week 5 assignment
jmwashington09
cf_ACC317_wk5_Zeus_2020_tax_return.pdf
Form 11 20 U.S. Corporation Income Tax Return 0MB No 154 5-0123 Department of the Treasury For calenda r y ear 2020 o r tax y ear beg i nning •••• 1/1/2020 , e ndin g ____ 12/ 3 1/ 2 020 ___ 2020 Internal Revenue Servoce � Go to www.lrs.aov/Form 1120 f o r instructions a nd the latest infor m ation. A Chock If: Name B Employer ldontlflcat lon number 1a Consolidated return
(attach Form 851) � ZEUS, INC 56-1234567 b L1fe/nonlife consoh- TYPE Number, street, and room or suite no If a P.O. box, see instructions C Date incorporated dated return . � OR 77 SUN SET STRIP 2 Personal holding co. PRINT City or town State ZIP code 7/1/2010 (attach Sch, PH) ' � LOS ANG ELES CA 9 0 028 D Total assets (see instructions) 3 Personal service corp. Foreign country name Foreig n province/state/county Foreign postal code (see Instructions) . � s 16,320,500
4 Schedule M-3 attached [Kl E Check if: (1) D Initial return (2) D Final return (3) D Name change (4) D Address change 1a Gross receipts o r sales . I 1a I 2 6 ,523,275
b Returns and allowance . I 1b l 113,500 C Balance. Subtract line 1b from line la . 1c 26,4og,775
2 Cost of goods sold (attach Form 1125-A ) . 2 2 ,052,500
3 Gross profit. Subtract line 2 from line 1 c . 3 24 .357,275 Q)
4 Dividends and inclusions (Schedule C , line 23) 4 14,300 E 0 5 Interest . 5 2,650 0
.!: 6 Gross rents . 6 50,000 7 Gross royalties . 7
8 Capital gain net income (attach Schedule D (Form 1120)) . 8 9 N et g ain or (loss) from Form 479 7, Part II . line 17 (attach Form 4797). 9
10 Other income (see instruc tio ns-attach stateme nt) . 10 11 To tal i ncome. Add lines 3 throuah 10 . � 11 24,424,225 12 Compe nsation of officers (see instruct ions-attach Form 11 25-E) . .� 12 745,000
.,; 13 Salaries and wages (less employment c redits) . 13 13 , 157.600 C 0
14 Repairs and maintenance . 5og,s50 -;:, 14 u ::,
15 Bad debts . 15 52,000 ~ ., ~ 16 Rents . 16 1 ,543,000 C 0
17 Taxes and licenses . 17 1 460,150 ., C
18 Interest (see instructions) . 18 781 ,000 0 j 19 Charitable contributions . 19 ~ .. 20 Depreciatio n fro m Form 4562 not claimed on Form 1125-Aor elsewhere o n return (attach Form 4562). 20 7 , 112,499 .E 21 Depletion , 21 ., C 22 A dvertising . 22 290,50 0 0 -;:,
23 Pension, profit-sharing , etc., plans . 23 u s 24 Employee benefit programs . 24 ., .!:
25 Reserved for f utu re use . 25 ., ., !!!. 26 O ther deductions (attach statem ent} . 26 3 ,354, 175 Cl)
27 Total d e ductions. Add lines 12 th rough 26 , � 27 29,005,774 C 0
28 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11 . 28 -4 ,581,54 9 ti :::, 29a Net operating loss deduction (see instructions) . I 29a I "tJ Q)
b Special deductions (Schedule C , line 24) . I 29b I 14, 150 C C Add lines 29a and 29b . 29c 14,150
30 Tax a ble inc ome . Subtract line 29c from line 28. See instructions 30 -4 ,595.699
l! 3 1 Total tax (Schedule J, Part I, line 11} 31 '6 e., 32 2020 net 965 tax liability p aid (Schedule J, Part II. line 12) . 32 0 C: "" 33 Tota l payments, credits, and section 965 net tax liability (Schedule J, Part 11 1, line 23) . 33 290,000 :OE .. >,
� '0 .. 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached . � 34 C: 0. ~ -g 35 Amou nt owed. If line 33 is sm a ller than the tota l of lines 3 1, 32, and 34 , enter amount owed . 35 0 a: ..
a 36 Overpay m ent. If line 33 is larger t han the total of lines 3 1, 32 , and 34. enter a mount overpaid . 36 290,000 37 Enter amount from line 36 v ou w ant: Credit e d to 2021 e s tima te d tax � R ef unded � 37 290,000
Und0< penalt,es or perJury, t declare thal I havo oxom,nod this rotum, 1nctud1ng accompanying SGhedu•es and s1aIomonts, (111d 10 mo best of my knowledge and belief 11 ,s truo, corroc1,
Sign and complete Oeclarallon of preparer (other than taxpayer) 1s bllsed on all 1nforma110n of wh,ch preparer has any knowledge
� I Here
Signature of officer Date
PnnVType prepare(s name I Preparer's signature Paid Prepa rer Firm's name � Use Only Firm's address �
City
� TiUe I
Date
State
May the IRS discuss this return with the preparer shown below? See Instructions [Kl YoaO No
Check D ,r PTIN se~-employed
Firm's EIN � Phone no.
