1120 SBC, Inc. Case Study Facts (CASSBM)

Printable Case Study Facts

SBC, Inc. is an S corporation engaged in the distribution of machinery, equipment and supplies. You will provide many input items by using the Trial Balance Bridge and Shareholder import. Guidance is given for other entries for you to complete.

Targeted Areas

• Reviewing Bridge Defaults
• Foreign Taxes
• Bridging the Client Trial Balance
• Officers’ Compensation
• Importing the Shareholder Template
• Stock Transfer
• Adjusting journal entries
• Schedule K entries
• Depreciation
• State Allocation/Apportionment - Indiana and Iowa

Using Trial Balance Bridge

• Accessing the Bridge Software
• Reviewing the Bridge Defaults
  • Importing the Trial Balance and Tax Combination Code Descriptions
• Adjusting Journal Entries
• Reviewing Before Merging
• Importing from the Shareholder Template

Data Entry

• Verifying SBC General Information
• Share Transfer
• Schedule K
  • Contributions
  • Depreciation Adjustment
  • Foreign Taxes
  • Other Items
• Income and Deduction
  • Officers’ Compensation
  • Depreciation
  • Gains and Losses
  • Accumulated Adjustment Account
• Transmittal Letter and Filing Instructions
• State Returns
  • State Allocation and Apportionment
  • Indiana and Iowa Returns
• Reviewing the Return

 

 

 

Case Study Facts/sbc_intro.htm/TY2019

Last Modified: 03/19/2020

Last System Build: 06/17/2021

©2019-2020 Thomson Reuters/Tax & Accounting.