Can Form 1120 Schedule M 3 Losses 2019-2024

In this tax layer protean 20s corporation example return, Jay Mitchell and Stan Marshall are 70% and 30% owners of Dana incorporated, a service company located in Dime, Georgia. - The company's corporation election was made on January 15th, 2013. - To enter this information into the Tax Layer Pro 1120s program, open the program and go to the heading information section. - Click on number 4 for business and select number 2 for 1120s S corporation return. - Select the company and enter the necessary information, such as the company name, address, president's name, email address, and total assets. - The total assets are automatically pulled from schedule L. - Fill in other information, such as the S Corp election date, business code, and number of shareholders. - Exit the heading information menu and go back to the main 1120s screen. - Next, enter the income information for the 1120s. - Use the income statement for 2014 as a reference. - Enter the following income entries: tax-exempt interest of $10,000, gross rents of $50,000, gross royalties of $100,000, and service income of $1,100,000. - Go back to the program and enter these figures in the appropriate sections. - For service income, use the income menu and enter the figure under gross receipts or sales. - For tax-exempt interest, use schedule K and select option 6, entering the income under distributive share items. - For gross rents, also use schedule K and select option 1, entering the income under net income or loss from rental real estate. - For gross royalties, use schedule K and select option 9, entering the income under royalties. - Exit the menus and go back to the 1120s screen.