ZIP code
For Pape rwork R educ tio n Act Notice, see separate i n s t r uctions. Form 11 20 (2020) HTA
Form 11 20(2020) ZEUS , INC 56-1234567 Pa 8 2 r--::':"''"':'"";-"'--::--::--:~~---::-=--:--:-=---:----:-:---:-----.-------.----~.!=.:::~:.!._.!:.!!l!~ Schedule C Dividends, Inclusions, and Special Deductions (see
instructions (a ) Dividends and
i ncius,ons (b) %
(cJ Spec,al deduc tions (a) • (b)
Dividends from less-than-20%-owned domestic corporations (other than debt-financed stock) . . . . . . . . . .
2 Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock) . . . . . . . . . . . . . . . . . . . . . . .
3 Dividends on certain debt-financed stock of domestic a nd foreign corporations .
4 Dividends on certain preferred stock of less-than-20%-owned public utilities .
5 Dividends on certain preferred stock of 20% -or-more-owned public utilities . .
6 Dividends from less-than-20% -owned foreign corporations and certain FSCs .
7 Dividends from 20% -or-more-owned foreign corporations and certain FSCs
8 Dividends from wholly owned foreign subsidiaries . . . . , •
9 Subtotal. Add lines 1 through 8. See instructions for limitations .
10 Dividends from domestic corporations received by a small business investment
company operating under the Sma ll Business Investment Act of 1958
11 Dividends from affiliated group members .
12 Divid e nds from certain FSCs . . . . . .
13 Foreign-source portion of dividends received from a specified 10% -owned foreign
corporation (excluding hybrid dividends) (see instructions) . . . . . . . . .
14 Dividends from foreign corporations not included on line 3, 6 , 7, 8, 11 , 12. or 13
(including any hybrid dividends) . . . . . . . . , . . . . . . . . . . .
15 Section 965(a) inclusion .
16a Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC) of
the stock of a lower-tier foreign corporation treated as a dividend (attach Form(s) 5471)
(see instructions) . . . . . . . . . , , . . . . . . . . . . . . .
b Subpart F inclusions derived from hybrid dividends of tiered corporations (attach Form(s)
5471 ) (see instructions). . . . . . . . . . . . . . . . . . . . . . , ..
c Other inclusions from CFCs under subpart F not included on line 15, 16a, 16b, or 17
(attach Form(s) 5471 ) (see instructions) . . . . . . . . . . . ....
17 Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and Form 8992).
18 G ro ss-up for foreign taxes deemed paid . . . . . . . . . . .
19 IC-DISC and former DISC dividends not included on line 1, 2. or 3
20 Other dividends
21 Deduction for dividends paid on certain preferred stock of public utilities
22 Section 250 deduction (attach Form 8993) . . . . . . . . . . . .
23 Total dividends and Incl usions. Add column (a). lines 9 through 20. Enter here and on page 1, line 4 . . . . . . . . . . . . ........ .
300
300
14,000
50
65
see instructions
23.3
26.7
50
65
100
see Instructions
100
100
100
100
150
0
0
0
0
0
0
0
150
0
0
0
14,000
see instructions
100 0
14,300
24 Total s cial deductions. Add column c lines 9 throu h 22. Enter here and on a e 1. line 29b . 14,150 Form 1120 (2020)
Form 1120 <2020) ZEUS, INC 56-1234567 Pae 3 r-::;T~a""'.x:":c:::'o o_n__n_d:--=P- _ e_n-:-t-:-se --:- truc'.":'__-:--------------......;~.!.;.:~2.!.. ..!:2~ ;._m_u-:t-at:::-i- a a_m - - e in-s-:-__tions -Schedule J
p art I-Tax Computation
1 Check If the corporation is a member of a controlled group (attach Schedu le O (Form 1120)). See instructions � o 2 Income tax. See instructions . .. 2 3 Base erosion minimum tax amount (attach Form 8991) . 3 0 4 Add lines 2 and 3 4 0 Sa Foreign tax credit (attach Form 1118) Sa b Cred it from Form 8834 (see instructions) . Sb C General business credit (attach Form 3800) . Sc
d Credit for prior year minimum tax (attach Form 8827) Sd
e Bond credits from Form 891 2 . Se 6 Total credits. Add lines Sa through 5e 6 0 7 Subtract line 6 from line 4 7 0
8 Persona l holding company tax (attach Schedule PH (Form 1120)) 8
9a Recapture of investment credit (attach Form 4255) . 9a
b Recapture of low-income housing credit (attach Form 8611) . 9b C Interest due under the look-back method- completed long-term contracts (attach
Form 8697). 9c
d Interest due under the look-back method-income forecast method (attach Form 8866) . 9d
e Alternative tax on qua lifying sh ipping activities (attach Form 8902) . 9e f lnteresVtax due under Section 453A(c) and/or Section 453(1) . 9f
g Other (see instructions-attach statement) . 9a
10 Total. Add lines 9a through 9g . 10 0
11 Total tax. Add lines 7. 8. and 10. Enter here and on oaoe 1 line 31 . .. 11 0 Part II-Section 965 Pa ments see instructions 12 2020 net 965 tax liabilit aid from Form 965-8. Part II. column k . line 4. Enter here and on a e 1. line 32 . . . . . 12 Part I11-Pavments, Refundable Credits, and Section 965 Net Tax Liabilitv
13 2019 overpayment credited to 2020 . 13
14 2020 estimated tax payments . 14 290,000
15 2020 refund applied for on Form 4466 . 15 ( )
16 Combine lines 13, 14, and 15 . 16 290,000
17 Tax deposited with Form 7004 . 17
18 Withholding (see instructions) . 18
19 Total payments.Add lines 16, 17, and 18 . 19 290,000
20 Refundable credits from:
a Form 2439 . 20a
b Form 4136 . 20b
C Reserved for future use . 20c
d Other (attach statement-see instructions) 20d
21 Total credits. Add lines 20a through 20d . 21 0
22 2020 net 965 tax liability from Form 965-B, Part I, column (d). line 4 . See instructions . 22
