Instructions:
The attached file contains the GAAP financial statements for CCS as well as additional information needed to complete the assignment.
This assignment can be completed either independently or as a group. Groups must attach a group cover sheet and include no more than four members.
Watch the video explanation regarding the completion of Form 1120:
Purpose: The purpose of this is not merely to learn how to fill in forms but to enable you to meet the following goals:
Understand the corporate tax formula
Identify common book-tax differences and distinguish between permanent & temporary differences.
Calculate the current & deferred income tax expense or benefit components of a tax provision.
Task: In order to successfully complete this assignment you must:
Complete Celebrity Catering Service Inc.’s (CCS) Form 1120 and all related schedules. Be sure to attach schedules for any line item, which indicates one is required on the 1120. This includes line items that may require you to create a schedule that identifies the various items that are included in a line on the return these usually indicate “attach schedule.” Other lines will indicate specifically which schedule must be included with the return.
The returns must be in.pdf format. The student can use either:
Forms schedules and instructions found at www.irs.gov
Tax preparation software may be used to prepare your assignment, but submission must still be in .pdf format.
Include a list of all the judgments, decisions, and assumptions that you made in order to complete the return. This should be submitted along with your return.
Required:
Complete Celebrity Catering Service Inc.’s (CCS) Form 1120 and all related schedules. Be sure to attach schedules for any line item, which indicates one is required on 1120.
If any information is missing, use reasonable assumptions to fill in the gaps and list those assumptions as an attachment.
Also list on an attachment any tax positions that you made in the completion of the return, such as the depreciation method.
The forms schedules and instructions can be found at www.irs.gov and download the necessary forms.
Criteria for Success: In order to earn maximum credit for this assignment be sure to review the grading rubric.
Rubric: Prepare a corporate tax return.
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