Certain Cash Contributions for Typhoon Haiyan Relief Efforts .docx

Certain Cash Contributions for Typhoon Haiyan Relief Efforts
in the Philippines Can Be Deducted on Your 2013 Tax Return
A new law allows you to choose to deduct certain charitable
contributions
of money on your 2013 tax return instead of your 2014 return.
The
contributions must have been made after March 25, 2014, and
before April
15, 2014, for the relief of victims in the Republic of the
Philippines affected
by the November 8, 2013, typhoon. Contributions of money
include
contributions made by cash, check, money order, credit card,
charge card,
debit card, or via cell phone.
The new law was enacted after the 2013 forms, instructions, and
publications had already been printed. When preparing your
2013 tax
return, you may complete the forms as if these contributions
were made on
December 31, 2013, instead of in 2014.
The contribution must be made to a qualified organization and
meet all
other requirements for charitable contribution deductions.
However, if you
made the contribution by phone or text message, a telephone
bill showing
the name of the donee organization, the date of the contribution,
and the

amount of the contribution will satisfy the recordkeeping
requirement.
Therefore, for example, if you made a $10 charitable
contribution by text
message that was charged to your telephone or wireless account,
a bill
from your telecommunications company containing this
information
satisfies the recordkeeping requirement.
Form 1120S
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.
▶ Information about Form 1120S and its separate instructions is
at www.irs.gov/form1120s.
OMB No. 1545-0130
2013
For calendar year 2013 or tax year beginning , 2013, 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? Yes No If “Yes,” attach Form 2553 if not
already filed
H Check if: (1) Final return (2) Name change (3) Address
change (4) Amended return (5) S election termination or
revocation
I Enter the number of shareholders who were shareholders
during any part of the tax year . . . . . . . . . ▶
Caution. Include only trade or business income and expenses on
lines 1a through 21. See the instructions for more information.
In
c

o
m
e
1 a Gross receipts or sales . . . . . . . . . . . . . . . 1a
b Returns and allowances . . . . . . . . . . . . . . 1b
c Balance. Subtract line 1b from line 1a . . . . . . . . . . . . . . . . . .
. 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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(s
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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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
14 Depreciation 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 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . .
19
20 Total deductions. Add lines 7 through 19 . . . . . . . . . . . . . . .
. ▶ 20
21 Ordinary business income (loss). Subtract line 20 from line 6
. . . . . . . . . . . 21
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22 a Excess net passive income or LIFO recapture tax (see
instructions) . . 22a
b Tax from Schedule D (Form 1120S) . . . . . . . . . . . 22b
c Add lines 22a and 22b (see instructions for additional taxes) .
. . . . . . . . . . . 22c
23 a 2013 estimated tax payments and 2012 overpayment
credited to 2013 23a
b Tax deposited with Form 7004 . . . . . . . . . . . . 23b
c Credit for federal tax paid on fuels (attach Form 4136) . . . . .
23c
d Add lines 23a through 23c . . . . . . . . . . . . . . . . . . . . . . 23d
24 Estimated tax penalty (see instructions). Check if Form 2220
is attached . . . . . . ▶ 24
25 Amount owed. If line 23d is smaller than the total of lines
22c and 24, enter amount owed . . 25
26 Overpayment. If line 23d is larger than the total of lines 22c
and 24, enter amount overpaid . . 26
27 Enter amount from line 26 Credited to 2014 estimated tax ▶
Refunded ▶ 27
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 belief, it is true,
correct, 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 EIN ▶
Firm's address ▶ Phone no.
For Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 11510H Form 1120S (2013)
Form 1120S (2013) 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)
below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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 any) a Qualified Subchapter S
Subsidiary Election Was Made
b 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
5 a 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 . . . . . . . . ▶
b At the end of the tax year, did the corporation have any
outstanding stock options, warrants, or similar instruments? .
(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 basis 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 Enter the accumulated earnings and profits of the corporation
at the end of the tax year. $
10 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 . . . . . . . . . .
b 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.
11 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 $

