Unit 5 Assignment tax

Certain Cash Contributions for Typhoon Haiyan Relief Efforts in the Philippines Can Be Deducted on Your 2013 Tax Return

A new law allows you to choose to deduct certain charitable contributions of money on your 2013 tax return instead of your 2014 return. The contributions must have been made after March 25, 2014, and before April 15, 2014, for the relief of victims in the Republic of the Philippines affected by the November 8, 2013, typhoon. Contributions of money include contributions made by cash, check, money order, credit card, charge card, debit card, or via cell phone. The new law was enacted after the 2013 forms, instructions, and publications had already been printed. When preparing your 2013 tax return, you may complete the forms as if these contributions were made on December 31, 2013, instead of in 2014. The contribution must be made to a qualified organization and meet all other requirements for charitable contribution deductions. However, if you made the contribution by phone or text message, a telephone bill showing the name of the donee organization, the date of the contribution, and the amount of the contribution will satisfy the recordkeeping requirement. Therefore, for example, if you made a $10 charitable contribution by text message that was charged to your telephone or wireless account, a bill from your telecommunications company containing this information satisfies the recordkeeping requirement.

Form 1120S Department of the Treasury Internal Revenue Service

U.S. Income Tax Return for an S Corporation ▶ Do not file this form unless the corporation has filed or is

attaching Form 2553 to elect to be an S corporation. ▶ Information about Form 1120S and its separate instructions is at www.irs.gov/form1120s.

OMB No. 1545-0130

2013 For calendar year 2013 or tax year beginning , 2013, ending , 20

TYPE

OR

PRINT

Name

Number, street, and room or suite no. If a P.O. box, see instructions.

City or town, state or province, country, and ZIP or foreign postal code

A S election effective date

B Business activity code number (see instructions)

C Check if Sch. M-3 attached

D Employer identification number

E Date incorporated

F Total assets (see instructions)

$

G Is the corporation electing to be an S corporation beginning with this tax year? Yes No If “Yes,” attach Form 2553 if not already filed H Check if: (1) Final return (2) Name change (3) Address change (4) Amended return (5) S election termination or revocation I Enter the number of shareholders who were shareholders during any part of the tax year . . . . . . . . . ▶ Caution. Include only trade or business income and expenses on lines 1a through 21. See the instructions for more information.

In c

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e

1 a Gross receipts or sales . . . . . . . . . . . . . . . 1a b Returns and allowances . . . . . . . . . . . . . . 1b c Balance. Subtract line 1b from line 1a . . . . . . . . . . . . . . . . . . . 1c

2 Cost of goods sold (attach Form 1125-A) . . . . . . . . . . . . . . . . . . 2 3 Gross profit. Subtract line 2 from line 1c . . . . . . . . . . . . . . . . . . 3 4 Net gain (loss) from Form 4797, line 17 (attach Form 4797) . . . . . . . . . . . . 4 5 Other income (loss) (see instructions—attach statement) . . . . . . . . . . . . . 5 6 Total income (loss). Add lines 3 through 5 . . . . . . . . . . . . . . . . ▶ 6

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7 Compensation of officers (see instructions—attach Form 1125-E) . . . . . . . . . . 7 8 Salaries and wages (less employment credits) . . . . . . . . . . . . . . . . 8 9 Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . 9

10 Bad debts . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562) . . . . 14 15 Depletion (Do not deduct oil and gas depletion.) . . . . . . . . . . . . . . . 15 16 Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Pension, profit-sharing, etc., plans . . . . . . . . . . . . . . . . . . . . 17 18 Employee benefit programs . . . . . . . . . . . . . . . . . . . . . . 18 19 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . 19 20 Total deductions. Add lines 7 through 19 . . . . . . . . . . . . . . . . ▶ 20 21 Ordinary business income (loss). Subtract line 20 from line 6 . . . . . . . . . . . 21

