Using the preceding information, prepare a complete Form 1120s (Links to an external site.) and Schedule K-1s for John Parsons and George Smith, both of whom live at 5607 20th Street, Cut and Shoot, TX 77303.
John Parsons (123-45-6871) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. Premium’s S election was made on January 15, 2011, its date of incorporation. The following information was taken from the company’s 2018 income statement. Premium’s book income for the year was $704,574 Interest Income $100,000 […]

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