23 Total payments, c redits, and section 965 net tax liability. Add lines 19, 21 . and 22 . Enter here and on page 1.
line 33 . 23 290 000
Form 1120 (2020)
r~""""".;.;;;.. _____________________________ .:::.:::...:.:;~::;.:.--..::.:i~ Form 1120 ( 2020) ZEUS INC 56-1234567 Pa e 4 Schedule K Other Information see instructions
Check accounting method : a D Cash See the instructions and enter the:
b 0 Accrual c D Other (specify) � Yes No 2
a Business activity code no. � 713100 --------- - --- - ------------------- ------- ------------------------------------------ -- - -- - b Business activity � AMUSEMENT PARK __ ________ ____ _____ · -··--·····----------- -- --- ------ -- -- - -- --- -- · --- - ------··-·----
3
c Product or service � _AMUSEMENT PARK ____ __ _____________ __ __ _ _ Is the corporation a subsidiary in an affiliated group or a parent-subsidiary controlled group? .
If " Yes," enter name and EI N of the parent corporation �
4 At the end of the tax year:
a Did any foreign or domestic corporation. partnership (including any entity t reated as a partnership), trust. or tax-exempt
organization own directly 20% or more , or own, directly or Indirectly, 50% or more of the total voting power of all classes of the
corporation's stock entitled to vote? If "Yes," complete Part I of Schedule G (Form 1120) (attach Schedule G) . .
b Did any individua l or estate own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all
classes of the corporation's stock entitled to vote? If "Yes," complete Part II of Schedule G (Form 1120) (attach Schedule G) .
5 At the end of the tax year, did the corporation:
a Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power or all classes or stock entitled to vote of any foreign or domestic corporation not included on Form 851 , Affiliations Schedule? For rules of constructive ownership, see instructions.
If ' Yes ' com lete i
(i) Name of Corporation (II) Employer
l denbf1cat1on Number if an
(HI) Country of Incorporation
b Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions.
If ' Yes.' com lete i throu h iv below.
X
(Iv) Percentage Owned i n Voting
Stock
X
X
X
X
(I) Name of Entity (II) Employer
l denbftcation Number if on
(Ill) Country of Organization
(iv) Maximum Percentage Owned In Profi t, Loss, or Ca ital
6 During this tax year. d id the corporat ion pay dividends (other than stock dividends and distributions in exchange for stock) in excess of the corporation's current and accumulated earnings and profits? See sections 301 and 316 . X
If " Yes," file Form 5452, Corporate Report of Nondividend Distributions. See the instructions for Form 5452.
If this is a consolidated return, answer here for the parent corporation and on Form 851 for each subsidiary.
7 At any time during the tax year, did one foreign person own. directly or indirectly, at least 25% of the total voting power of all classes of the corporation's stock entitled to vote or at least 25% of the total value of all classes of the corporation's stock? . X For rules of a ttribution, see section 318. If "Yes," enter:
(a) Percentage own ed � ________________ and (b) Owner's country � ·----- -···-·--·-·····--------------·-------- -----····- (c) The corporation may have to file Form 5472 , Information Return of a 25% Foreign-Owned U.S . Corporation or a Foreign
Corporation Engaged in a U .S. Trade or Business. Enter the number o f Forms 5472 attached � _ _ __ ________ _______ ____ ________ _ 8 Check this box if the corporation issued publicly offered debt instruments w ith origina l issue discount . . . . . . .
If checked, the corporation may have to file Form 8281 , Information Return for Publicly Offered Original Issue Discount Instruments.
9 Enter the amount of tax-exempt interest received or accrued during the tax year � $ ---- - -- ------ ---- ------- -- ---- ------ 2,300 10 Enter the number of shareholders at the end of the tax year (if 100 or fewer) � ____ __________________ _________________________ 77 11 If the corporation has an NOL for the tax year and is electing to forego the carryback period , check here (see instructions) � D
If the corporation is filing a consolidated return, the statement required by Regulations section 1.1502-21 (b)(3) must be attached
or the election w ill not be valid.
12 Enter the available NOL carryover from prior tax years (do not reduce it by any deduction reported on page 1, line 29a.) . . . . . . . . . . . . . . . . . � $
Form 1120 (2020)
Form 1120 (2020) ZE US INC 56-1234567 Schedule K Other Information (continued from oaae 4)
13 Are the corporation's total receipts (page 1, line 1 a, plus lines 4 through 10) for the tax year and its total assets at the end of the tax year less than $250,000? .