T a

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22 a Excess net passive income or LIFO recapture tax (see instructions) . . 22a b Tax from Schedule D (Form 1120S) . . . . . . . . . . . 22b c Add lines 22a and 22b (see instructions for additional taxes) . . . . . . . . . . . . 22c

23 a 2013 estimated tax payments and 2012 overpayment credited to 2013 23a b Tax deposited with Form 7004 . . . . . . . . . . . . 23b c Credit for federal tax paid on fuels (attach Form 4136) . . . . . 23c d Add lines 23a through 23c . . . . . . . . . . . . . . . . . . . . . . 23d

24 Estimated tax penalty (see instructions). Check if Form 2220 is attached . . . . . . ▶ 24 25 Amount owed. If line 23d is smaller than the total of lines 22c and 24, enter amount owed . . 25 26 Overpayment. If line 23d is larger than the total of lines 22c and 24, enter amount overpaid . . 26 27 Enter amount from line 26 Credited to 2014 estimated tax ▶ Refunded ▶ 27

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

▲

Signature of officer Date

▲

Title

May the IRS discuss this return

with the preparer shown below

(see instructions)? Yes No

Paid Preparer Use Only

Print/Type preparer’s name Preparer's signature Date Check if self-employed

PTIN

Firm’s name ▶ Firm's EIN ▶

Firm's address ▶ Phone no.

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11510H Form 1120S (2013)

Form 1120S (2013) Page 2 Schedule B Other Information (see instructions)

1 Check accounting method: a Cash b Accrual Yes No

c Other (specify) ▶

2 See the instructions and enter the: a Business activity ▶ b Product or service ▶

3 At any time during the tax year, was any shareholder of the corporation a disregarded entity, a trust, an estate, or a nominee or similar person? If "Yes," attach Schedule B-1, Information on Certain Shareholders of an S Corporation . .

4 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 stock issued and outstanding of any foreign or domestic corporation? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (v) below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(i) Name of Corporation (ii) Employer Identification Number

(if any) (iii) Country of Incorporation

(iv) Percentage of Stock Owned

(v) If Percentage in (iv) is 100%, Enter the Date (if any) a Qualified Subchapter S

Subsidiary Election Was Made

b Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital 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,” complete (i) through (v) below . . . . . . .

(i) Name of Entity (ii) Employer Identification Number

(if any) (iii) Type of Entity

(iv) Country of Organization

(v) Maximum Percentage Owned in Profit, Loss, or Capital

5 a At the end of the tax year, did the corporation have any outstanding shares of restricted stock? . . . . . . . . If “Yes,” complete lines (i) and (ii) below. (i) Total shares of restricted stock . . . . . . . . . ▶ (ii) Total shares of non-restricted stock . . . . . . . . ▶

b At the end of the tax year, did the corporation have any outstanding stock options, warrants, or similar instruments? .

If “Yes,” complete lines (i) and (ii) below. (i) Total shares of stock outstanding at the end of the tax year ▶ (ii) Total shares of stock outstanding if all instruments were executed ▶

6 Has this corporation filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide information on any reportable transaction? . . . . . . . . . . . . . . . . . . . . . . . .

7 Check this box if the corporation issued publicly offered debt instruments with original issue discount . . . . ▶

If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments.

8 If the corporation: (a) was a C corporation before it elected to be an S corporation or the corporation acquired an asset with a basis determined by reference to the basis of the asset (or the basis of any other property) in the hands of a C corporation and (b) has net unrealized built-in gain in excess of the net recognized built-in gain from prior years, enter the net unrealized built-in gain reduced by net recognized built-in gain from prior years (see instructions) . . . . . . . . . . . . . . . ▶ $

9 Enter the accumulated earnings and profits of the corporation at the end of the tax year. $

10 Does the corporation satisfy both of the following conditions? a The corporation’s total receipts (see instructions) for the tax year were less than $250,000 . . . . . . . . . . b The corporation’s total assets at the end of the tax year were less than $250,000 . . . . . . . . . . . .

