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…

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 taxidentification 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 ornamentalglass bottles. It made no changes to its inventory costing methods this year. It uses the specificidentification 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. Bothindividuals materially participate in Bottle-Up’s single activity. Herman Hiebert is the taxmatters 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. productionactivity and that its qualified production activities income is $90,000. The S corporationuses the small business simplified overall method for reporting these activities (see discussionfor Line 12d of Schedules K and K-1 in the Form 1120S instructions). Prepare a currentyear S corporation tax return for Bottle-Up, showing yourself as the paid preparer.

Order the answer to view it

Place this order or similar order and get an amazing discount. USE Discount code “GET20” for 20% discount

Posted in Uncategorized