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Subtitle Subtle Em. Emphasis 1 Normal 1 No Spac… Heading 1 Heading2 Title S Painter Styles Paragraph Font EC uses the accrual method of accounting and follows GAAP, EC is not a subrsidiary nor is it im am afnvated group with any other entity. EC is not audited by a CPA firm and has never had ? restatement of its incorne staternent Tax Project 41 ACC 251-Su18 Tax return Project (Worth 75 points) Please complete Express Catering, Inc.’s 2016 tax return based upon the information provided below. If required information is missing, use reasonable assumptions to fill in the gaps. Ignore any Alternative Minimum Tax (AMT) calculations and do not prepare any AMT related forms. EC reported the following information for the year Express Catering, Inc. (EC) is organized in the state of New York as a corporation and is taxed as a “c corporation with a calendar year-end. EC operates a delicatessen/bakery in New York City. NY that specializes in mobile food catering for events and gatherings within the tri-state area. EC’s address, employer identification number (EIN), and date of incorporation are as follows .EC did not pay dividends in excess of its current and accumdated earnings and profits . None of the stock of EC is owned by non-U.S persons . EC has never issued publicly offered debt instruments . EC is not required to file a Form UTP EC made several payments in the current year that required the filing of federal Forms 1099 These Forms 1099 were filed timely by EC. During the year, none of the shareholders of EC changed. Express Catering, Inc. 257 West 55t Avenue New York City, NY 10027 EIN-13-9823459 EC has never disposed of more than 65% (by value, of its assets in a taxable, non-taxable, or tax- deferred transaction . EC did not receive any assets in Section 351 transfers during the year All of the questions on Schedule B, Form 1120 should be checked “no for the year Date Incorpcrated March 17, 2011 EC’s address has not changed since its inception. Additional information EC has been rapidly expanding its catering business. This expansion has required a significant amount of new equipment purchases. EC sold some of its liquid investments in order to avoid having to take on debt to fund these purchases. Further, EC invested heavily in its catering business by significantly increasing its advertising budeet. EC and its officer expendtures will begin next year. EC has only common shares issued (no preferred stock). There are currently 10,000 shares of EC common stock issued and outstanding tc s owned by four sharehoiders from the same family Raphel Giordano (father) and his three children Sivia, Andrea, and Marce. Their personal information is provided below s expect that revenue increases from these Raphael Giordano 160 West 57 Avenue New York City. NY 10027 EC does not want to carryback net operating loss (if any) the past few years, generated in the current year. EC believes the next few will be of a greater tax benefit in the future. years will be far more profitable and the losses 5SN 356-87-4322 Shares owned 5,500 Silvia Gioedeno Costa The dividends received by EC during the year were paid by Apple, Inc 250 South Mar Hoboken, New Jersey 07030 5SN 284-58-4583 EC had its sole municipal bond (New York City) redeemed (bought back) in the current year. EC originaly purchased the New York City bonds an February 1, 2013 for $100,000 (no premium or discount paid). The bond was redeemed by New York City on February 1, 2016 for $100,000. Both tax basis and proceeds recelved on this transaction were reported to EC on a form 1099-B Shares owned 1,500 Andrea Giordana 65 East 55h Avenue New York Cty, NY 10027 EC purchased 200 shares of Apple, Inc. on October 10, 2013 for $100,000 (including commission). On July 10, of the current year, EC scld the 200 shares of Apple, inc. for 5350 a share (including commission). Both tax basis and proceeds recelved on this transaction were reported to EC on a form 099.B 5SN 423-84-2343 Shares cwned 1,500 Marco Gierdano 160 West 57t Avenue New York City, NY 10027 During the year, EC contributed $8,000 to the American Lung Association. 5SN487-27.4707 Shares owned 1,500 6 1458 words
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