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SCH k-1 of 1120s Case Study

This Schedule K-1 form summarizes a shareholder's distribution of income, deductions, credits, and other items from an S corporation called DHL corporation for the 2021 tax year. It shows that the shareholder, John of San Antonio Texas, received $49,000 in ordinary business income and has a 100% current year allocation percentage as the sole shareholder. No additional credits, deductions, or other items are indicated on this summary 3-sentence form.

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Himani Sachdev
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170 views1 page

SCH k-1 of 1120s Case Study

This Schedule K-1 form summarizes a shareholder's distribution of income, deductions, credits, and other items from an S corporation called DHL corporation for the 2021 tax year. It shows that the shareholder, John of San Antonio Texas, received $49,000 in ordinary business income and has a 100% current year allocation percentage as the sole shareholder. No additional credits, deductions, or other items are indicated on this summary 3-sentence form.

Uploaded by

Himani Sachdev
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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671121

Final K-1 Amended K-1 OMB No. 1545-0123


Schedule K-1
(Form 1120-S) 2021 Part III Shareholder’s Share of Current Year Income,
Deductions, Credits, and Other Items
Department of the Treasury 1 Ordinary business income (loss) 13 Credits
For calendar year 2021, or tax year
Internal Revenue Service
49000
beginning 1 / 1 / 2021 ending 12 / 31 / 2021 2 Net rental real estate income (loss)

Shareholder’s Share of Income, Deductions, 3 Other net rental income (loss)


Credits, etc. ▶ See separate instructions.

4 Interest income
Part I Information About the Corporation
A Corporation’s employer identification number 5a Ordinary dividends
12-2890756
B Corporation’s name, address, city, state, and ZIP code 5b Qualified dividends 14 Schedule K-3 is attached if
checked . . . . ▶
6 Royalties 15 Alternative minimum tax (AMT) items

DHL coporation 7 Net short-term capital gain (loss)

C IRS Center where corporation filed return 8a Net long-term capital gain (loss)

D Corporation’s total number of shares 8b Collectibles (28%) gain (loss)


Beginning of tax year . . . . . 100%
End of tax year . . . . . . . 100% 8c Unrecaptured section 1250 gain

9 Net section 1231 gain (loss) 16 Items affecting shareholder basis


Part II Information About the Shareholder
E Shareholder’s identifying number 10 Other income (loss)
123 45 6789
F Shareholder’s name, address, city, state, and ZIP code

John
San Antonio Texas
17 Other information
G Current year allocation percentage . . . 100 %
11 Section 179 deduction

H Shareholder’s number of shares


Beginning of tax year . . . . . 100% 12 Other deductions
End of tax year . . . . . . . 100%

I Loans from shareholder


Beginning of tax year . . . . . $
End of tax year . . . . . . . $
For IRS Use Only

18 More than one activity for at-risk purposes*


19 More than one activity for passive activity purposes*

* See attached statement for additional information.

For Paperwork Reduction Act Notice, see the Instructions for Form 1120-S. www.irs.gov/Form1120S Cat. No. 11520D Schedule K-1 (Form 1120-S) 2021

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