Corporate Tax Returns – Corporation Return and Partnership Return

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Jane Collier, James Taye, and Steve Allwine each own one-third of the common stock of Tasty Treats and Beverages. The corporation was incorporated on April 3, 2004. It has only one class of stock outstanding and operates as a C corporation for tax purposes. Tasty Treats and Beverages caters kid-friendly social events.

  • Located at 1215 Blue Horizon, Dallas, TX 12234.
  • Employer Identification Number is 12-34567890.
  • Business activity is catering food. Its business activity code is 722300.
  • The shareholders also work as officers for the corporation as follows:
    • Jane is the chief executive officer and president (Social Security number 242-62-5786).
    • James is the executive vice president and chief operating officer (Social Security number 563-58-8923).
    • Steve is the vice president of finance (Social Security number 575-58-1572).
  • All officers devote 100% of their time to the business
  • All officers are U.S. citizens.
  • Use the accrual method of accounting and have a calendar year-end.
  • Four equal estimated tax payments of $28,000 each quarter. Its tax liability last year was $85,000.
  • If it has overpaid its federal tax liability, the corporation would like to receive a refund.
  • Dividend paid of $20,000 to its shareholders on October 1. The Corporation had ample earnings and profits (E&P) to absorb the distribution.

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