If "Yes," the corporation is not required to complete Schedules L, M-1, and M-2. Instead, enter the total amount of cash distributions and the book value of property distributions (other than cash) made during the tax year � $
-------- ···········-- ------· 14 Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement? See instructions
If " Yes," complete and attach Schedule UTP.
1 5a Did the corporation make any payments in 2020 that would require it to file Form(s) 10997 .
b If " Yes," did or will the corporation file required Form(s) 1099? .
16 During this tax year, did the corporation have an 80% -or- more change In ownership, including a change due to redemption of its own stock? .
17 During or subsequent to this tax year, but before the filing of this return, did the corporation dispose of more than 65% (by value) of its assets in a taxable, non-taxable, or tax deferred transaction? .
18 Did the corporation receive assets in a section 351 transfer in which any of the transferred assets had a fa ir market basis or fair market value of more than S1 million? .
19 During the corporation's tax year, did the corporation make any payments that would require it to file Forms 1042 and 1042-S under chapter 3 (sections 144 1 through 1464) or chapter 4 (sections 1471 through 1474) of the Code? .
20 Is the corporation operating on a cooperative basis? .
21 During the tax year, did the corporation pay or accrue any interest or royalty for which the deduction is not allowed under section
267A? See instructions . If "Yes," enter the total amount of the disallowed deductions � $ ____________ ___ __ ___ ________ __ _____ ___ ___________________ ___ ___ ____ _
22 Does the corporation have gross receipts of at least S500 million in any of the 3 preceding tax years? (See sections 59A(e)(2)
and (3)) .
If "Yes," complete and attach Form 8991 .
23 Did the corporation have an election under section 1630) for any real property trade or business or any farming business in effect
during the tax year? See instructions .
24 Does the corporation satisfy one or more of the following? See instructions . a The corporation owns a pass-through entity with current, or prior year carryover, excess business interest expense.
b The corporation's aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years preced ing the
current tax year are more than S26 million and the corporation has business interest expense.
c The corporation is a tax shelter and the corporation has business interest expense.
If "Yes," complete and attach Form 8990.
25 Is the corporation attaching Form 8996 to certify as a Qualified Opportunity Fund? . If "Yes," enter amount from Form 8996, line 15 . � $
26 Since December 22 , 2017, did a foreign corporation directly or indirectly acquire substa ntially all of the properties held directly or indirectly by the corporation, and was the ownership percentage (by vote or value) for purposes of section 7874 greater than
50% (for example. the shareholders held more than 50% of the stock of the foreign corporation)? If "Yes," list the ownership
percentage by vote and by value. See instructions .
Percentaoe: Bv Vote Bv Value
Yes No
X
X
X X
X
X
X
X X
X
X I
X X
X
X
Form 1120 (2020)
Form 1120 (2020) ZEUS INC 56- 1234567 Pae 6 of tax year End of tax year Schedule L Balance Sheets e r Books
Assets b) (c) (d) 1 Cash . 165,000 119,000 2a Trade notes and accounts receivable . 128,000 75,000
b Less allowance for bad debts . . . 43,000 85,000 49,000 26,000
3 Inventories . . . . . . . 422 ,000 390,000 4 U.S. government obligations . . . . . 150,000 150,000
5 Tax-exempt securities (see instructions) . 6 Other current assets (attach statement) . . 200,000 200,000
7 Loans to shareholders . . . . . . . . . 8 Mortgage and real estate loans . 9 Other investments (attach statement) .
1 Oa Buildings and other depreciable assets . 24,000,000 28,000,000 b Less accumulated depreciation . 10,458,000 12,892,000 15,108,000
11a Depletable assets ... . . .
13,542 .000
b Less accumulated depletion . . 0 0 12 Land (net of any amortization) . 13a Intangible assets (amortizable only) .
b Less accumulated amortization . . . . . . 0 0
14 Other assets (attach statement) . . . 180 000 327 ,500
15 Total assets . . . . . . . . . . . . . . 11 ,660,000 16,320,500
Liabilities and Shareho lders' Eq uity 16 Accounts payable . . . . . . . . 48,000 62,000 17 Mortgages, notes. bonds payable in less tha n 1 year .
18 Other current liabilities (attach statement) . . . . . 220,500 192,000
19 Loans from shareholders . . . ........ . 20 Mortgages, notes. bonds payable in 1 year or more . 8,652 ,000 12.812 ,000