12 During the tax year, was a qualified subchapter S subsidiary
election terminated or revoked? If “Yes,” see instructions .
13 a Did the corporation make any payments in 2013 that would
require it to file Form(s) 1099? . . . . . . . . . .
b If “Yes,” did the corporation file or will it file required Forms
1099? . . . . . . . . . . . . . . . . .
Form 1120S (2013)
Form 1120S (2013) Page 3
Schedule K Shareholders’ Pro Rata Share Items Total amount
In
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(
L
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)
1 Ordinary business income (loss) (page 1, line 21) . . . . . . . . .
. . . . . 1
2 Net rental real estate income (loss) (attach Form 8825) . . . . .
. . . . . . . 2
3 a Other gross rental income (loss) . . . . . . . . . . 3a

b 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
b Qualified dividends . . . . . . . . . . 5b
6 Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 Net short-term capital gain (loss) (attach Schedule D (Form
1120S)) . . . . . . . . 7
8 a Net long-term capital gain (loss) (attach Schedule D (Form
1120S)) . . . . . . . . 8a
b Collectibles (28%) gain (loss) . . . . . . . . . . . 8b
c Unrecaptured section 1250 gain (attach statement) . . . . 8c
9 Net section 1231 gain (loss) (attach Form 4797) . . . . . . . . . .
. . . . 9
10 Other income (loss) (see instructions) . . Type ▶ 10
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11 Section 179 deduction (attach Form 4562) . . . . . . . . . . . . .
. . . 11

12 a Charitable contributions . . . . . . . . . . . . . . . . . . . . . 12a
b Investment interest expense . . . . . . . . . . . . . . . . . . . . 12b
c Section 59(e)(2) expenditures (1) Type ▶ (2) Amount ▶
12c(2)
d Other deductions (see instructions) . . . Type ▶ 12d
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13a Low-income housing credit (section 42(j)(5)) . . . . . . . . . . .
. . . . 13a
b Low-income housing credit (other) . . . . . . . . . . . . . . . . . .
13b
c Qualified rehabilitation expenditures (rental real estate)
(attach Form 3468) . . . . . . 13c
d Other rental real estate credits (see instructions) Type ▶ 13d
e Other rental credits (see instructions) . . . Type ▶ 13e
f Biofuel producer credit (attach Form 6478) . . . . . . . . . . . . . .
. 13f
g Other credits (see instructions) . . . . . Type ▶ 13g
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14a Name of country or U.S. possession ▶
b Gross income from all sources . . . . . . . . . . . . . . . . . . . 14b
c Gross income sourced at shareholder level . . . . . . . . . . . . . . .
14c
Foreign gross income sourced at corporate level
d Passive category . . . . . . . . . . . . . . . . . . . . . . . 14d
e General category . . . . . . . . . . . . . . . . . . . . . . . 14e
f Other (attach statement) . . . . . . . . . . . . . . . . . . . . . 14f
Deductions allocated and apportioned at shareholder level
g Interest expense . . . . . . . . . . . . . . . . . . . . . . . . 14g
h Other . . . . . . . . . . . . . . . . . . . . . . . . . . . 14h
Deductions allocated and apportioned at corporate level to
foreign source income
i Passive category . . . . . . . . . . . . . . . . . . . . . . . 14i
j General category . . . . . . . . . . . . . . . . . . . . . . . 14j

