Corporate Tax Return Instructions
Spring 2017
Oscar Myer Wiener Corporation was organized on January 31, 1998.
Oscar manufactures television components. Oscar’s offices are
located at 2622 Winnie Street, Orlando, FL 32818. Oscar’s financial
statements are on the attached pdf files. Oscar’s EIN is:
57-9899890 and their business activity code is: 3670.
During the year, Oscar made estimated federal tax payments
totaling $15,800. If there is any overpayment of taxes, the
accounting department has requested that it be applied towards next
year’s estimated tax. Oscar paid a total of $46,600 of dividends to
its shareholders this year. Oscar’s preferred stock is held by 17
different shareholders, none of whom own more than 10% of the stock
in the company. Oscar’s two officers, Fritz and Winnie Myer, each
own 50% of the common stock. Fritz’s SSN is: 199-99-1234 and
Winnie’s SSN is: 675-90-9999. Fritz is President of the company and
his compensation is $75,000. Winnie is Vice President and her
compensation is $66,350.
During the year, Oscar sold two investments. Orange county bonds
purchased on July 6, 2003 were sold on November 16, 2015 for
$3,215. Oscar’s adjusted basis in the bonds was $3,740. Oscar sold
100 shares of Pioneer Corp common stock on March 14, 2015 for
$26,300. The stock was purchased for $18,200 on May 9, 2000.
Oscar’s qualified production activities deduction is $2,263 and
you do not need to fill out form 8903.
The bad debt expense reported on the income statement is based
on the reserve method of accounting. Actual bad debts written off
during the year were $7,950. Tax depreciation is equal to book
depreciation.
Instructions:
Complete Oscar’s 1120 for the calendar year ended December
31,2015.
Complete all required schedules and forms that accompany the
1120.
