Economics Homework Help

I’m having trouble understanding how to: train three new accountants on how to complete Form 1120 and how they can help clients in strategizing how to mitigate taxable income.

Part I

I need help with picking 2 lines from each section of every schedule, including page 1 (Schedule C, J, K, L, M1, M2) of Form 1120, found on pages 3-24-3-29 of the textbook. I’m trying to analyze the computations for each of these 2 lines and explain in 2 pgrphs how to arrive at the final numbers.

For the first part of this IP, I need help analyzing a total of 14 lines (2 lines per section for each schedule) and evaluating what makes up that line and how to arrive at the computed figure. I’m struggling to put this evaluation in paper form and include 2 pgrphs that describe each line item. I’m required to have approximately 14 pgrphs of explanations.

Part II

Also I’m working on, compute the 2019 tax liabilities for the following clients, state what strategies can be implemented to lower their tax liabilities, and based on your calculations, explain how a corporation’s revenue affects taxation:

• ABC Corporation has a taxable income of $75,450.
• 123 Corporation has a taxable income of $9,525,125.
• Yellow Corporation, a personal service corporation, has a taxable income of $238,430.

For the second part of this IP, I must calculate the tax liabilities for each corporation. Based on calculations, how does a corporation’s revenue affect taxation, and how would a corporation lower its tax liability?