k Other (attach statement) . . . . . . . . . . . . . . . . . . . . . 14k
Other information
l Total foreign taxes (check one): ▶ Paid Accrued . . . . . . . . . .
14l
m Reduction in taxes available for credit (attach statement) . . .
. . . . . . . . 14m
n Other foreign tax information (attach statement)
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15 a Post-1986 depreciation adjustment . . . . . . . . . . . . . . . . . .
15a
b Adjusted gain or loss . . . . . . . . . . . . . . . . . . . . . . 15b
c Depletion (other than oil and gas) . . . . . . . . . . . . . . . . . . 15c
d Oil, gas, and geothermal properties—gross income . . . . . . . .
. . . . . 15d
e Oil, gas, and geothermal properties—deductions . . . . . . . . . .
. . . . 15e
f Other AMT items (attach statement) . . . . . . . . . . . . . . . . . .
15f
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16 a Tax-exempt interest income . . . . . . . . . . . . . . . . . . . . 16a
b Other tax-exempt income . . . . . . . . . . . . . . . . . . . . . 16b
c Nondeductible expenses . . . . . . . . . . . . . . . . . . . . . 16c
d Distributions (attach statement if required) (see instructions) .
. . . . . . . . . 16d
e Repayment of loans from shareholders . . . . . . . . . . . . . . . . .
16e
Form 1120S (2013)

Form 1120S (2013) Page 4
Schedule K Shareholders’ Pro Rata Share Items (continued)
Total amount
O
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17a Investment income . . . . . . . . . . . . . . . . . . . . . . . 17a
b Investment expenses . . . . . . . . . . . . . . . . . . . . . . 17b
c Dividend distributions paid from accumulated earnings and
profits . . . . . . . . 17c
d Other items and amounts (attach statement)
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18
Income/loss reconciliation. Combine the amounts on lines 1
through 10 in the far right
column. From the result, subtract the sum of the amounts on
lines 11 through 12d and 14l 18
Schedule L Balance Sheets per Books Beginning of tax year End
of tax year
( ) ( )
( ) ( )
( ) ( )
( ) ( )
( ) ( )

Assets (a) (b) (c) (d)
1 Cash . . . . . . . . . . . . .
2a Trade notes and accounts receivable . . .
b Less allowance for bad debts . . . . . .
3 Inventories . . . . . . . . . . .
4 U.S. government obligations . . . . . .
5 Tax-exempt securities (see instructions) . .
6 Other current assets (attach statement) . . .
7 Loans to shareholders . . . . . . . .
8 Mortgage and real estate loans . . . . .
9 Other investments (attach statement) . . .
10a Buildings and other depreciable assets . . .
b Less accumulated depreciation . . . . .
11a Depletable assets . . . . . . . . .
b Less accumulated depletion . . . . . .
12 Land (net of any amortization) . . . . . .
13a Intangible assets (amortizable only) . . . .
b Less accumulated amortization . . . . .
14 Other assets (attach statement) . . . . .
15 Total assets . . . . . . . . . . .
Liabilities and Shareholders’ Equity
16 Accounts payable . . . . . . . . .
17 Mortgages, notes, bonds payable in less than 1 year
18 Other current liabilities (attach statement) . .
19 Loans from shareholders . . . . . . .
20 Mortgages, notes, bonds payable in 1 year or more
21 Other liabilities (attach statement) . . . .
22 Capital stock . . . . . . . . . . .
23 Additional paid-in capital . . . . . . .

24 Retained earnings . . . . . . . . .
25 Adjustments to shareholders’ equity (attach statement)
26 Less cost of treasury stock . . . . . .
27 Total liabilities and shareholders’ equity . .
Form 1120S (2013)
Form 1120S (2013) Page 5
Schedule M-1 Reconciliation of Income (Loss) per Books With
Income (Loss) per Return
Note. Schedule M-3 required instead of Schedule M-1 if total
assets are $10 million or more—see instructions
1 Net income (loss) per books . . . . . .
2 Income included on Schedule K, lines 1, 2, 3c, 4,
5a, 6, 7, 8a, 9, and 10, not recorded on books this
year (itemize)
3 Expenses recorded on books this year not
included on Schedule K, lines 1 through 12 and
14l (itemize):
a Depreciation $
b Travel and entertainment $
4 Add lines 1 through 3 . . . . . . . .
5
Income recorded on books this year not included

