S corp tax return problem. salt source, incs
S Corp Tax return problem. Use info complete Salt Source, Inc’s (SSI) 2012 form 1120 S. also complete kim bentley’s schedule k-1. Form 4562 is not required. include the amount of tax depreciation given in problem on appropriate line on 1st page of form 1120S. if any info is missing, use reasonable assumptions to fill in the gaps. use www.irs.gov for forms.
facts: SSI was formed as corp on Jan 5, 2009 by its two owners Kim bentley and james owens. SSI immediately elected to be taxed as an S corp for federal income tax purposes. SSI sells salt to retailers throughout the rocky mountain region. kim owns 70% of the SSI Common stock (the only class of stock outstanding) and James own 30%. There is more information that I can send to you.