Homework Essay Help: Prepare a 1120 U.S. Corporation Income Tax Return as Jim’s Auto Body, Inc. •Complete the appropriate schedules in the 1120 and Statement 1 – Other Deductions. •Prepare a 1065 U.S. Return of Partnership as Jim’s Auto Body, LLC. •Complete the appropriate schedules in the 1065, Statement 1 – Other Deductions and the 1065 Schedule K1 for Jim.
Jim’s Auto Body (Inc., or LLC) 1122 Sesame Street New York, NY, 10002 EIN 90-1234567 Dated incorporated January 1st, 2010 Jim Jameson 8701 Electric Avenue New York, NY, 10002SSN: 123-45-6789 •Jim Jameson took on Fred as a partner for the LLC. Fred owns 50% of all profits, losses, and capital. You do not have to complete Part 2 K, L, or M on the 1065 Schedule K1 (there is not enough information provided). •$4,500 salary expense is officer’s compensation for the corporation and guaranteed payment to partners for the LLC. •$55,000 equipment is 7-year property in its 5th year of service and was placed into service in the middle of the year, thus using the half-year convention. Use the correct table from the IRS—Publication 946: How to Depreciate Property—to determine the tax deductible depreciation. Form 4562 is not required. •Jim made four quarterly estimated tax payments of $800 each over the course of the year. •In accordance with IRS instructions: “Corporations with total receipts and total assets at the end of the tax year less than $250,000 are not required to complete Schedules L, M-1, and M-2” (Internal Revenue Service, n.d.). This also applies to the LLC. •For the 1065 Schedule K1, you will not have enough information to fill out Part 2 K, L, and M.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Australia Assessments has gained an international reputation of being the leading website in custom assignment writing services. Once you give us the instructions of your paper through the order form, we will complete the rest.
As we work towards providing the best custom assignment services, our company provides assignment services for any type of academic essay. We will help you develop professionally written essays that are rich in content and free from plagiarism.
Admission and Business Papers
Our skilled team of professional writers will ensure that we help you craft a remarkable admission essay for your desired Master's program in your institution of choice. We won't stop there. Once you enter the job market, we will be available to secure you a position at your desired worksite by creating an outstanding portfolio or resume.
Editing and Proofreading
Our editorial team is always available for all editing and proofreading services. They check completed papers by our writers and also provide professional opinions to papers completed by our clients.
We harbor professional academic writers with different qualifications in diverse academic fields. As such, we are capable of handling both simple and technical papers. Ensure that you provide us with correct and complete instructions in the order form.