on Schedule K, lines 1 through 10 (itemize):
a Tax-exempt interest $
6
Deductions included on Schedule K,
lines 1 through 12 and 14l, not charged
against book income this year (itemize):
a Depreciation $
7 Add lines 5 and 6 . . . . .
8 Income (loss) (Schedule K, line 18). Line 4 less line 7
Schedule M-2 Analysis of Accumulated Adjustments Account,
Other Adjustments Account, and Shareholders’
Undistributed Taxable Income Previously Taxed (see
instructions)
( )
( ) ( )
(a) Accumulated
adjustments account
(b) Other adjustments
account
(c) Shareholders’ undistributed
taxable income previously taxed
1 Balance at beginning of tax year . . . . .
2 Ordinary income from page 1, line 21 . . .

3 Other additions . . . . . . . . . .
4 Loss from page 1, line 21 . . . . . . .
5 Other reductions . . . . . . . . . .
6 Combine lines 1 through 5 . . . . . . .
7 Distributions other than dividend distributions
8 Balance at end of tax year. Subtract line 7 from line 6
Form 1120S (2013)
Version A, Cycle 4
Internal Use Only
DRAFT AS OF
April 22, 2013
2013 Form 1120 S
SE:W:CAR:MP
Certain Cash Contributions for Typhoon Haiyan Relief Efforts
in the Philippines Can Be Deducted on Your 2013 Tax Return
A new law allows you to choose to deduct certain charitable
contributions of money on your 2013 tax return instead of your
2014 return. The contributions must have been made after
March 25, 2014, and before April 15, 2014, for the relief of
victims in the Republic of the Philippines affected by the
November 8, 2013, typhoon. Contributions of money include
contributions made by cash, check, money order, credit card,
charge card, debit card, or via cell phone. The new law was
enacted after the 2013 forms, instructions, and publications had
already been printed. When preparing your 2013 tax return, you
may complete the forms as if these contributions were made on
December 31, 2013, instead of in 2014. The contribution
must be made to a qualified organization and meet all other
requirements for charitable contribution deductions. However,
if you made the contribution by phone or text message, a
telephone bill showing the name of the donee organization, the
date of the contribution, and the amount of the contribution will

satisfy the recordkeeping requirement. Therefore, for example,
if you made a $10 charitable contribution by text message that
was charged to your telephone or wireless account, a bill from
your telecommunications company containing this information
satisfies the recordkeeping requirement.
Form 1120S
Department of the Treasury Internal Revenue Service
▶ Do not file this form unless the corporation has filed or is
attaching Form 2553 to elect to be an S corporation.
▶ Information about Form 1120S and its separate instructions is
at www.irs.gov/form1120s.
OMB No. 1545-0130
O M B Number 1545 - 0130. For Paperwork Reduction Act
Notice, see separate instructions.
2013
2013. Catalog Number 11510H.
TYPE OR PRINT
C Check if Sch. M-3 attached
F Total assets (see instructions)
G
Is the corporation electing to be an S corporation beginning
with this tax year?
If “Yes,” attach Form 2553 if not already filed
H
Check if:
(1)
(2)
(3)
(4)
(5)
I
Caution. Include only trade or business income and expenses on
lines 1a through 21. See the instructions for more information.
Income
1

a
Gross receipts or sales
1a
b
Returns and allowances
1b
c
c. Balance.
Balance. Subtract line 1b from line 1a
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
Deductions (see instructions for limitations)
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
13
14
Depreciation 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
Other deductions (attach statement)
19
20
Total deductions. Add lines 7 through 19 ▶
20
21

