Suggested software: Pro Connect Tax Online.
1. Using the preceding information, prepare a 2021 Form 1120S and Schedule K–1s for
John Smith 25 Newport Blvd, Tustin CA 92782, and George Weaver, 10 Main Street,
Tustin, CA 92782. Complete the Forms 1125–A, 1125–E, 4562, 4797 and Schedule D
and other forms you deem necessary. If any information is missing, make realistic
assumptions. Suggested software: Pro Connect Tax Online.
2. Prepare a letter to one of the S Corporation shareholders explaining what they should do
with the information on the K-1 on their individual tax returns. DO NOT USE
COMPUTER GENERATED LETTERS
3. Prepare write up describing the similarities and differences between an S Corporation,
partnership 1065 and corporate tax return 1120 that you have prepared. Also discuss the
tax aspects of the S Corporation return and any significant you want to communicate to
Fenway, Inc. (tax issues, planning ideas, etc.). Use appropriate authorities