Solution
Nitish Lath answered on
Aug 01 2024
2023 Form 1120-S
Form 1120-S
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.
Go to www.irs.gov/Form1120S for instructions and the latest information.
OMB No. 1545-0123
2023
For calendar year 2023 or tax year beginning , 2023, 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? See instructions. Yes No
H Check if: (1) Final return (2) Name change (3) Address change (4) Amended return (5) S election termination
I Enter the number of shareholders who were shareholders during any part of the tax year . . . . . . . .
J Check if corporation: (1) Aggregated activities for section 465 at-risk purposes (2) Grouped activities for section 469 passive activity purposes
Caution: Include only trade or business income and expenses on lines 1a through 22. See the instructions for more information.
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1a Gross receipts or sales b Less returns and allowances c Balance 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 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . 13
14 Depreciation from Form 4562 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 Energy efficient commercial buildings deduction (attach Form 7205) . . . . . . . . . . 19
20 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . . 20
21 Total deductions. Add lines 7 through 20 . . . . . . . . . . . . . . . . . . 21
22 Ordinary business income (loss). Subtract line 21 from line 6 . . . . . . . . . . . . 22
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23 a Excess net passive income or LIFO recapture tax (see instructions) . . . 23a
Tax from Schedule D (Form 1120-S) . . . . . . . . . . . . 23b
c Add lines 23a and 23b (see instructions for additional taxes) . . . . . . . . . . . . . 23c
24 a Cu
ent year’s estimated tax payments and preceding year’s overpayment
credited to the cu
ent year . . . . . . . . . . . . . . . 24a
Tax deposited with Form 7004 . . . . . . . . . . . . . . 24b
c Credit for federal tax paid on fuels (attach Form 4136) . . . . . . . 24c
d Elective payment election amount from Form 3800 . . . . . . . . 24d
z Add lines 24a through 24d . . . . . . . . . . . . . . . . . . . . . . . 24z
25 Estimated tax penalty (see instructions). Check if Form 2220 is attached . . . . . . . . 25
26 Amount owed. If line 24z is smaller than the total of lines 23c and 25, enter amount owed . . . 26
27 Overpayment. If line 24z is larger than the total of lines 23c and 25, enter amount overpaid . . . 27
28 Enter amount from line 27: Credited to 2024 estimated tax Refunded . 28
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
elief, it is true, co
ect, 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 address
Firm’s EIN
Phone no.
For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11510H Form 1120-S (2023)
Form 1120-S (2023) 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)
elow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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 applicable) a Qualified Subchapter
S Subsidiary Election Was Made
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
5a 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 . . . . . . . . . .
At the end of the tax year, did the corporation have any outstanding stock options, wa
ants, 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
asis 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 Did the corporation have an election under section 163(j) for any real property trade or business or any farming business
in effect during the tax year? See instructions . . . . . . . . . . . . . . . . . . . . . . . .
10 Does the corporation satisfy one or more of the following? See instructions . . . . . . . . . . . . . .
a The corporation owns a pass-through entity with cu
ent, or prior year ca
yover, excess business interest expense.
The corporation’s aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years
preceding the cu
ent tax year are more than $29 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, Limitation on Business Interest Expense Under Section 163(j).
11 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.
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.
Form 1120-S (2023)
Form 1120-S (2023) Page 3
Schedule B Other Information (see instructions) (continued) Yes No
12 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 . . . . . . . . . . . . . . . $
13 During the tax year, was a qualified subchapter S subsidiary election terminated or revoked? If “Yes,” see instructions .
14a Did the corporation make any payments in 2023 that would require it to file Form(s) 1099? . . . . . . . . . .
If “Yes,” did or will the corporation file required Form(s) 1099? . . . . . . . . . . . . . . . . . .
15 Is the corporation attaching Form 8996 to certify as a Qualified Opportunity Fund? . . . . . . . . . . . .
If “Yes,” enter the amount from Form 8996, line 15 . . . . . . . . . . . . . . $
16 At any time during the tax year, did the corporation: (a) receive (as a reward, award, or payment for property or services);
or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? See instructions .
Schedule K Shareholders’ Pro Rata Share Items Total amount
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1 Ordinary business income (loss) (page 1, line 22) . . . . . . . . . . . . . . . 1
2 Net rental real estate income (loss) (attach Form 8825) . . . . . . . . . . . . . 2
3a Other gross rental income (loss) . . . . . . . . . . . . 3a
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
Qualified dividends . . . . . . . . . ....