Ordinary business income (loss). Subtract line 20 from line 6
21
Tax and Payments
22
a
Excess net passive income or LIFO recapture tax (see
instructions)
22a
b
Tax from Schedule D (Form 1120S)
22b
c
Add lines 22a and 22b (see instructions for additional taxes)
22c
23
a
2013 estimated tax payments and 2012 overpayment credited to
2013
23a
b
Tax deposited with Form 7004
23b
c
Credit for federal tax paid on fuels (attach Form 4136)
23c
d
Add lines 23a through 23c
23d
24
Estimated tax penalty (see instructions). Check if Form 2220 is
attached ▶
24
25
Amount owed. If line 23d is smaller than the total of lines 22c

and 24, enter amount owed
25
26
Overpayment. If line 23d is larger than the total of lines 22c
and 24, enter amount overpaid
26
27
27
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 belief, it is true, correct, and
complete. Declaration of preparer (other than taxpayer) is based
on all information of which preparer has any knowledge.
▲
Signature of officer
Date
▲
May the IRS discuss this return
with the preparer shown below
(see instructions)?
Paid Preparer Use Only
Preparer's signature
Date
Check if
self-employed
For Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 11510H
Form 1120S (2013)
Form 1120S (2013)
Page 2
Schedule B
Other Information (see instructions)
1
Check accounting method:
a

b
Yes
No
c
2
See the instructions and enter the:
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) below
(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 any)
a Qualified Subchapter S Subsidiary Election Was Made
b
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

5
a
At the end of the tax year, did the corporation have any
outstanding shares of restricted stock?
(i)
Total shares of restricted stock ▶
(ii)
Total shares of non-restricted stock ▶
b
At the end of the tax year, did the corporation have any
outstanding stock options, warrants, or similar instruments?
(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 basis 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
Enter the accumulated earnings and profits of the corporation at
the end of the tax year.
10
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
b
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.
11
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
12
During the tax year, was a qualified subchapter S subsidiary
election terminated or revoked? If “Yes,” see instructions
13
a
Did the corporation make any payments in 2013 that would
require it to file Form(s) 1099?
b
If “Yes,” did the corporation file or will it file required Forms
1099?
Form 1120S (2013)
Form 1120S (2013)
Page 3
Schedule K

Shareholders’ Pro Rata Share Items
Total amount
Income (Loss)
1
Ordinary business income (loss) (page 1, line 21)
1
2
Net rental real estate income (loss) (attach Form 8825)
2
3
a
Other gross rental income (loss)
3a
b
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
b Qualified dividends
5b
6
Royalties
6
7
Net short-term capital gain (loss) (attach Schedule D (Form
1120S))
7
8

a
Net long-term capital gain (loss) (attach Schedule D (Form
1120S))
8a
b
Collectibles (28%) gain (loss)
8b
c
Unrecaptured section 1250 gain (attach statement)
8c
9
Net section 1231 gain (loss) (attach Form 4797)
9
10
Other income (loss) (see instructions)
10
Deductions
11
Section 179 deduction (attach Form 4562)
11
12
a
Charitable contributions
12a
b
Investment interest expense
12b
c
Section 59(e)(2) expenditures
(2) Amount ▶
12c(2)
d
Other deductions (see instructions)
12d
Credits
13

a
Low-income housing credit (section 42(j)(5))
13a
b
Low-income housing credit (other)
13b
c
Qualified rehabilitation expenditures (rental real estate) (attach
Form 3468)
13c
d
Other rental real estate credits (see instructions)
13d
e
Other rental credits (see instructions)
13e
f
Biofuel producer credit (attach Form 6478)
13f
g
Other credits (see instructions)
13g
Foreign Transactions
14
a
b
Gross income from all sources
14b
c
Gross income sourced at shareholder level
14c
Foreign gross income sourced at corporate level
d
Passive category
14d
e

General category
14e
f
Other (attach statement)
14f
Deductions allocated and apportioned at shareholder level
g
Interest expense
14g
h
Other
14h
Deductions allocated and apportioned at corporate level to
foreign source income
i
Passive category
14i
j
General category
14j
k
Other (attach statement)
14k
Other information
l
Total foreign taxes (check one): ▶
14l
m
Reduction in taxes available for credit (attach statement)
14m
n
Other foreign tax information (attach statement)
Alternative Minimum Tax (AMT) Items
15
a
Post-1986 depreciation adjustment

