Corporate Tax return forms and Taxable income vs Accounting Net Earnings

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QUESTION
For the Project for this course, you will analyze the data used in completing different components of the corporate tax return for ABC Fitness. You will work with your colleagues to develop an understanding of the tax issues facing ABC Fitness while answering questions related to the weekly content topics. The Project will allow you to apply course content in a realistic way to enhance your skills and knowledge of the financial planning and tax accounting concepts covered in this course.
 
 
 
In 2009, Jose and Ray are equal shareholders (50:50 shareholders) of ABC Fitness, Inc., a fitness health club. ABC Fitness, Inc., will be treated as a C Corporation for tax purposes.
 
The following are income and expense items related to the current year of operations:

Sales
$10,500,000

Dividend income (25% ownership)
850,000

Municipal bond interest
900,000

Cost of goods sold
6,300,000

General and administrative expenses
1,800,000

Selling expenses
1,200,000

Charitable contributions
300,000

 
In a Word document, answer the following questions:
 

Compute ABC Fitness, Inc.’s taxable income.

 

Identify the authoritative sources for each of the following taxation issues and briefly explain how these issues may affect ABC Fitness, Inc.’s taxable income:

Provides corporations with a dividend received deduction

Excludes specific sources of income from taxable income

Limits charitable contributions

 

List the common tax forms used in preparation of a corporate tax return and explain the purpose of each form.

 

Do you agree with the tax treatment of these income and expense items? Justify your position.

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