If “Yes,” the corporation is not required to complete Schedules L and M-1.

11 During the tax year, did the corporation have any non-shareholder debt that was canceled, was forgiven, or had the terms modified so as to reduce the principal amount of the debt? . . . . . . . . . . . . . . . . . If “Yes,” enter the amount of principal reduction $

12 During the tax year, was a qualified subchapter S subsidiary election terminated or revoked? If “Yes,” see instructions . 13 a Did the corporation make any payments in 2013 that would require it to file Form(s) 1099? . . . . . . . . . .

b If “Yes,” did the corporation file or will it file required Forms 1099? . . . . . . . . . . . . . . . . . Form 1120S (2013)

Form 1120S (2013) Page 3 Schedule K Shareholders’ Pro Rata Share Items Total amount

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1 Ordinary business income (loss) (page 1, line 21) . . . . . . . . . . . . . . 1 2 Net rental real estate income (loss) (attach Form 8825) . . . . . . . . . . . . 2 3 a Other gross rental income (loss) . . . . . . . . . . 3a

b Expenses from other rental activities (attach statement) . . 3b c Other net rental income (loss). Subtract line 3b from line 3a . . . . . . . . . . 3c

4 Interest income . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Dividends: a Ordinary dividends . . . . . . . . . . . . . . . . . . . 5a

b Qualified dividends . . . . . . . . . . 5b 6 Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Net short-term capital gain (loss) (attach Schedule D (Form 1120S)) . . . . . . . . 7 8 a Net long-term capital gain (loss) (attach Schedule D (Form 1120S)) . . . . . . . . 8a

b Collectibles (28%) gain (loss) . . . . . . . . . . . 8b c Unrecaptured section 1250 gain (attach statement) . . . . 8c

9 Net section 1231 gain (loss) (attach Form 4797) . . . . . . . . . . . . . . 9 10 Other income (loss) (see instructions) . . Type ▶ 10

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s 11 Section 179 deduction (attach Form 4562) . . . . . . . . . . . . . . . . 11

12 a Charitable contributions . . . . . . . . . . . . . . . . . . . . . 12a b Investment interest expense . . . . . . . . . . . . . . . . . . . . 12b c Section 59(e)(2) expenditures (1) Type ▶ (2) Amount ▶ 12c(2) d Other deductions (see instructions) . . . Type ▶ 12d

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s

13a Low-income housing credit (section 42(j)(5)) . . . . . . . . . . . . . . . 13a b Low-income housing credit (other) . . . . . . . . . . . . . . . . . . 13b c Qualified rehabilitation expenditures (rental real estate) (attach Form 3468) . . . . . . 13c d Other rental real estate credits (see instructions) Type ▶ 13d e Other rental credits (see instructions) . . . Type ▶ 13e f Biofuel producer credit (attach Form 6478) . . . . . . . . . . . . . . . 13f g Other credits (see instructions) . . . . . Type ▶ 13g

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14a Name of country or U.S. possession ▶

b Gross income from all sources . . . . . . . . . . . . . . . . . . . 14b c Gross income sourced at shareholder level . . . . . . . . . . . . . . . 14c

Foreign gross income sourced at corporate level d Passive category . . . . . . . . . . . . . . . . . . . . . . . 14d e General category . . . . . . . . . . . . . . . . . . . . . . . 14e f Other (attach statement) . . . . . . . . . . . . . . . . . . . . . 14f

Deductions allocated and apportioned at shareholder level g Interest expense . . . . . . . . . . . . . . . . . . . . . . . . 14g

h Other . . . . . . . . . . . . . . . . . . . . . . . . . . . 14h Deductions allocated and apportioned at corporate level to foreign source income

i Passive category . . . . . . . . . . . . . . . . . . . . . . . 14i j General category . . . . . . . . . . . . . . . . . . . . . . . 14j

k Other (attach statement) . . . . . . . . . . . . . . . . . . . . . 14k Other information

l Total foreign taxes (check one): ▶ Paid Accrued . . . . . . . . . . 14l m Reduction in taxes available for credit (attach statement) . . . . . . . . . . . 14m n Other foreign tax information (attach statement)

