Bottle-Up, Inc., was organized on January 8, 2000, and made its S election on January 24,2000. The necessary consents to the election were filed in a timely manner. Its federal tax identification number is 38-1507869. Its address is 1234 Hill Street, Gainesville, FL32607. Bottle-Up uses the calendar year as its tax year, the accrual method of accounting, and the first-in, first-out (FIFO) inventory method. Bottle-Up manufactures ornamental glass bottles. It made no changes to its inventory costing methods this year. It uses the specific identification method for bad debts for book and tax purposes. Herman Hiebert (S.S.No. 123-45-6789) and Melvin Jones (S.S. No. 100-67-2000) own 500 shares each. Both individuals materially participate in Bottle-Up’s single activity. Herman Hiebert is the tax matters person. Financial statements for Bottle-Up for the current year are shown in TablesC:11-2 through C:11-4. Assume that Bottle-Up’s business qualifies as a U.S. production activity and that its qualified production activities income is $90,000. The S corporation uses the small business simplified overall method for reporting these activities (see discussion for Line 12d of Schedules K and K-1 in the Form 1120S instructions). Prepare a current year S corporation tax return for Bottle-Up, showing yourself as the paid preparer.
We help you get better grades, improve your productivity and get more fun out of college!!
Do my Assignment for me
How it works – it’s easy
Place your Order
Submit your requirements through our small easy order form. Be sure to include and attach any relevant materials.
Make a payment
The total price of your order is based on number of pages, academic level and deadline.
We assign the assignment to the most qualified tutor. When the tutor completes the assignment, it is transferred to one of our professional editors to make sure that the assignment meets all of your requirements.
Once complete, we’ll send your assignment via the email provided on the order form.