21 Other liabilities (attach statement) . . . . . . . . 340,000
22 Capital stock: a Preferred stock .
b Common stock . . . . . . . . 100,000 100,000 100,000 100,000
23 Additional paid-in capital . . . , . . . . , . . . 2 ,000,000 2,000,000
24 Retained earnings-Appropriated (attach statement) . 25 Retained earnings-Unappropriated . . . . . . . 639,500 8 14 ,500
26 Adjustments lo shareholders' equity (attach statement) . 27 Less cost of treasury stock . . . . . . . . . 28 Total liabilities and shareholders' equity . 11 ,660.000 16,320.500
Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return N ote· The corporation may be required to file Schedule M-3 See instructions
1 Net income (loss) per books 7 Income recorded on books this year not
2 Federa l income tax per books included on this return (itemize):
3 Excess of capital losses over capital ga ins Tax-exempt interest s ----------- 4
5
Income subject to tax not recorded on books this year (itemize): .. --.. ----------------- --... --- ... -..... --------------- .. -------------- ---- .. ------. Expenses recorded on books this year not
0 8
-------- --------- ----------------------- ... -------------- -------------------- Deductions on this return not charged against book Income th is year (itemize):
0
deducted on this return (itemize): a Depreciation s ---------- ---- a b C
6
Depreciation s -.. -.......... -.. -......... Charitable contributions .s ·---- -----------· Travel and entertainment s ------------- ---· --- --------- ·---. --------- -------- ------------ --------- --------.. -. ------ .. -.. -----.... .. ---..... ---......... -- Add lines 1 through 5
0
0
b
9
10
Charitable contributions $ -------------- ... ------- ----- ---- --------
---------------------------------------- --- ------------------------------------- Add lines 7 and 8 . Income (page 1, line 28)-line 6 less line 9
0 0
0
ro riated Retained Earnin s er Books Schedule L Line 25 Schedule M-2
2 3
Balance at beginning of year . . . . . . . . . Net income (loss) per books . . . . . . . . . Other increases (itemize):
639 500 575,000
5
6
Distributions: a Cash . b Stock . c Property
Other decreases (itemize):
400,000
4 Add lines 1, 2, and 3 . .. • ......... 1---------0.;...,
1 214.500 7 8
Add lines 5 and 6 . . Balance at end of year (line 4 less line 7)
400.000
814 ,500
Form 1120 (2020)
c
Form 1125-A Cost of Goods Sold (Rev. November 2018) 0MB No. 1545-0123
� Attach to Form 1120, 1120-C, 1120-F, 1120S, or 1065. Departmonl of tho Treasury ln1emal a-nnuo Sen,iee Go to www.lrs.aov1Form112SA for the latest Information. Name
� Employer identification number
ZEUS INC 56-1234567 1 Inventory at beginning of year . 422,000 2 Purchases.
1 2 020,500
3 Cost of labor . 2 3
4 Additional section 263A costs (attach schedule) . 4 5
6 Total. Add lines 1 through 5 . 5 Other costs (attach schedule) .
2442,500 6 390 000
8 Cost of goods sold. Subtract line 7 from line 6. Enter here and on Form 1120, page 1 , line 2 or the appropriate line of your tax return. See instructions .
7 7 Inventory at end of year .
2,052,500 8
9a Check all methods used for valuing closing inventory:
(i)[R) Cost (ii)D Lower of cost or market
(iii)� Other (Specify method used and attach explanation.) � b Check if there was a writedown of subnormal goods . . . . . . -~ --_- - ~ -~---- -~- -_--_- - ~- -.- -~ - ~-----~- ~--_- - ~- -_- -~ -~-----~- ~-- -�- -�------ -
Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) . . . . . . . . � D d If the LIFO inventory method was used for this tax year, enter amount of closing inventory
computed under LIFO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . L-1 .::9d:.....&.1--=---=_._I __
e If property is produced or acquired for resale, do the rules of section 263A apply to the entity? See instructions . . ~ Yes D No f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If
"Yes,• attach explanation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0Yes ~No
Form 1125-A (Rev. 11-2018) For Paperwork Reduction Act Notice, see Instructions. HTA
SCHEDULE M-3 (Form 1120) (Rev. December 2019) 0epar1men1 or lho Treasury Internal Revenuo Servico
N
�
et Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More
� Attach to Form 1120 o r 1120-C. Go t o www.irs. ov/Form1120 for instructions and the latest inform ation.
0MB No, 1545-0123
Name ot corporaUon (common parent. ,f consolidated return) Employer Identificat ion number
ZEUS, INC
Check applicable box(es): (1) ~ Non-consolidated return
(3) � Mixed 1120/ UPC group 56-1234567
(2) D Consolidated return (Form 1120 only) (4) D Dormant subsidiaries schedule attached
Financial Information and Net Income (Loss) Reconciliation (see instructions) lit•• 1a Did the corporation file SEC Form 10-K for its income statement period ending with or within this tax yea r?
D Yes. Skip lines 1b and 1c and complete lines 2a through 11 with respect to that SEC Form 10-K. [I] No. Go to line 1b. See instructions if multiple non-tax-basis income statements are prepared .
b Did the corporation prepare a certified audited non-tax-basis income statement for that period? D Yes. Skip line 1c and complete lines 2a through 11 with respect to that income statement. [I] No. Go to line 1c.
c Did the corporation prepare a non-tax-basis income statement for that period? D Yes. Complete lines 2a through 11 with respect to that income statement. [I] No. Skip lines 2a through 3c and enter the corporation's net income (loss) per its books and records on line 4a.
2a Enter the incom e statement period: Beginning 1/1/2020 End ing 12/31/2020 b Has the corporation's income statement been restated for the income statement period on line 2a?
D Yes. (If "Yes," attach an explanation and the amount of each item restated.) [I) No.
c Has the corporation's income statement been restated for any of the five income statement periods immediately ~ceding the period on line 2a? LJ Yes. (If "Yes," attach an explanation and the amount of each item restated.) [I) No.
