Please see the assignment information and instructions. Please be familiar with an IRAC answer format.
Category: Tax
Albert Gaytor and his wife Allison are married and file a joint return for 2022. The Gaytors live at 12340 Cocoshell Road, Coral Gables, FL 33134. Captain Albert Gaytor is a charter fishing boat captain but took six months off from his job in 2022 to train and study for his Masters Captain’s License.
In 2022, Albert received a Form W-2 from his employer, Coconut Grove Fishing Charters, Inc.:
Name
Social Security Number
Date of Birth
Albert T. Gaytor
266-51-1966
09/22/1973
Allison A. Gaytor
266-34-1967
07/01/1974
Crocker Gaytor
261-55-1212
12/21/2004
Cayman Slacker
261-11-4444
03/13/2003
Sean Slacker
344-23-5656
05/01/2002
Explain to me (in words) under what circumstances it would be better (lower taxes overall) for a Shareholder to do business as an S corporation shareholder rather than as a Member of an LLC (taxed as a partnership.) For this Option, assume that the cost of running payroll and filing payroll related returns will cost $8,000. For this option, please provide support for any assertions that you make. For example, if you write that, “Elephants are larger than tigers”, you need to say more about that. For example, “The average weight of an Asian elephant is 8,800 pounds whereas the average weight of an African Bush elephant is 13,000 pounds. The average weight of a male tiger ranges from 200 to 680 pounds. It is not easy to do a side by side comparison of an elephant and a tiger because elephants generally do not like tigers. As a result of this limitation, it is necessary to gather and record data related to elephants and to gather and record data related to tigers and then to compare the data related to the two types of mammals. Although this is not an actual side by side comparison of the elephant and the tiger, comparing the data about the two types of mammals yields an accurate conclusion about their relative size
Please add calculations to it. Also don’t use chatgpt
1. Using the preceding information, prepare a 2023 Form 1120S and Schedule K–1s for Earvin Johnson 25 Newport Blvd, Irvine CA 92618, and Lawrence Bird, 10 Main Street, Irvine, CA 92618. 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 Magic, Inc. (tax issues, planning ideas, etc.). Use appropriate authorities
***Form 1120S, Schedule K-1s, 1125–A, 1125–E, 4562, 4797 and Schedule D and other forms you deem necessary – Please also prepare these forms along with the instruction***
I need help with a midterm, I don’t have the questions yet but will have them later. I need someone that can help me real time