YMBOL TECHNOLOGIES, INC. TAX RETURN PREPARATION ASSIGNMENT FOR YEAR ENDED DECEMBER 31, 2024

Use the posted tax work papers from Part 1 of this project to prepare the 2024 Symbol Technologies, Inc. federal tax return.

Symbol Technologies, Inc., an accrual basis taxpayer, has 100 shares of common stock outstanding. The two shareholders/officers each own 50 shares. The corporation was formed on March 2, 2012, when each of the shareholders contributed assets in a qualifying IRC 351 transaction. The contributed assets' total value was less than $1 million. Yolanda is the president, and Mary is the vice president and secretary. The company's financial statements are internally prepared without an audit.

Symbol Technologies, Inc. ("STI"), is a calendar year C corporation located at 4555 Basin Road, Los Angeles, California 90032. STI's federal identification number is 33-3398972. Inventories are maintained at cost. STI is an engineering firm providing systems consulting services and the related hardware. The business activity code is 334200. The rules of IRC 263A do not apply, and there was no change in determining quantities, cost, or valuations between opening and closing inventories. No uncertain tax positions have been taken by DTI. For any other questions on the tax forms, make reasonable assumptions!

Other information you will need: 1. All officer compensation for 2024 is reported in the general and administrative expenses. Officer compensation for 2024 is:

Name	SS#	% of Time Devoted to Business	Compensation
Yolanda Gracia	242-22-2442	100%	$490,000
Mary Chen	454-44-5454	100%	$490,000

2. Federal tax payments made during the year:

Balance Due with 2023 Form 1120	$5,540
Estimated Tax Payments for 2024	$82,016

3. STI requests that any overpayment of federal tax be applied to 2025.

4. STI has accumulated E&P of $3 million on December 31, 2024.

5. Use the Adjusted Books column from your work papers for the Form 1120, Page 6, End of Year Balance Sheet. Use the Part 1 instructions for the beginning balance sheet.

6. Do not prepare Form 4562 (depreciation), just enter the amount of depreciation on Form 1120, Line 20.

7. Some lines on the tax return ask for a statement to be attached - do this only for:

a. Form 1120, Page 1, Line 17, "Taxes and Licenses" b. Form 1120, Page 1, Line 26, "Other Deductions." c. Form 1120, Page 6, Line 6, "Other Current Assets" d. Form 1120, Page 6, Line 14, "Other Assets" e. Form 1120, Page 6, Line 18, "Other Current Liabilities" f. Form 1120, Page 6, Schedule M-1, Line 5.

Use the "TR Statement Forms" Tab in the Excel work papers for these statements. A couple of sample statements are set up there just to show you the proper form - modify as needed. 1. No need to enter anything in the signature block on Form 1120, Page 1 2. Be sure to answer all required questions! Note: Answer "no" to all Schedule K questions except 4.b., which is a "yes" and 15.b,. which should be blank. 3. Foot all pages of the tax return to avoid calculation errors.

(Using the information above to fill out Forms 1120, Form 1120-A, Form 1125-E, and Form 1120, Schedule G.)