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15 a Post-1986 depreciation adjustment . . . . . . . . . . . . . . . . . . 15a b Adjusted gain or loss . . . . . . . . . . . . . . . . . . . . . . 15b c Depletion (other than oil and gas) . . . . . . . . . . . . . . . . . . 15c d Oil, gas, and geothermal properties—gross income . . . . . . . . . . . . . 15d e Oil, gas, and geothermal properties—deductions . . . . . . . . . . . . . . 15e f Other AMT items (attach statement) . . . . . . . . . . . . . . . . . . 15f

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B

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16 a Tax-exempt interest income . . . . . . . . . . . . . . . . . . . . 16a b Other tax-exempt income . . . . . . . . . . . . . . . . . . . . . 16b c Nondeductible expenses . . . . . . . . . . . . . . . . . . . . . 16c d Distributions (attach statement if required) (see instructions) . . . . . . . . . . 16d e Repayment of loans from shareholders . . . . . . . . . . . . . . . . . 16e

Form 1120S (2013)

Form 1120S (2013) Page 4 Schedule K Shareholders’ Pro Rata Share Items (continued) Total amount

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17a Investment income . . . . . . . . . . . . . . . . . . . . . . . 17a

b Investment expenses . . . . . . . . . . . . . . . . . . . . . . 17b c Dividend distributions paid from accumulated earnings and profits . . . . . . . . 17c d Other items and amounts (attach statement)

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18

Income/loss reconciliation. Combine the amounts on lines 1 through 10 in the far right column. From the result, subtract the sum of the amounts on lines 11 through 12d and 14l 18

Schedule L Balance Sheets per Books Beginning of tax year End of tax year

( ) ( )

( ) ( )

( ) ( )

( ) ( )

( ) ( )

Assets (a) (b) (c) (d) 1 Cash . . . . . . . . . . . . . 2a Trade notes and accounts receivable . . . b Less allowance for bad debts . . . . . .

3 Inventories . . . . . . . . . . . 4 U.S. government obligations . . . . . . 5 Tax-exempt securities (see instructions) . . 6 Other current assets (attach statement) . . . 7 Loans to shareholders . . . . . . . . 8 Mortgage and real estate loans . . . . . 9 Other investments (attach statement) . . .

10a Buildings and other depreciable assets . . . b Less accumulated depreciation . . . . .

11a Depletable assets . . . . . . . . . b Less accumulated depletion . . . . . .

12 Land (net of any amortization) . . . . . . 13a Intangible assets (amortizable only) . . . .

b Less accumulated amortization . . . . . 14 Other assets (attach statement) . . . . . 15 Total assets . . . . . . . . . . .

Liabilities and Shareholders’ Equity

16 Accounts payable . . . . . . . . . 17 Mortgages, notes, bonds payable in less than 1 year 18 Other current liabilities (attach statement) . . 19 Loans from shareholders . . . . . . . 20 Mortgages, notes, bonds payable in 1 year or more 21 Other liabilities (attach statement) . . . . 22 Capital stock . . . . . . . . . . . 23 Additional paid-in capital . . . . . . . 24 Retained earnings . . . . . . . . . 25 Adjustments to shareholders’ equity (attach statement) 26 Less cost of treasury stock . . . . . . 27 Total liabilities and shareholders’ equity . .