15a
b
Adjusted gain or loss
15b
c
Depletion (other than oil and gas)
15c
d
Oil, gas, and geothermal properties—gross income
15d
e
Oil, gas, and geothermal properties—deductions
15e
f
Other AMT items (attach statement)
15f
Items Affecting Shareholder Basis
16
a
Tax-exempt interest income
16a
b
Other tax-exempt income
16b
c
Nondeductible expenses
16c
d
Distributions (attach statement if required) (see instructions)
16d
e
Repayment of loans from shareholders
16e
Form 1120S (2013)
Form 1120S (2013)

Schedule K
Shareholders’ Pro Rata Share Items (continued)
Total amount
Other Information
17
a
Investment income
17a
b
Investment expenses
17b
c
Dividend distributions paid from accumulated earnings and
profits
17c
d
Other items and amounts (attach statement)
Recon- ciliation
18
Income/loss reconciliation. Combine the amounts on lines 1
through 10 in the far right column. From the result, subtract the
sum of the amounts on lines 11 through 12d and 14l
18
Schedule L
Balance Sheets per Books
Beginning of tax year
End of tax year
( )
( )
( )
( )
( )
( )
( )

( )
( )
( )
Assets
(a)
Beginning of tax year. (a).
(b)
Beginning of tax year. (b).
(c)
End of tax year. (c).
(d)
End of tax year. (d).
1
Cash
2a
Trade notes and accounts receivable
b
Less allowance for bad debts
3
Inventories
4
U.S. government obligations
5
Tax-exempt securities (see instructions)
6
Other current assets (attach statement)
7
Loans to shareholders
8
Mortgage and real estate loans
9
Other investments (attach statement)
10a
Buildings and other depreciable assets
b
Less accumulated depreciation

11a
Depletable assets
b
Less accumulated depletion
12
Land (net of any amortization)
13a
Intangible assets (amortizable only)
b
Less accumulated amortization
14
Other assets (attach statement)
15
Total assets
Liabilities and Shareholders’ Equity
16
Accounts payable
17
Mortgages, notes, bonds payable in less than 1 year
18
Other current liabilities (attach statement)
19
Loans from shareholders
20
Mortgages, notes, bonds payable in 1 year or more
21
Other liabilities (attach statement)
22
Capital stock
23
Additional paid-in capital
24
Retained earnings
25
Adjustments to shareholders’ equity (attach statement)
26

Less cost of treasury stock
27
Total liabilities and shareholders’ equity
Form 1120S (2013)
Form 1120S (2013)
Page 5
Schedule M-1
Reconciliation of Income (Loss) per Books With Income (Loss)
per Return
Note. Schedule M-3 required instead of Schedule M-1 if total
assets are $10 million or more—see instructions
1
Net income (loss) per books
2
Income included on Schedule K, lines 1, 2, 3c, 4,
5a, 6, 7, 8a, 9, and 10, not recorded on books this year
(itemize)
3
Expenses recorded on books this year not included on Schedule
K, lines 1 through 12 and 14l (itemize):
a
b
4
Add lines 1 through 3
5
Income recorded on books this year not included on Schedule
K, lines 1 through 10 (itemize):
a
6
Deductions included on Schedule K, lines 1 through 12 and 14l,
not charged against book income this year (itemize):
a
7