3a Is any of the corporation's voting common stock publicly traded? D Yes. [I] No. If " No," go to line 4a.
b Enter the symbol of the corporation's primary U.S. publicly traded voting common stock . . . . . . . . . . . . . . ..... . . . .. .
c Enter the nine-digit CUSIP number of the corporation's primary publicly traded voting common stock . I I
4a Worldwide consolidated net income (loss) from income statement source identified in Part I, line 1 . b Indicate accounting standard used for line 4a (see instructions):
(1)[Kj GAAP (2) � IFRS (3) � Statutory (4) � Tax-basis (5) D Other (specify) Sa Net income from nonincludible foreign entities (attach statement) .
b Net loss from nonincludible foreign entities (attach statement and enter as a positive amount) . 6a Net income from nonincludible U.S. entities (attach statement) .
b Net loss from nonincludible U.S. entities (attach statement and enter as a positive amount) . 7a Net income (loss) of other includible foreign disregarded entities (attach statement) .
b Net income (loss) of other includible U.S. disregarded entities (attach statement) . C Net income (loss) of other includible entities (attach statement) .
8 Adjustment to eliminations of transactions between includible entities and nonincludible entities (attach statement) .
9 Adjustment to reconcile income statement period to tax year (attach statement) . 10a lntercompany dividend adjustments to reconcile to line 11 (attach statement) .
b Other statutory accounting adjustments to reconcile to li ne 11 (attach statement) . C Other adjustments to reconcile to amount on line 11 (attach statement) .
11 Net income (loss) pe r income statement of inc ludible corporations. Combine lines 4 through 10 .
4a 575,000
Sa ( )
Sb 6a ( )
6b
7a 7b 7c
8 9
10a 10b 10c 11 575,000
Note: Part 1 1
line 11 , must equal Part II, li ne 30, column (a), or Schedule M-1, line 1 (see instructions). 12 Enter the total amou nt (not just the corporation's share) of the assets and liabilities of al l entities included or removed on the
following lines Total Assets Total Liabilities
� 13 406,000 a Included on Part I, line 4 . 16,320,500 b Removed on Part I, line 5 . �
Removed on Part I, line 6 . � d Included on Part I line 7 . �
For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Schodu lo M-3 (Form 1120) (Rov. 12-20 19) HTA
C
Schedule M-3 (Form 1120) (Rev. 12-2019) Page 2 Name of corporation (common parent, tf consolidated return) Employer Identificatio n n umber
ZEUS , INC 56-1234567 Ched< appl,cal)IO box(es) ( 1) 0 Consoltdatod group (2) 0 Parent corp (3) 0 Consoh<!otod 01tm"'8110ns (4) 0 Subsidiary corp (5) � Moced 1120/l/PC or"'-1> Checluf a sub-con$011dDlod (6) 0 1120 group (7) 0 1120 ol minat,ons Name of subsidiary (tf consolidated return) Employor ldo ntification n umber
R e c o nciliation of Net Income (Loss) p er Inco me State m e nt of lncludible Cor porations With Taxable Income per Return (see instructions)
Income (Loss) Items (Attach statements for lines 1 through 12)
(a) Income (Loss) per Income Statement
(b) Temporary Difference
(c) Permanent DiHerence
(d) Income (Loss) per Tax Return
1 2
Income (loss) from equ ity method foreign corporations . Gross foreign dividends not previously taxed . 14,000 14.000
3 Subpart F, QEF, and similar income inclusions . 4 Gross-up for foreign taxes deemed paid . 5 Gross foreign distributions previously taxed . 6 Income (loss) from equity method U.S. corporations . 7 U.S. dividends not eliminated in tax consolidation . 300 300 8 Minority interest for includible corporations . 9 Income (loss) from U.S partnerships .
10 Income (loss) from foreign partnerships . 11 Income (loss) from other pass-through entities . 12 13 14
Items relating to reportable transaction s . Interest income (see instructions). Total accrual to cash adjustment .
4 950 ( 2,300\ 2,650
15 16 17
Hedging transactions . Mark-to-market income (loss) . Cost of goods sold (see instructions) . ( 2,052 ,500) ( 2,052.500)
18 Sale versus lease (for sellers and/or lessors) . 19 Section 481 (a) adjustments . 20 21
Unearned/deferred revenue . Income recognition from long-term contracts .
22 Original issue discount and other imputed interest . 23a Income statement gain/loss on sale, exchange,
abandonment, worthlessness, or other disposition of assets other than inventory and pass-through entities .
b Gross capital gains from Schedule D. excluding amounts from pass-through entities .
C Gross capital losses from Schedule D, excluding amounts from pass-through entities , abandonment losses, and worthless stock losses .
d Net gain/loss reported on Form 4797, line 17, excluding amounts from pass-through entities, abandonment losses, and worth less stock losses .
e Abandonment losses . f Worth less stock losses (attach statement) . g Other gain/loss on disposition of assets other than inventory .
24 25 26 27 28
Capital loss limitation and carryforward used. Other income (loss) items with differences (attach statement) Total Income (loss) items. Combine lines 1 through 25 . Total expense/deduction items (from Part Ill. line 39) , Other items with no differences .