Form 1120S (2013)

Form 1120S (2013) Page 5 Schedule M-1 Reconciliation of Income (Loss) per Books With Income (Loss) per Return

Note. Schedule M-3 required instead of Schedule M-1 if total assets are $10 million or more—see instructions

1 Net income (loss) per books . . . . . .

2 Income included on Schedule K, lines 1, 2, 3c, 4, 5a, 6, 7, 8a, 9, and 10, not recorded on books this year (itemize)

3 Expenses recorded on books this year not included on Schedule K, lines 1 through 12 and 14l (itemize):

a Depreciation $

b Travel and entertainment $

4 Add lines 1 through 3 . . . . . . . .

5

Income recorded on books this year not included on Schedule K, lines 1 through 10 (itemize):

a Tax-exempt interest $

6

Deductions included on Schedule K, lines 1 through 12 and 14l, not charged against book income this year (itemize):

a Depreciation $

7 Add lines 5 and 6 . . . . . 8 Income (loss) (Schedule K, line 18). Line 4 less line 7

Schedule M-2 Analysis of Accumulated Adjustments Account, Other Adjustments Account, and Shareholders’ Undistributed Taxable Income Previously Taxed (see instructions)

( ) ( ) ( )

(a) Accumulated adjustments account

(b) Other adjustments account

(c) Shareholders’ undistributed taxable income previously taxed

1 Balance at beginning of tax year . . . . . 2 Ordinary income from page 1, line 21 . . . 3 Other additions . . . . . . . . . . 4 Loss from page 1, line 21 . . . . . . . 5 Other reductions . . . . . . . . . . 6 Combine lines 1 through 5 . . . . . . . 7 Distributions other than dividend distributions 8 Balance at end of tax year. Subtract line 7 from line 6

Form 1120S (2013)

Version A, Cycle 4

Internal Use Only

DRAFT AS OF

April 22, 2013

2013 Form 1120 S

SE:W:CAR:MP

U.S. Income Tax Return for an S Corporation

Certain Cash Contributions for Typhoon Haiyan Relief Efforts in the Philippines Can Be Deducted on Your 2013 Tax Return

A new law allows you to choose to deduct certain charitable contributions of money on your 2013 tax return instead of your 2014 return. The contributions must have been made after March 25, 2014, and before April 15, 2014, for the relief of victims in the Republic of the Philippines affected by the November 8, 2013, typhoon. Contributions of money include contributions made by cash, check, money order, credit card, charge card, debit card, or via cell phone.

The new law was enacted after the 2013 forms, instructions, and publications had already been printed. When preparing your 2013 tax return, you may complete the forms as if these contributions were made on December 31, 2013, instead of in 2014. 

The contribution must be made to a qualified organization and meet all other requirements for charitable contribution deductions. However, if you made the contribution by phone or text message, a telephone bill showing the name of the donee organization, the date of the contribution, and the amount of the contribution will satisfy the recordkeeping requirement. Therefore, for example, if you made a $10 charitable contribution by text message that was charged to your telephone or wireless account, a bill from your telecommunications company containing this information satisfies the recordkeeping requirement.


Form  1120S 

Department of the Treasury Internal Revenue Service

U.S. Income Tax Return for an S Corporation

 ▶ Do not file this form unless the corporation has filed or is

attaching Form 2553 to elect to be an S corporation.  

▶ Information about Form 1120S and its separate instructions is at www.irs.gov/form1120s. 

OMB No. 1545-0130

O M B Number 1545 - 0130. For Paperwork Reduction Act Notice, see separate instructions.

2013

2013. Catalog Number 11510H.

TYPE OR PRINT

C  Check if Sch. M-3 attached 

F  Total assets (see instructions) 

G

Is the corporation electing to be an S corporation beginning with this tax year?

If “Yes,” attach Form 2553 if not already filed

H

Check if:

(1)

(2)

(3)

(4)

(5)

I

Caution. Include only trade or business income and expenses on lines 1a through 21. See the instructions for more information. 

Income

1

a

Gross receipts or sales         

1a

b

Returns and allowances          

1b

c 

c. Balance.

