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Form Instructions 1120-S Jurupa Valley California: What You Should Know

Each corporation is taxed at a different rate, and many of these corporations have different taxable  periods. Many shareholders use the year in which they receive dividends to figure  and report dividends for the tax year in which those dividends are received. For this purpose, a corporation  continuously issues shares of stock every year even though the corporation's assets change or cease to exist. The  corporation must determine an individual's basis in its properties during its tax year, regardless of when the assets  were acquired. Taxable income of an S corporation is determined as of the beginning of each  tax year. For example, the company's taxable income for the 2023 tax year is determined on  January 1. An earnings statement is filed with the company for the  tax year that begins on January 1. The company's taxable income is then determined on an as-filed basis. The earnings of the company are then reported on Form 4797. If an S corporation  is treated as an unrelated business entity, its taxable income is the gross income it reports on  its most recent annual report. The gross income is not reduced by the deductions for employee  wages and the expenses of the corporation. For the 2023 first 10% period, the gross  income of the corporation is 20,000. Subtract 10,000 from 20,000 for a net taxable income  of 90,000, or a negative section 481(a) adjustment. Add 20,000 to the total for the  tax period that begins on January 1, 2019. Subtract 10,000 from 20,000, for a net taxable income of 140,000, or a 10,000 negative sections  481(a) adjustment. Add 40,000 to the total for the tax period that begins on January 1, 2022. The  corporation reports gross income of 140,000 for the year. Subtract 40,000 from 140,000 for a negative section 481(a) adjustment. The remaining 10,000 of  negative section 481(a) adjustment is a tax refund that must be reported on line 13 of Form 4797. If an  S corporation is treated as an unrelated business entity, its taxable income is the gross income the company receives on its  most recent annual report.

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