Texts: Marathon Inc. (a C corporation) reported $1,000,000 of taxable income in the current year. During the year, it distributed $100,000 as dividends to its shareholders as follows: $5,000 to Guy, a 5 percent individual shareholder. $15,000 to Little Rock Corp., a 15 percent shareholder (C corporation). $80,000 to other shareholders. Please fill out Form 1120 Schedule C attached below. Thank you.
1120 U.S. Corporation Income Tax Return OMB No. 1545-0123 Form 1120, ending Department of the Treasury 2022 Go to www.irs.gov/Form1120 for instructions and the latest information. A Check if: Name B Employer identification number (attach Form 851) TYPE b Life/nonlife consoli- Number, street, and room or suite no. If a P.O. box, see instructions. C Date incorporated Sated return. C OR Personal holding co. PRINT attach Sch, PH). City or town, state or province, country, and ZIP or foreign postal code daco soyues (euosutd) (see instructions) S de M-3 af Check it: {1} Initial return 2 Final return (3) Name change (4) Address change 1a Gross receipts or sales 1a Returns and allowances. 1b Balance. Subtract line 1b from line 1a 1c Cost of goods sold (attach Form 1125-A). 2 Gross profit. Subtract line 2 from line 1c. 3 Dividends and inclusions (Schedule C, line 23) 4 Interest 5 Gross rents 6 Gross royalties 7 Capital gain net income (attach Schedule D (Form 1120)) 8 Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) 9 10 Other income (see instructions, attach statement). 10 11 Total income. Add lines 3 through 10 11 12 Compensation of officers (see instructions, attach Form 1125-E) 12 13 Salaries and wages (less employment credits) 13 ct 14 Repairs and maintenance 15 Bad debts. 16 Rents 16 17 Taxes and licenses 17 18 Interest (see instructions) 18 19 Charitable contributions 19 20 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) 20 21 Depletion 21 22 Advertising 22 23 Pension, profit-sharing, etc., plans 23 24 Employee benefit programs 24 25 Reserved for future use 25 26 Other deductions (attach statement) 26 27 Total deductions. Add lines 12 through 26 27 28 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11. 28 29a Net operating loss deduction (see instructions) 29a Deducti b Special deductions (Schedule C, line 24). 29b Add lines 29a and 29b 29c 30 Taxable income. Subtract line 29c from line 28. See instructions 30 31 Total tax (Schedule J, Part I, line 11). 31 32 Reserved for future use. 32 Total payments and credits (Schedule J, Part II, line 23) 33 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached 34 35 Amount owed. If line 33 is smaller than the total of lines 31 and 34, enter amount owed 35 36 Overpayment. If line 33 is larger than the total of lines 31 and 34, enter amount overpaid 36 37 Enter amount from line 36 you want: Credited to 2023 estimated tax Refunded 37 Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Sign May the IRS discuss this return with the preparer shown below? See instructions. TL Yes No Signature of officer Date Print/Type preparer's name Date Check ir PTIN Paid Preparer self-employed Use Only Firm's name Firm's EIN Firm's address Phone no. For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11450Q Form 1120 (2022)