Balance. Subtract line 1b from line 1a         

1c

2

Cost of goods sold (attach Form 1125-A)          

2

3

Gross profit. Subtract line 2 from line 1c          

3

4

Net gain (loss) from Form 4797, line 17 (attach Form 4797)          

4

5

Other income (loss) (see instructions—attach statement)          

5

6

Total income (loss). Add lines 3 through 5           ▶

6

Deductions  (see instructions for limitations) 

7

Compensation of officers (see instructions—attach Form 1125-E)          

7

8

Salaries and wages (less employment credits)          

8

9

Repairs and maintenance          

9

10

Bad debts          

10

11

Rents          

11

12

Taxes and licenses          

12

13

Interest          

13

14

Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562)          

14

15

Depletion (Do not deduct oil and gas depletion.)          

15

16

Advertising          

16

17

Pension, profit-sharing, etc., plans          

17

18

Employee benefit programs          

18

19

Other deductions (attach statement)          

19

20

Total deductions. Add lines 7 through 19           ▶

20

21

Ordinary business income (loss). Subtract line 20 from line 6          

21

Tax and Payments

22

a

Excess net passive income or LIFO recapture tax (see instructions)          

22a

b

Tax from Schedule D (Form 1120S)          

22b

c

Add lines 22a and 22b (see instructions for additional taxes)          

22c

23

a

2013 estimated tax payments and 2012 overpayment credited to 2013

23a

b

Tax deposited with Form 7004          

23b

c

Credit for federal tax paid on fuels (attach Form 4136)          

23c

d

Add lines 23a through 23c          

23d

24

Estimated tax penalty (see instructions). Check if Form 2220 is attached           ▶

24

25

Amount owed.  If line 23d is smaller than the total of lines 22c and 24, enter amount owed          

25

26

Overpayment.  If line 23d is larger than the total of lines 22c and 24, enter amount overpaid          

26

27

27

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

▲

Signature of officer

Date

▲

May the IRS discuss this return

with the preparer shown below

(see instructions)? 

Paid Preparer Use Only

Preparer's signature

Date

Check if self-employed

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 11510H

Form 1120S (2013) 

Form 1120S (2013)

Page  2 

Schedule B

Other Information  (see instructions) 

1

Check accounting method:

a

b

Yes

No

c

2

See the instructions and enter the:

3

At any time during the tax year, was any shareholder of the corporation a disregarded entity, a trust, an estate, or a nominee or similar person? If "Yes," attach Schedule B-1, Information on Certain Shareholders of an S Corporation          

4

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 stock issued and outstanding of any foreign or domestic corporation? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (v) below          

(i) Name of Corporation

(ii) Employer Identification Number      (if any)

(iii) Country of Incorporation

(iv) Percentage of Stock Owned

(v) If Percentage in (iv) is 100%, Enter the Date (if any) a Qualified Subchapter S Subsidiary Election Was Made

b

Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital 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,” complete (i) through (v) below          

(i) Name of Entity

(ii) Employer Identification Number      (if any)

(iii) Type of Entity

(iv) Country of  Organization

(v) Maximum Percentage Owned in Profit, Loss, or Capital

5

a

At the end of the tax year, did the corporation have any outstanding shares of restricted stock?           

If “Yes,” complete lines (i) and (ii) below.

(i)

Total shares of restricted stock            ▶

(ii)

Total shares of non-restricted stock            ▶

b

At the end of the tax year, did the corporation have any outstanding stock options, warrants, or similar instruments?           

If “Yes,” complete lines (i) and (ii) below.

(i)

Total shares of stock outstanding at the end of the tax year           ▶

(ii)

Total shares of stock outstanding if all instruments were executed  ▶

6

Has this corporation filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide information on any reportable transaction?          

7

Check this box if the corporation issued publicly offered debt instruments with original issue discount           ▶

If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount  Instruments. 