Add lines 5 and 6
8
Income (loss) (Schedule K, line 18). Line 4 less line 7
Schedule M-2
Analysis of Accumulated Adjustments Account, Other
Adjustments Account, and Shareholders’ Undistributed Taxable
Income Previously Taxed (see instructions)
( )
( )
( )
(a) Accumulated
adjustments account
(b) Other adjustments
account
(c) Shareholders’ undistributed taxable income previously
taxed
1
Balance at beginning of tax year
2
Ordinary income from page 1, line 21
3
Other additions
4
Loss from page 1, line 21
5
Other reductions
6
Combine lines 1 through 5
7
Distributions other than dividend distributions
8
Balance at end of tax year. Subtract line 7 from line 6
Form 1120S (2013)
p1-t1: p1-t2: p1-t3: p1-t4: p1-t5: p1-t6: p1-t7: p1-t8: c1_01_0_:
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Deborah Hill
1 posts
Re:Module 2 DQ 2
For what kinds of learners and learning is speed of learning
more important than depth of learning and vice versa? Why?
What are the most significant tradeoffs when balancing learning
speed against learning depth? Why?
Although learning takes place through multiple channels
experienced in reading, writing, and visualizing storage and
retrieval of information is based on how much and how
consistent exposure is applied. Learning is a process of
encoding, storage and retrieval of memory induced and
enhanced by time and speed (Nevid, 2013). Students or learners
of accelerated thought patterns or deemed as gifted require
increasing knowledge to maintain focus and their focus is based
on the reward from achievement as noted in the regulatory focus
theory of Higgins (2003).
Information such as the texture and color of a patch can give
some information about the depth of an image depends on the

amount of exposure. A portion too limited to determine is
insufficient for understanding its total scheme. For example, if
we take a clipping of a branch with leaves, one may define the
partial image as a tree, but could not determine if it comes from
a tree or bush and will definitely difficult to discern the type
(Saxena, Chung, & Ng, 2005).
The question of depth and speed controversy correlates with
motor performance and processing. An article central to
organizational behavior and human decision processes reveals
how the choice for speed relates to focus (Forster, Higgins, &
Bianco, 2003). Motivated learners appear to posses an eagerness
through a focus for achievement and reward such as, promotions
in the workplace to complete prerequisite trainings before
qualifying for a senior position.
This type of learning tradeoff comes at a deficit to details
related to internal relations within daily work functions. For
example, routine workplace protocol relies upon academic and
technical experience for balancing duties.
Trade-off suggests that the benefit or reward outweighs the loss
of depth without absolute insight. When individuals are hired
based on education loose sight of daily operations that require
assistance to complete important task and decision making on
the job. The balance between speed and depth shows how
learning in progression requires more time and yields the
benefit of accuracy.
References
Nevid, S. J. (2013). Psychology: concepts and applications (4th
ed.). Cengage Learning. Mason OH. ISBN-13: 978-1-285-
92216-4
Forster, J., Higgins, T. E., & Bianco, T. A. (2003).
Organizational Behavior and Human Decision Process.
www.columbia.edu/cu/psychology/higgins/paper
Saxena, A., Chung, H.S., Ng, Y. A. (2005). Learning Depth
from Single Monocular Images.
machinelearning.wustl.edu/mlpapers/paper_files/NIPS2005_684
pdf

TAX FORM/RETURN PREPARATION PROBLEMS
C:11-63
Bottle-Up, Inc., was organized on January 8, 2004, and made its
S election on January 24, 2004. The necessary consents to the
election were filed in a timely manner. Its address is 1234 Hill
Street, City, ST 33333. Bottle-Up uses the calendar year as its
tax year, the accrual method of accounting, and the first-in,
first-out (FIFO) inventory method. Bottle-Up manufactures
ornamental glass bottles. It made no changes to its inventory
costing methods this year. It uses the specific identification
method for bad debts for book and tax purposes. Herman
Hiebert and Melvin Jones own 500 shares each. Both
individuals materially participate in Bottle-Up’s single activity.
Herman Hiebert is the tax matters person. Financial statements
for Bottle-Up for the current year are shown in Tables C:11-2
through C:11-4. Assume that Bottle-Up’s business qualifies as a
U.S. production activity and that its qualified production
activities income is $90,000. The S corporation uses the small
business simplified overall method for reporting these activities
(see discussion for Line 12d of Schedules K and K-1 in the
Form 1120S instructions). Prepare a 2013 S corporation tax
return for Bottle-Up, showing yourself as the paid preparer.
TABLE C:11-2 Bottle-Up, Inc. Income Statement for the Year
Ended December 31 of the Current Year (Problem C:11-63)
Sales
$2,500,000
Returns and allowances
(15,000)
Net sales
$2,485,000

