Given the following information, how do you create the tax returns for each scenario?

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Given the following information, how do you create the tax returns for each scenario?Scenario 1FACTSValerie Lawson and Clara Norman are the sole equal shareholders in the corporation of Lawson And Norman Enterprises, Inc. The corporation, which is a retail office supplies and stationery store, began its operations on January 2, 1985 (also date of incorporation). For Federal Income Tax purposes, the corporation is a calendar year taxpayer and uses the Accrual Method Of Accounting. Its Employer Identification Number is 76-1234567, address is 4369 Robbie Lane Houston, Texas 77026-3915, telephone number is (281) 479-8132, fax number is (281) 567-9024 and E-Mail address is "lawsonandnormanenterprises.com". The business activity code for the corporation is 453210. Valerie Lawson is the president of the corporation and its contact person for Federal Income Tax purposes and Clara Norman is the secretary and treasurer of the corporation. Both are full-time employees of the corporation devoting one hundred percent (100%) of their time to the business and each has an annual salary of $75,000. Valerie Lawson's social security number is 234-56-7890 and her address is 8124 Annette Court Houston, Texas 77031-9475. Clara Norman has social security number of 890-12-3456 and her address is 2716 Nanette Drive Houston, Texas 77061-3459. FINANCIAL INFORMATIONDuring the year of 2017, Lawson And Norman Enterprises, Inc. reported the following Income and Expenses (including necessary accruals) for Financial Accounting purposes:                        Gross Receipts                                                           $1,482,000                       Sales Returns And Allowances                                      109,000                       Purchases                                                                       510,000                            Dividends Received From Stock (Not Qualified Dividends)                                  Investments In Less Than twenty percent (20%)Owned United States (U. S.) Corporation             80,000                       Interest Income:                                   Taxable Interest                                                   18,000                                   Tax-Exempt Interest                                              7,200                       Salaries: Officers                                                         150,000                                     Other Employees                                             108,000                       Repairs And Maintenance                                                19,300                            Rent Expense - Office                                                     84,000                       Rent Expense - Equipment                                               15,500                       Payroll Taxes (Federal And State)                                  19,600                       Interest Expense                                                               25,200                       Advertising Expense                                                        44,500                       Charitable Contributions                                                 48,000                       Legal And Professional Fees                                           28,800                       Depreciation Expense                                                     50,000 *                       Utilities Expense                                                             27,300                       Employee's Health Insurance Premiums                          14,200                       Entertainment Of Clients                                                   5,000                       Officers' Life Insurance Premiums                                  14,400 ** - Based upon Straight-Line Depreciation, a useful life of five (5) years and no salvage value for all assets (see specific assets below). ** - Lawson And Norman Enterprises, Inc. Is The Designated Beneficiary. The Lawson And Norman Enterprises, Inc. owns the following depreciable assets:ASSET DESCRIPTION                     DATE ACQUIRED            ORIGINAL COSTAutomobile - 2016 Lexus 460               April 1, 2016                          $ 50,000(Five-year Property)Automobile - 2016 Cadillac Seville       April 1, 2016                            50,000(Five-year Property)Furniture And Fixtures                            May 1, 2015                           150,000(Seven-year Property)                                                                         Each automobile was used a total of 18,000 miles during the year of 2017 all which were business miles. The automobiles were not available for personal use during off-duty hours and were used solely by Valerie Lawson and Clara Norman, who both have another vehicle available for personal use. For Federal Income Tax purposes, all of these assets are depreciated using the Modified Accelerated Cost Recovery System (MACRS). Section 179 Deduction was not elected in regards to any of these assets nor was Straight-Line Depreciation used. BALANCE SHEETSThe Balance Sheets (Financial Accounting) for the Lawson And Norman Enterprises, Inc. at the beginning and ending of the year of 2017 are as follows: ASSETS                                                                     January 1           December 31Cash                                                                         $ 36,000             $  84,000Trade Notes And Accounts Receivable                         96,000                   90,000Inventory (Valued At Cost) *                                     120,000                100,000Marketable Securities - Long Term                            140,000                170,000Depreciable Assets (And Land)                                 260,000 **           260,000 **Less: Accumulated Depreciation                                 (65,000)              (115,000)Other Assets (Deposits)                                               12,000                   12,000                                                                                 ------------            -------------TOTAL ASSETS                                                     $ 599,000             $ 601,000                                                                                 =======           ======= LIABILITIES AND STOCKHOLDERS' EQUITYAccounts Payable (Non Recourse)                          $   96,000             $ 116,200Federal Income Taxes Payable                                      8,600                      ?Notes Payable - Short Term (Recourse)                        16,000                   24,000Notes Payable - Long Term (Recourse)                      164,000                 212,000Common Stock                                                            10,000                   10,000Retained Earnings (Unappropriated)                         304,400                 229,042TOTAL LIABILITIES AND                                    ------------               ------------                        STOCKHOLDERS' EQUITY       $ 599,000              $ 601,000                                                                                =======              ======= *  - The rules of Section 263A of the Internal Revenue Code do not apply to the corporation.** - Includes $10,000 allocated to Land.ESTIMATED TAX PAYMENTSDuring 2017, Lawson And Norman Enterprises, Inc. made the following estimated tax payments:                                                April 17, 2017                        $30,000                                               June 15, 2017                         $20,000                                               September 15, 2017                $20,000                                               December 15, 2017                $10,000 The 2016 Federal Income Tax liability for Lawson And Norman Enterprises, Inc. was $76,800 and no overpayment of 2016 Federal Income Tax is being applied to the 2017 Federal Income Tax liability of Lawson And Norman Enterprises, Inc.                                                                                       OTHER INFORMATIONBoth shareholders of Lawson And Norman Enterprises, Inc. are United States Citizens. Lawson And Norman Enterprises, Inc. does not own directly or indirectly fifty percent (50%) or more of the voting stock in any other domestic corporation and the corporation is not a subsidiary in an affiliated group or a parent-subsidiary controlled group. During the year of 2017, Lawson And Norman Enterprises, Inc. paid cash dividends of $280,000 ($140,000 to each shareholder) and the corporation did not pay dividends in excess of the corporation's Current Earnings And Profits and Accumulated Earnings And Profits. In addition, Lawson And Norman Enterprises, Inc. is not a shareholder in any foreign corporation nor has any interest in or a signature or other authority over any financial account in a foreign country. Furthermore, during the year of 2017, the corporation did not receive a distribution from nor was a grantor of, or transferor to, a foreign trust. Moreover, Lawson And Norman Enterprises, Inc. did not issue publicly offered debt instruments with original issue discount. Finally, the corporation had no Net Operating Losses (NOL's) carryover from prior tax years.     REQUIREDPrepare the C (Regular) Corporation Tax Return for the Lawson And Norman Enterprises, Inc. for the tax year of 2017. The following Forms are needed to complete the Tax Return: Form 1120Form 1125-AForm 1125-ESchedule G (Form 1120)Form 4562Form 4626 Scenario 2FACTSValerie Lawson and Clara Norman are the sole equal partners in the general partnership of Lawson And Norman Enterprises. The partnership, which is a retail office supplies and stationery store, began its operations on January 2, 1985. For Federal Income Tax purposes, the partnership is a calendar year taxpayer and uses the Accrual Method Of Accounting. Its Employer Identification Number is 76-1234567, address is 4369 Robbie Lane Houston, Texas 77026-3915, telephone number is (281) 479-8132, fax number is (281) 536-1908 and E-Mail address is "lawsonandnormanenterprises.com". The business activity code for the partnership is 453210. Both partners devote one hundred percent (100%) of their time to the business of the partnership and are equal partners of the partnership in every respect (ie. profit sharing ratio, loss sharing ratio, ownership, etc.). Valerie Lawson, who is the designated Tax Matters Partner for the partnership, has social security number of 234-56-7890, her address is 8124 Annette Court Houston, Texas 77031-9475 and her telephone number is (832) 246-8015. Clara Norman has social security number of 890-12-3456, her address is 2716 Nanette Drive Houston, Texas 77061-3459 and her telephone number is (832) 623-5097. FINANCIAL INFORMATIONDuring the year of 2017, the Lawson And Norman Enterprises reported the following Income and Expenses (including necessary accruals) for Financial Accounting purposes:                       Gross Receipts                                                           $1,482,000                       Sales Returns And Allowances                                     109,000                       Purchases                                                                       510,000                            Dividends Received From Stock (Not Qualified Dividends)                                   Investments In Less Than twenty percent (20%)Owned United States (U. S.) Corporation           80,000                       Interest Income:                                   Taxable Interest                                                  18,000                                   Tax-Exempt Interest                                             7,200                       Guaranteed Payments:  Valerie Lawson                        75,000                                   (Services)         Clara Norman                          75,000                       Salaries - Employees                                                    