C:11-63 Bottle-Up, Inc., was organized on January 8, 2003, and made its S election on January 24, 2003. The necessary consents to the election were filed in a timely manner. Its address is 1234 Hill Street, City, ST 33333. 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 and Melvin Jones 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 Tables C: 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 2012 S corporation tax return for Bottle-Up, showing yourself as the paid preparer.
Foms and schedules that you need for the current year 2012 Form 1120S Tax Return Project for this Unit. Form 1120S, Schedules K, L, M-1, and M-2, Schedule D, Part II for the capital assets that were sold, Form 4797, Part I, Sales of Business Property for the Sec. 1231 property that was sold, and two Schedule K-1s listing each of the Shareholder’s individual Share of Income, Deductions, Credits, etc.
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