Beginning inventory
$ 102,000
Purchases
900,000
Labor
200,000
Supplies
80,000
Utilities
100,000
Other manufacturing costs
188,000a
Goods available for sale
$1,570,000
Ending inventory
(96,000)
1,474,000 b
Gross profit
$1,011,000
Salariesc
$ 451,020
Utilities expense
54,000
Depreciation (MACRS depreciation is $36,311)
11,782

Automobile and truck expense
26,000
Office supplies expense
9,602
Advertising expense
105,000
Bad debts expense
620
Rent expense
30,000
Interest expensed
1,500
Meals and entertainment expense
21,000
Selling expenses
100,000
Repairs and maintenance expense
38,000
Accounting and legal expense
4,500
Charitable contributionse
9,000
Insurance expensef
24,500

Hourly employees’ fringe benefits
11,000
Payroll taxes
36,980
Other taxes
2,500
Penalties (fines for overweight trucks)
1,000
(938,004)
Operating profit
$ 72,996
Other income and losses:
Long-term gain on sale of capital assets
$ 48,666g
Sec. 1231 loss
(1,100)h
Interest on U.S. Treasury bills
1,200
Interest on State of Florida bonds
600
Dividends from domestic corporations
11,600
Investment expenses
(600)
60,366

Net income
$ 133,362
a Total MACRS depreciation is $74,311. Assume that $38,000
of depreciation has been allocated to cost of sales for both book
and tax purposes so that the book and tax inventory and cost of
sales amounts are the same. The AMT depreciation adjustment
on personal property is $9,000.
b The cost of goods sold amount reflects the Uniform
Capitalization Rules of Sec. 263A. The appropriate restatements
have been made in prior years.
c Officer salaries of $120,000 are included in the total. All are
employer’s W-2 wages.
d Investment interest expense is $500. All other interest
expense is trade- or business-related. None of the interest
expense relates to the production of tax-exempt income.
e The corporation made all contributions in cash to qualifying
charities.
f Includes $3,000 of premiums paid for policies on lives of
corporate officers. Bottle-Up is the beneficiary for both
policies.
g The corporation acquired the capital assets on March 3, 2011
for $100,000 and sold them on September 15, 2013, for
$148,666.
h The corporation acquired the Sec. 1231 property on June 5,
2012 for $10,000 and sold it on December 21, 2013, for $8,900.
TABLE C:11-3 Bottle-Up, Inc. Balance Sheet for January 1 and
December 31 of the Current Year (Problem C:11-63)
January 1
December 31
Assets:
Cash
$ 15,000

$116,948
Accounts receivable
41,500
45,180
Inventories
102,000
96,000
Stocks
103,000
74,000
Treasury bills
15,000
16,000
State of Florida bonds
10,000
10,000
Building and equipment
374,600
375,000
Minus: Accumulated depreciation
(160,484)
(173,100)
Land
160,000
190,000
Total
$660,616
$750,028
Liabilities and equities:
Accounts payable
$ 36,000

$ 10,000
Accrued salaries payable
12,000
6,000
Payroll taxes payable
3,416
7,106
Sales taxes payable
5,200
6,560
Due to Mr. Hiebert
10,000
5,000
Mortgage and notes payable (current maturities)
44,000
52,000
Long-term debt
210,000
260,000
Capital stock
10,000
10,000
Retained earnings
330,000
393,362
Total
$660,616
$750,028
TABLE C:11-4 Bottle-Up, Inc. Statement of Change in Retained
Earnings, for the Current Year Ended December 31 (Problem
C:11-63)
Balance, January 1
$330,000a
Plus: Net income

$133,362
Minus: Dividends
(70,000)
63,362
Balance, December 31
$393,362
a The January 1 accumulated adjustments account balance is
$274,300.

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