Question

For the following Question, please fill out form 1120 and sch c using the information below.

Answer 1

U.S. Corporation Income Tax Return , 2019, ending OMB No. 1545-0123 .1120 Fam Department of the Treasury Internal Revenue Service A Check it: 1a Consolidated retum (attach Fom 851) b Lifelnonife consol- dated retum. . 2 Personal holding co. (attach Sch. PHÍ. 3 Personal serice corp. see instructions 4 Schedule M-3 atached For calendar year 2019 or tax year beginning 2019 Go to www.irs.gov/Form1120 for instructions and the latest information. Name Acom Inc B Employer identification number TYPE C Date incorporated Number, street, and room or suite no. Ifa P.O. box, see instructions. OR PRINT City ar town, state or province, country, and ZIP or foreign postal code D Total assets (see instructions) E Check it (1) Initial returm (2) Final return (3) Name change (4) Address change Gross receipts or sales 500000 1a 1a b Returns and allowances. 1b Balance. Subtract line 1b from line 1a 1c 500000 250000 Cost of goods sold (attach Form 1125-A) . Gross profit. Subtract line 2 from line 1c . 2 250000 Dividends and inclusions (Schedule C, line 23) 5 25000 Interest Gross rents Gross royalties Capital gain net income (attach Schedule D (Fom 1120)) Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (see instructions-attach statement) - Total income. Add lines 3 through 10 Compensation of officers (see instructions-attach Form 1125-E) Salaries and wages (less employment credits) 10 10 275000 11 11 12 12 13 13 Repairs and maintenance Bad debts. 14 14 15 15 Rents. 16 16 Taxes and licenses 17 17 18 Interest (see instructions) 18 Charitable contributions. Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) Depletion 19 19 20 20 21 21 22 Advertising 22 Pension, profit-sharing, etc., plans Employee benefit programs 23 23 24 24 Reserved for future use 25 25 Other deductions (attach statement) 26 26 Total deductions. Add lines 12 through 26 27 27 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11. 275000 28 28 29a 29a Net operating loss deduction (see instructions) 16250 b Special deductions (Schedule C, line 24). c Add lines 29a and 29b 296 16250 29c Taxable income. Subtract line 29c from line 28. See instructions 30 30 258750 Total tax (Schedule J, Part I, line 11) - 2019 net 965 tax liability paid (Schedule J, Part II, line 12) - Total payments, credits, and section 965 net tax liability (Schedule J, Part III, ine 23) Estimated tax penalty. See instructions. Check if Form 2220 is attached 54338 31 31 32 32 54338 33 33 34 34 Amount owed. If line 33 is smaller than the total of lines 31, 32, and 34, enter amount owed Overpayment. If line 33 is larger than the total of lines 31, 32, and 34, enter amount overpaid Enter amount from line 36 you want: Credited to 2020 estimated tax Under penalties of perjury, I deciare that I have examined this retum, including accompanying schedules and statements, and to the best of my knowledge and beliet, it is true, comect, and complete. Deciaration of preparer (other than taxpayar) is based an all information of which preparer has any knowladge. 54338 35 35 36 36 Refunded 37 37 Sign Here May the IRS discuss this retum with the prepareor shown below? See instructions. Yes No Signature of afficer Date Title PTIN Preparer's signature Print/Type preparer's name Date Check O self-emplayed Firm's EIN Paid Preparer Use Only EFirm's name Firm's address Phone no. Farm 1120 2019) For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11450Q Tax, Refundable Credts, and Deductions (See instruc tions for limitations Income (suoponpap squude

Fam 1120 (2019) Page 2 (c) Special deductions (a) x b) Schedule C Dividends, Inclusions, and Special Deductions (see instructions) lal Dividends and inclusions Dividends from less-than-20%-owned domestic corporations (other than debt-financed stock) 50 Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock) - 25000 65 16250 see Dividends on certain debt-financed stock of domestic and foreign corporations instructions 23.3 Dividends on certain preferred stock of less-than-20%-owned public utilities 26.7 Dividends on certain preferred stock of 20%-or-more-owned public utilities . 50 Dividends from less-than-20%-owned foreign corporations and certain FSCS 65 Dividends from 20%-or-more-owned foreign corporations and certain FSCS 100 Dividends from wholly owned foreign subsidiaries see 25000| instructions Subtotal. Add lines 1 through 8. See instructions for limitations 16250 Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 1958 10 100 100 Dividends from affiliated group members 11 100 Dividends from certain FSCS 12 Foreign-source portion of dividends received from a specified 10%-owned foreign corporation (excluding hybrid dividends) (see instructions) . 13 100 Dividends from foreign corporations not included on line 3, 6, 7, 8, 11, 12, or 13 (including any hybrid dividends) - 14 see Section 965(a) inclusion. instructions 15 16a Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC) of the stock of a lower-tier foreign corporation treated as a dividend (attach Form(s) 5471) (see instructions). b Subpart F inclusions derived from hybrid dividends of tiered corporations (attach Formis) 5471) (see instructions). c Other inclusions trom CFCS under subpart F not included on line 15, 16a, 16b, or 17 (attach Form(s) 5471) (see instructions). . 100 Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and Fom 8992) - 17 Gross-up for foreign taxes deemed paid 18 IC-DISC and former DISC dividends not included on line 1, 2, or 3 19 Other dividends 20 Deduction for dividends paid on certain preferred stock of public utilities 21 Section 250 deduction (attach Form 8993) 22 Total dividends and inclusions. Add column (a), lines 9 through 20. Enter here and on page 1, line 4 Total special deductions. Add column (c), lines 9 through 22. Enter here and on page 1. line 29b 23 25000 16250 24 Form 1120 2019)