Corporate Tax Return Problem, Complete ALC Corporation’s 2016 Form 1120 and 1125-A using the… 1 answer below »

Complete ALC Corporation's 2016 Form 1120 and 1125-A using the information provided on this sheet and on the excels spreadsheets.
Forms 4562 and 4797 are not required because ALC did not acquire or dispose of any equipment.
Assume that ALC is not subject to the alternative minimum tax.
Facts:
ALC was created in 2010, and incorporated on July 1, 2011. It is located at 521 Woodhill Street, Dallas, TX 75235. ALC's Employer Identification Number is 41-5267743.
ALC is a retailer of hobby supplies and its business activity code is 423920. ALC uses the accrual method of accounting and has a calendar year end. ALC made timely estimated federal tax payments of$10,000, every quarter.
ALC is a small corporation, but no shareholder owns more than 18% of the stock
directly, or 50% indirectly.

 

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