8

If the corporation: (a) was a C corporation before it elected to be an S corporation or the corporation acquired an

asset with a basis determined by reference to the basis of the asset (or the basis of any other property) in the hands of a C corporation and (b) has net unrealized built-in gain in excess of the net recognized built-in gain from prior years, enter the net unrealized built-in gain reduced by net recognized built-in gain from prior years (see instructions)           ▶

9

Enter the accumulated earnings and profits of the corporation at the end of the tax year.

10

Does the corporation satisfy both of the following conditions?

a

The corporation’s total receipts (see instructions) for the tax year were less than $250,000          

b

The corporation’s total assets at the end of the tax year were less than $250,000          

If “Yes,” the corporation is not required to complete Schedules L and M-1.

11

During the tax year, did the corporation have any non-shareholder debt that was canceled, was forgiven, or had the terms modified so as to reduce the principal amount of the debt?          

If “Yes,” enter the amount of principal reduction

12

During the tax year, was a qualified subchapter S subsidiary election terminated or revoked? If “Yes,” see instructions          

13

a

Did the corporation make any payments in 2013 that would require it to file Form(s) 1099?          

b

If “Yes,” did the corporation file or will it file required Forms 1099?         

Form 1120S (2013) 

Form 1120S (2013)

Page  3 

Schedule K

Shareholders’ Pro Rata Share Items

Total amount

Income (Loss)

1

Ordinary business income (loss) (page 1, line 21)          

1

2

Net rental real estate income (loss) (attach Form 8825)          

2

3

a

Other gross rental income (loss)          

3a

b

Expenses from other rental activities (attach statement)          

3b

c

Other net rental income (loss). Subtract line 3b from line 3a          

3c

4

Interest income          

4

5

Dividends: a Ordinary dividends          

5a

b Qualified dividends          

5b

6

Royalties          

6

7

Net short-term capital gain (loss) (attach Schedule D (Form 1120S))          

7

8

a

Net long-term capital gain (loss) (attach Schedule D (Form 1120S))          

8a

b

Collectibles (28%) gain (loss)          

8b

c

Unrecaptured section 1250 gain (attach statement)          

8c

9

Net section 1231 gain (loss) (attach Form 4797)          

9

10

Other income (loss) (see instructions)          

10

Deductions

11

Section 179 deduction (attach Form 4562)          

11

12

a

Charitable contributions          

12a

b

Investment interest expense          

12b

c

Section 59(e)(2) expenditures

(2) Amount ▶

12c(2)

d

Other deductions  (see instructions)          

12d

Credits

13

a

Low-income housing credit (section 42(j)(5))          

13a

b

Low-income housing credit (other)          

13b

c

Qualified rehabilitation expenditures (rental real estate) (attach Form 3468)          

13c

d

Other rental real estate credits (see instructions) 

13d

e

Other rental credits (see instructions)          

13e

f

Biofuel producer credit (attach Form 6478)          

13f

g

Other credits (see instructions)          

13g

Foreign Transactions

14

a

b

Gross income from all sources          

14b

c

Gross income sourced at shareholder level          

14c

Foreign gross income sourced at corporate level 

d

Passive category          

14d

e

General category          

14e

f

Other (attach statement)          

14f

Deductions allocated and apportioned at shareholder level

g

Interest expense          

14g

h

Other          

14h

Deductions allocated and apportioned at corporate level to foreign source income

i

Passive category          

14i

j

General category          

14j

k

Other (attach statement)          

14k

Other information

l

Total foreign taxes (check one): ▶

14l

m

Reduction in taxes available for credit (attach statement)          

14m

n

Other foreign tax information (attach statement) 

Alternative Minimum Tax (AMT) Items

15

a

Post-1986 depreciation adjustment          

15a

b

Adjusted gain or loss          

15b

c

Depletion (other than oil and gas)          

15c

d

Oil, gas, and geothermal properties—gross income          

15d

e

Oil, gas, and geothermal properties—deductions          

15e

f

Other AMT items (attach statement)          

