits. None of the stock of FF is owned by non U.5. persons . . . FF has never issued publicly offered debt instruments. FF is not required to file a Form UTP . FF made payments that required it to file federal Form (s) 1099. These Forms 1099 were filed timely by FF. During the year, none of the shareholders of FF changed