108,000                       Repairs And Maintenance                                               19,300                       Rent Expense - Office                                                    84,000                       Rent Expense - Equipment                                              15,500                       Payroll Taxes (Federal And State)                                 19,600                       Interest Expense (Trade Or Business Interest)                 25,200                       Advertising Expense                                                       44,500                       Charitable Contributions ("50%" Charities)                     48,000                       Legal And Professional Fees                                          28,800                       Depreciation Expense                                                    50,000 *                       Utilities Expense                                                            27,300                       Employee's Health Insurance Premiums                         14,200                       Entertainment Of Clients                                                  5,000                              Partners' Life Insurance Premiums                                 14,400 *** - Based upon Straight-Line Depreciation, a useful life of five (5) years and no salvage value for all assets (see specific assets below).                   ** - Lawson And Norman Enterprises Is The Designated Beneficiary. On January 1, 2017, the partner's Capital Accounts equaled $157,200 each. No additional capital contributions were made during the year of 2017 and each partner made a total of $140,000 (all cash) withdrawals throughout the course of the year of 2017. The Lawson And Norman Enterprises owns the following depreciable assets: ASSET DESCRIPTION                    DATE ACQUIRED             ORIGINAL COSTAutomobile - 2016 Lexus 460               April 1, 2016                          $ 50,000(Five-year Property)Automobile - 2016 Cadillac Seville      April 1, 2016                             50,000(Five-year Property)Furniture And Fixtures                           May 1, 2015                            150,000(Seven-year Property)                                                                         Each automobile was used a total of 18,000 miles during the year of 2017 all which were business miles. The automobiles were not available for personal use during off-duty hours and were used solely by Valerie Lawson and Clara Norman, who both have another vehicle available for personal use. For Federal Income Tax purposes, all of these assets are depreciated using the Modified Accelerated Cost Recovery System (MACRS). Section 179 Deduction was not elected in regards to any of these assets nor was Straight-Line Depreciation used. BALANCE SHEETSThe Balance Sheets (Financial Accounting) for the Lawson And Norman Enterprises at the beginning and ending of the year of 2017 are as follows: ASSETS                                                                     January 1         December 31Cash                                                                         $ 36,000           $  84,000Trade Notes And Accounts Receivable                         96,000                 90,000Inventory (Valued At Cost) *                                    120,000              100,000Marketable Securities - Long Term                            140,000               250,000Depreciable Assets (And Land)                                 260,000 **          260,000 **Less: Accumulated Depreciation                                 (65,000)            (115,000)Other Assets (Deposits)                                               12,000                12,000                                                                                  ------------            ------------TOTAL ASSETS                                                     $ 599,000            $ 681,000                                                                                 =======          =======LIABILITIES AND PARTNERS' CAPITALAccounts Payable (Non Recourse)                             $  96,000          $ 116,200Notes Payable - Short Term (Recourse)                           24,600                24,000Notes Payable - Long Term (Recourse)                         164,000              212,000Partner's Capital (Total)                                                314,400             328,800 TOTAL LIABILITIES AND                                      ------------           ------------                        PARTNERS' CAPITAL                    $ 599,000           $ 681,000                                                                                  =======          =======*  - The rules of Section 263A of the Internal Revenue Code do not apply to the partnership.** - Includes $10,000 allocated to Land.        OTHER INFORMATIONBoth partners are United States citizens (and individuals) and the partnership is not a partner in any other partnership. The partnership is not subject to the consolidated audit procedures of Sections 6221 through 6233 of the Internal Revenue Code and the partnership does not meet all three (3) requirements shown in the instructions (Schedule B) for Question 5. In addition, the partnership is not a publicly traded partnership as defined in Section 469(k)(2) of the Internal Revenue Code and the partnership has not filed nor is required to file Form 8264 - Application For Registration Of A Tax Shelter. During the year of 2017, Lawson And Norman Enterprises had no interest in or signature or other authority over any financial account in a foreign country. Furthermore, during the year of 2017, the partnership did not receive a distribution from nor was the partnership a grantor of, or transferor to, a foreign trust. Finally, there were no distributions of property or transfer of a partnership interest during the year of 2017.   