29 Jun Question S CORPORATION TAX RETURN
Question
S CORPORATION TAX RETURN PROBLEM
Required:
• Using the information provided below, complete Salt Source Inc.’s (SSI) 2011
Form 1120S. Also complete Kim Bentley’s Schedule K-1.
• Form 4562 for depreciation is not required. Include the amount of tax
depreciation given in the problem on the appropriate line on the first page of
Form 1120S.
• If any information is missing, use reasonable assumptions to fill in
the gaps.
• The forms, schedules, and instructions can be found at the IRS Web site
(www.irs.gov). The instructions can be helpful in completing the forms.
Facts:
Salt Source Inc. (SSI) was formed as a corporation on January 5, 2008, by its two
owners Kim Bentley and James Owens. SSI immediately elected to be taxed as an
S corporation for federal income tax purposes. SSI sells salt to retailers throughout
the Rocky Mountain region. Kim owns 70 percent of the SSI common stock (the
only class of stock outstanding) and James owns 30 percent.
• SSI is located at 4200 West 400 North, Salt Lake City, UT 84116.
• SSI’s Employer Identification Number is XXXXX
• SSI’s business activity is wholesale sales. Its business activity code is 424990.
• Both shareholders work as employees of the corporation.
• Kim is the president of SSI (Social Security number XXX-XX-XXXX). Kim’s
address is 1842 East 8400 South, Sandy, UT 84094.
• James is the vice president of SSI (Social Security number XXX-XX-XXXX).
James’s address is 2002 East 8145 South, Sandy, UT 84094.
• SSI uses the accrual method of accounting and has a calendar yea
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