Please help me fill out this 1120 correctly. It is for AST, an S-Corp formed by 3 friends. It was formed on 2/1/12. All the financial statements are included. I am including the work I have done thus far. The forms I am having the most trouble with are pages 2 & 3 of the M-3. My Professor does not expect it to be perfect. If we do not know where something goes, we can use our best judgement based on the Federal Tax Codes. He provided an example with a different company called WTF. Most of the info is very similar, but there are a few differences. The supporting docs are as follows:
1) The PDF “1120” is the entire 1120 that we must fill out. Again, 2 & 3 of the M-3 are my priority so please help with those first.
2) Excel “Financial Statements” is the info needed to fill out the 1120. I have highlighted the tabs that are needed red (Income Statement with book/tax/perms/temps), depreciation, taxable income, and balance sheet. The other tabs might help, but these are mainly what I used.
3) Excel “Practice” has all the info for the Example of WTF Enterprises we can use as a guide
4) PDF “Example” has the correctly filled out 1120 according to the Sample File. I have been using that as a guideline
5) The scanned pages of the 1120 that I have done thus far. Most of them are pretty easy, but it’s that perm/temp income and expenses part in M-3 that is hard for me. I have been plugging in numbers and I am pretty lost. I have to balance, even if that means putting a number somewhere that makes some sense. Also, there is a $2 discrepancy in my 1120 and Excel Calculation for depreciation. I will fix that later.
I hope theses attachments are not too much. For any tutor familiar with tax and accounting, they will be very routine.
Official Question: What are the correct answers for pages 2 & 3 of the Schedule M-3 on the 1120?
Any information left out, I can improvise. The point is to fill it out so it makes sense for an S-Corp, especially when I answer the questions. That part is N/A and I can work on at a later time.