15f

Items Affecting Shareholder Basis

16

a

Tax-exempt interest income          

16a

b

Other tax-exempt income          

16b

c

Nondeductible expenses          

16c

d

Distributions (attach statement if required) (see instructions)         

16d

e

Repayment of loans from shareholders          

16e

Form 1120S (2013) 

Form 1120S (2013)

Page  4 

Schedule K

Shareholders’ Pro Rata Share Items (continued) 

Total amount

Other Information

17

a

Investment income          

17a

b

Investment expenses          

17b

c

Dividend distributions paid from accumulated earnings and profits          

17c

d

Other items and amounts (attach statement) 

Recon- ciliation

18 

 

Income/loss reconciliation. Combine the amounts on lines 1 through 10 in the far right  column. From the result, subtract the sum of the amounts on lines 11 through 12d and 14l 

18

Schedule L

Balance Sheets per Books

Beginning of tax year

End of tax year

( )

( )

( )

( )

( )

( )

( )

( )

( )

( )

Assets

(a)

Beginning of tax year. (a).

(b)

Beginning of tax year. (b).

(c)

End of tax year. (c).

(d)

End of tax year. (d).

1

Cash          

2a

Trade notes and accounts receivable          

b

Less allowance for bad debts          

3

Inventories          

4

U.S. government obligations          

5

Tax-exempt securities (see instructions)          

6

Other current assets (attach statement)          

7

Loans to shareholders          

8

Mortgage and real estate loans          

9

Other investments (attach statement)          

10a

Buildings and other depreciable assets          

b

Less accumulated depreciation          

11a

Depletable assets          

b

Less accumulated depletion          

12

Land (net of any amortization)          

13a

Intangible assets (amortizable only)          

b

Less accumulated amortization          

14

Other assets (attach statement)          

15

Total assets          

Liabilities and Shareholders’ Equity

16

Accounts payable          

17

Mortgages, notes, bonds payable in less than 1 year

18

Other current liabilities (attach statement)          

19

Loans from shareholders          

20

Mortgages, notes, bonds payable in 1 year or more

21

Other liabilities (attach statement)          

22

Capital stock          

23

Additional paid-in capital          

24

Retained earnings          

25

Adjustments to shareholders’ equity (attach statement)

26

Less cost of treasury stock          

27

Total liabilities and shareholders’ equity          

Form 1120S (2013) 

Form 1120S (2013)

Page  5 

Schedule M-1

Reconciliation of Income (Loss) per Books With Income (Loss) per Return

Note.  Schedule M-3 required instead of Schedule M-1 if total assets are $10 million or more—see instructions 

1

Net income (loss) per books          

2

Income included on Schedule K, lines 1, 2, 3c, 4,

5a, 6, 7, 8a, 9, and 10, not recorded on books this  year (itemize)

3

Expenses recorded on books this year not included on Schedule K, lines 1 through 12 and 14l (itemize):

a

b

4

Add lines 1 through 3          

5 

 

Income recorded on books this year not included on Schedule K, lines 1 through 10 (itemize):

a

6 

 

 

Deductions included on Schedule K, lines 1 through 12 and 14l, not charged against book income this year (itemize):

a

7

Add lines 5 and 6          

8

Income (loss) (Schedule K, line 18). Line 4 less line 7

Schedule M-2

Analysis of Accumulated Adjustments Account, Other Adjustments Account, and Shareholders’  Undistributed Taxable Income Previously Taxed (see instructions) 

( )

( )

( )

(a) Accumulated

adjustments account 

(b) Other adjustments

account 

(c) Shareholders’ undistributed  taxable income previously taxed 

1

Balance at beginning of tax year          

2

Ordinary income from page 1, line 21          

3

Other additions          

4

Loss from page 1, line 21          

5

Other reductions          

6

Combine lines 1 through 5          

7

Distributions other than dividend distributions

8

Balance at end of tax year. Subtract line 7 from line 6

Form 1120S (2013)