(
(
2,033.2501 16, 712,9501 19,321 ,200
(
50,000 50,000
5,505,9991 I 2,300\ (
301,750 I(
50 000 1,985,550)
21,917,199) 19,321 ,200
29a Mixed groups, see instructions. All others, combine lines 26 through 28 . 575,000 ( 5,455,999) 299,450 ( 4 ,581 ,549)
b PC insurance subgroup reconciliation totals . C
30 Life insurance subgroup reconciliation totals . Reconc ili ation totals. Combine lines 29a th rough 29c . 575.000 ( 5,455,999) 299,450 I< 4,581,549)
Note: Line 30, column (a), must equal Part I, line 11 1
and column (d) must equal Form 1120, page 1, line 28. Schodulo M-3 (Form 1120) (Rov.12-2019)
Schedule M-3 (Form 1120) (Rev. 12- 2019) Pae 3 Name of corporation (common parent, ,r consolidated return) Employer identification number ZEUS INC Chilek opplIc,1blo box(es)
Check 1f o sub-<:oosolida1ed.
(1) D Consolldalod group (2) D Poronl corp (6) D 1120 group (7) D 11 20 ohmInotIons
(3) D Consol,dalod 01om,no1100s (4) D Subo,d1nry corp 56-1234567
(51 D Mixed 1120/L/PC group
Name of subsidiary {n consolidated return) Employer identlnca11on number
Reconc iliatio n of Net Incom e (Loss) per Incom e Statem ent of lncludibl e Corp o rat io ns With Taxable Income per Return-Expense/Deducti on Items (see instructions)
(a) (b) (c ) (d) Expense/Deduction Items Expense per Temporary Permanent Deduction per
Income Statement Difference Difference Tax Return
1 U.S. current income tax expense . 290, 000 ( 290,000) 2 U.S. deferred income tax expense . 3 State and local current income tax expense . 60,000 60,000 4 State and local deferred income tax expense 5 Foreign current income tax expense (other than
foreign withholding taxes) . 6 Foreign deferred income tax expense . I 7 Foreign withholding taxes . 8 Interest expense (see instructions) . 781,000 781,000 9 Stock option expense .
10 Other equity-based compensation . 11 Meals and entertainment . 8,500 ( 4,250) 4 ,250 12 Fines and penalties . 5,000 ( 5,000) 13 Judgments, damages, awards, and similar costs . 190,000 ( 190,000) 14 Parachute payments . 15 Compensation with section 162(m) limitation . 16 Pension and profit-sharing . 17 Other post-retirement benefits . 18 Deferred compensation . 19 Charitable contribution of cash and tangible property . 20 Charitable contribution of intangible property . 21 Charitable contribution limitation/carryforward . 22 Domestic production activities deduction (see
instructions) . 23 Current year acquisition or reorganization
investment banking fees . 24 Current year acquisition or reorganization lega l and
accounting fees . 25 Current year acquisition/reorganization other costs . 26 Amortization/impairment of goodwi ll . 27 Amortization of acquisition, reorganization , and
start-up costs . 28 Other amortization or impairment write-offs . 29 Reserved. 30 Depletion. 31 Depreciation . 1,350,000 5,762,499 7, 11 2,499 32 Bad debt expense . 58,000 ( 6,000) 52 ,000 33 Corporate owned life insurance premiums . 34 Purchase versus lease (for purchasers and/or lessees) 35 Research and development costs . 36 Section 118 exclusion (attach statement) . 37 Section 162(r)-FDIC premiums paid by certain
large financial institutions (see instructions) .
38 Other ex pense/ded uction items with differences (attach statement) . 13,970, 450 I 60,500) ( 2,500) 13,907,450
39 Total expense/deduction items. Comb ine lines 1 through 38. Enter here and on Part II, line 27, reporting positive amounts as negative and negative amounts as positive . 16.712 950 5,505 999 ( 301 ,750) 21 917 ,199
Schodulo M-3 (Form 1120) (Rov, 12-2019)
Depreciation and Amortization 0MB No. 1545-0172 Form 4562
(Including Information on Listed Property) 2020 Dopanmeni of tho Troosury � Attach to your tax return . Attachment Internal Revonue Sorvlce (99) � Go to www.irs. ov/Form4562 for instructions and the latest information. Se uence No. 179
Business or activity to which this form relates Identifying number 1120 -AMUSEMENT PARK 56-1234567
Election To E xpe nse Certain Prope rty Under Section 179 Note: If you have any listed property complete Part V before you complete Part I
1 Maximum amount (see instructions) 1 2 Total cost of section 179 property placed in service (see instructions) . 2 3 Threshold cost of section 179 property before reduction in limitation (see instructions) . 3 4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- 4 5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing
seoarately, see instructions 5 6 (a) Descnption of property (b) Cost (business use only) (c) Elected cost
7 Listed property. Enter the amount from line 29 11 8 Total elected cost of section 179 property. Add amounts in column (c) , lines 6 and 7 8 9 Tentative deduction. Enter the smaller of line 5 or line 8 9 10 Carryover of disallowed deduction from line 13 of your 2019 Form 4562. 10 11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5. See instructions . 11 12 Section 179 expense deduction. Add lines 9 and 10, but don't enter more than line 11 . 12