REQUIREDPrepare the Partnership Return for the Lawson And Norman Enterprises for the year of 2017 and Schedule K-1 for both partners. The following Forms are needed to complete the Return: Form 1065Schedule B-1 (Form 1065)Form 1125-ASchedule K-1 (Form 1065) (2)Form 4562Scenario 3FACTSValerie Lawson and Clara Norman are the sole equal shareholders in the corporation of Lawson And Norman Enterprises, Inc. each owning one hundred (100) shares of common stock of the corporation. The corporation, which is a retail office supplies and stationery store, began its operations on January 2, 1985 (also date of incorporation). For Federal Income Tax purposes, the corporation is a calendar year taxpayer, uses the Accrual Method Of Accounting and, since its year of inception, properly elected and maintained the S Corporation status. Its Employer Identification Number is 76-1234567, address is 4369 Robbie Lane Houston, Texas 77026-3915, telephone number is (281) 479-8132, fax number is (281) 536-1908 and E-Mail address is "lawsonandnormanenterprises.com". The business activity code for the corporation is 453210. Valerie Lawson, who is the designated Tax Matters Person for the corporation, has social security number of 234-56-7890, her address is 8124 Annette Court Houston, Texas 77031-9475 and her telephone number is (832) 246-8015. Clara Norman has social security number of 890-12-3456, her address is 2716 Nanette Drive Houston, Texas 77061-3459 and her telephone number is (832) 623-5097. FINANCIAL INFORMATIONDuring the year of 2017, the Lawson And Norman Enterprises, Inc. reported the following Income and Expenses (including necessary accruals) for Financial Accounting purposes:                       Gross Receipts                                                           $1,482,000                       Sales Returns And Allowances                                       109,000                       Purchases                                                                       510,000                            Dividends Received From Stock (Not Qualified Dividends)                                   Investments In Less Than twenty percent (20%)Owned United States (U. S.) Corporation            80,000                       Interest Income:                                   Taxable Interest (Bank)                                        18,000                                   Tax-Exempt Interest                                              7,200                       Salaries: Valerie Lawson                                                75,000                                          Clara Norman                                                  75,000                                     Other Employees                                             108,000                       Repairs And Maintenance                                                19,300                       Rent Expense - Office                                                      84,000                       Rent Expense - Equipment                                               15,500                       Payroll Taxes (Federal And State)                                  19,600                       Interest Expense (Trade Or Business Interest)                  25,200                       Advertising Expense                                                        44,500                       Charitable Contributions ("50%" Charities)                       48,000                       Legal And Professional Fees                                           28,800                       Depreciation Expense                                                    50,000 *                       Utilities Expense                                                             27,300                       Employee's Health Insurance Premiums                           14,200                       Entertainment Of Clients                                                  5,000                       Officers' Life Insurance Premiums                                   14,400 *** - Based upon Straight-Line Depreciation, a useful life of five (5) years and no salvage value for all      assets (see specific assets below). ** - Lawson And Norman Enterprises, Inc. Is The Designated Beneficiary.           No additional capital contributions were made during the year of 2017 and each shareholder made a total of $140,000 (all cash) withdrawals throughout the course of the year of 2017. The Lawson And Norman Enterprises, Inc. owns the following depreciable assets: ASSET DESCRIPTION                   DATE ACQUIRED              ORIGINAL COSTAutomobile - 2016 Lexus 460               April 1, 2016                          $ 50,000(Five-year Property)Automobile - 2016 Cadillac Seville      April 1, 2016                              50,000(Five-year Property)Furniture And Fixtures                            May 1, 2015                               150,000(Seven-year Property)                                                                         Each automobile was used a total of 18,000 miles during the year of 2017 all which were business miles. The automobiles were not available for personal use during off-duty hours and were used solely by Valerie Lawson and Clara Norman, who both have another vehicle available for personal use. For Federal Income Tax purposes, all of these assets are depreciated using the Modified Accelerated Cost Recovery System (MACRS). Section 179 Deduction was not elected in regards to any of these assets nor was Straight-Line Depreciation used. BALANCE SHEETSThe Balance Sheets (Financial Accounting) for the Lawson And Norman Enterprises, Inc. at the beginning and ending of the year of 2017 are as follows: ASSETS                                                                     January 1         December 31Cash                                                                           $ 36,000           $  84,000Trade Notes And Accounts Receivable                         96,000                 90,000Inventory (Valued At Cost) *                                     120,000        

Question

Given the following information, how do you create the tax returns for each scenario?

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