ACC 455 Week 3 Knoxville Musical Sales Inc. Tax Return Preparation

May 1st, 2015
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ACC 455 Week 3 Knoxville Musical Sales Inc. Tax Return Preparation

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Form2220DepartmentoftheTreasuryInternalRevenueServiceUnderpaymentofEstimatedTaxbyCorporations.,.Seeseparateinstructions..,.Attachtothecorporation'staxreturn.OMBNo.1545-0142@08NameKnoxvilleMusicalSales,Inc.Employeridentificationnumber752010008Note:Generally, thecorporationisnotrequiredtofileForm2220(seePartIIbelow forexceptions)becausetheIRSwillfigureanypenalty owedandbillthecorporation.However,thecorporationmaystilluseForm2220tofigurethepenalty.Ifso,entertheamount frompage2,line38ontheestimatedtaxpenalty lineofthecorporation'sincometaxreturn,but donotattach Form2220..Required Annual Payment1 Totaltax(seeinstructions).1939,4492a Personalholdingcompanytax(SchedulePH(Form1120),line26)includedon line1.bLook-back interestincluded online1undersection460{b){2)forcompleted long-term contractsorsection167(g)fordepreciationundertheincomeforecastmethodcCreditforfederaltaxpaidonfuels(seeinstructions)2a02d02b02c0dTotal.Addlines2athrough2c3 Subtractline2dfromline1.Iftheresultislessthan$500, donot completeorfilethisform.Thecorporationdoes notowethepenalty .4 Enterthetaxshownonthecorporation's2007incometaxreturn(seeinstructions). Caution:Ifthetaxiszeroor thetaxyearwasforlessthan12months,skipthislineandenter theamountfromline3online5.5 Requiredannualpayment.Enterthe smallerofline3orline4.Ifthecorporationisrequiredtoskipline4,enter theamountfromline33939,4494578,0005578,000l::lmi"lllReasonsforFiling-Checkth

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