70.2K

Verified Solution

Link Copied!

Problem gives $2021$ numbers, but complete $2022$ tax return $1.$ Complete all forms needed $($Forms $1120,1125-$A$,$ Schedule G$,1125-$E$,$ and all attachment detailed schedules including schedule J$)$ On February $12,2007,$ Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: Kingfisher's business address is $1717$ Main Street, Ely, MN $55731$; its telephone number is $(218)555-2211$; and its e$-$mail address is k$..$r@kf$.$com. The employer identification number is $11-1111113,$ and the principal business activity code is $451110.$ Nancy owns $50\%$ of the common stock and is president of the company, and Delores owns $50\%$ of the common stock and is vice president of the company. No other class of stock is authorized. Both Nancy and Delores are full$-$time employees of Kingfisher. Nancy's Social Security number is $123-45-6788,$ and Delores's Social Security number is $123-45-6787.$ Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight$-$line method of deprecation for book purposes and accelerated depreciation $($MACRS$)$ for tax purposes. During $2021,$ the corporation distributed cash dividends of $$80,000.$ Kingfisher's financial statements for $2021$ are shown below.

Answer & Explanation Solved by verified expert

See Answer