13 Carrvover of disallowed deduction to 2021 . Add lines 9 and 10, less line 12 .� I 13 0 . See in structions.
14 Special depreciation allowance for qualified property (other than listed property) placed in service
0
0
0 0
0
during the tax year. See instructions . . . 14 6,000,000
15 Property subject to section 168(f)(1) election . . . . . 16 Other de reciation includin ACRS
MACRS De reciation Don't includ e listed ro ert . See instructions. Section A
17 MACRS deductions for assets placed in service in tax years beginning before 2020 . . . 18 If you are electing to group any assets placed in service during the tax year into one or more general
asset accounts, check here . . . . . . . . . . . . . . . . . . . . . . . � � Section B -Assets Placed in Service Durina 2020 Tax Yea r Usina the General Deoreciation Svstem
(b) Month and (c) Basts for depreciation (d) Recovery
(a) Closs,f,cation of property year placed (bus,ness/investmcnt use penod
(e) Conv ention (fl Method
In service only- see Instructions)
19 a 3-vear orooertv b 5-vear orooertv C 7-vear property d 10-year propertv e 15-vear property f 20-vear property g 25-vear orooertv 25 vrs. SIL
h Residential rental 27.5 vrs. MM SIL property 27.5 vrs. MM S/L
i Nonresidential real 39 vrs. MM SIL orooertv MM S/L
Section C - Assets Placed in Service Durina 2020 Tax Year Usina the Alternative Deoreciation Svstem
20 a Class life SIL
b 12-vear 12 vrs. SIL
C 30-vear 30 vrs. MM SIL d 40-vear 40 vrs. MM SIL
l:r.TdlH'• Summary (See instructions.) 21 Listed property. Enter amount from line 28
15 16
17 1.112,499
(g) Deprectat,on deduction
21
I
22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g) , and line 21 . Enter here and on the appropriate li nes of your return. Partnerships and S corporations- see instructions . . 22 7,112 499
23 For assets shown above and placed in service during the current year, enter the [ oortion of the basis attributable to section 263A costs . . . . . . . . . . . . . . . . . 23
Form 4562 (2020) For Paperwork Reduction Act Notice, see separate instructions. HTA
ZEUS, INC 56-1234567
Line 26 (1120) - Other Deductions 1 Travel, Meals and Entertainment
a Travel . . . . . . . . . . . . . . . . . . 1a 13 550 1
c Meals, subject to 50% limit . . . . . . 1c 8,500 ------'-'""""""-- f Less disallowed . . . . . . . . . . 1f 4,250 g Subtract line ffrom lines b, c, d and e . . . . . . . . . . . . . . . . . . 1g 4,250
2 ATTORNEY FEES .... .............. 2 ---10 ,00 0 3 INSURANCE 3 240,000 4 FUEL 4 __ ....;;;1....;.;58=,6=7--5
5 OFFICE SUPPLIES 5 33 950 1
6 TELEPHONE 6 ---1=35=,2=5--o 7 UTILITIES 7 2,530,500 8 ADMISSIONS SUPPLIES 8 143,250 9 EMPOLYEE TRAINING 0 9 -------53--,7---5 .....
10 SAFETY EXPENSES 10 31,000 11 Total other deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 --3-,3..;;..54'""', 1=7..;;..5 12 Total deductions less expenses for offsetting credits . . . . . . . . . . . . . . . . . . . . . . 12 3,354,175
Line 6. Sch L (1120) - Other Current Assets
1 PUBLICLY TRADED STOCKS 2 Total other current assets . ..
1 2
Beainnina 200000 200000
End 200000 200000
Line 14. Sch L (1120) - Other Assets
1 PREPAID INSURANCE 2 PREPAID RENT 3 PREPAID CONTRACTORS 4 OTHER ASSETS 5 Total other assets . . . . ................
1 2 3 4
. . . . . . . 5
Beainnina 0
30000 0
150000 180,000
End 25000 35000 17 500
250000 327,5001
Line 18. Sch L (1120) - Other Current Liabilities
1 ACCRUED WAGES 2 ACCRUED BONUSES 3 ACCRUED VACATION 4 Total other current liabilities . . . . . . . . . . . .. ... . . . .
1 2 3
.4
Beainnina 123 000 68500 29000
220,500
End 118 000 39000 35000
192 000
Line 21. Sch L (1120) - Other Liabilities
1 LEGAL SETTLEMENT ACCRUAL 2 PRIZE ACCRUAL 3 UNEARNED RENTAL REVENUE 4 Total other liabilities .
1 2 3
.4
Bei:iinnini:i 0 0 0 0
End 190 000 100 000 50000
3400001
ZEUS.INC 56-1234567
Part II, Line 25 (Sch M-3 (1120)) - Other Income (Loss) Items with Differences 0 50000 0 50000 .
Item Income per
Income Statement Temporary Difference
Permanent Difference
Income (Loss) per Tax Return
1 IRENT 0 50,000 50,000
Part Ill, Line 38 (Sch M-3 (1120)) - Other Expense/Deduction Items with Differences 13 970 450 -60 500 -2 500 13 907 450
Item Expense per
Income Statement Temporary Difference
Permanent Difference
Deduction per Tax Return
1 INSURANCE 215000 25,000 240,000 2 POLITICAL CONTRIBUTIONS 2 500 -2,500 0 3 PRIZE CONTEST EXPENSE 100000 -100,000 0 4 REAPIRS 492 350 17,500 509,850 5 SALARIES & WAGES 13160600 -3,000 13,157,600
