Assignment- Tax Return Preparation, Credits & Liability

Tax Return Preparation Problem- Part 6
ACCT 570, Fall 2007

The primary purpose of this part of the tax return problem is to help you see what information is required to file a complete and accurate income tax return for a Subchapter S corporation and how that information is reported.

Assignment
Part	Task	Required 2006 Forms	Check Figures
6	S Corporation Tax Return- use the taxpayer's information to complete the Form 1120S and Schedule K-1.	Form 1120S Page 1: Lines 1-21, as necessary. Page 2: Schedule A Pages 3, 4: Everything necessary. Schedule D: Everything necessary Schedule K-1s: A-D & lines 1-17 as necessary Tax Worksheet	Form 1120S, Sch. K, line 1: $136,000 Form 1120S, Sch. K, line 17e: $134,000 Form 1120S, Sch. M-2, line 1a: $415,000 Form 1120S, Sch. M-2, line 8b: $5,000

Use the taxpayers' information in the Tax Return Case Study to complete the required parts of the returns. You must download the necessary tax return forms from the IRS web page. Note that you are going to complete only the forms listed in the material, NOT all of the forms that would be required by the IRS.

This part is due at the beginning of class on the due date listed on the Daily Schedule web page. It will be graded in class, so you must be present. (You should prepare this assignment using pencil or Adobe Reader.) Grading is based on your ability to calculate and submit the proper numbers on the proper lines.

You must submit your score within 48-hours of the end of the class in which this assignment was graded, using the input form at:

http://www.rrtidd.com/Courses/ACCT570/TaxReturn.htm

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