Solved: Corporate and Partnership Taxation AC 553

Problem: You have been supplied with the following Adjusted Trial Balance. You are to prepare an 1120 and a 1120s. You will not have to provide balance sheet information for this client. You are to assume that you. YES, you are the sole shareholder of this company. All information regarding date of incorporation, date of S- Election acceptance, method of accounting, EIN number is up to you and you can create the corporate address and any other information that will be necessary for you to calculate taxable income, income tax due (1120) or the amount of the income that will flow through to you.(1120s K-1). Your corporation uses the cash basis of accounting. Please cite the appropriate IRS code section underlying your treatment of each item on the return on a separate spreadsheet. Good Luck! Professor P
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