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Instructions for Form 1120S (2003)
(Rev. February 2004) U.S. Income Tax Return for an S Corporation
Section references are to the Internal Revenue Code unless otherwise noted.
2003
Table of Contents
Instructions for Form 1120S - Introductory Material
Changes To Note
Photographs of Missing Children
Unresolved Tax Issues
Direct Deposit of Refund
How To Make a Contribution To Reduce the Public Debt
How To Get Forms and Publications
General Instructions
Purpose of Form
Who Must File
Termination of Election
Electronic Filing
When To File
Period Covered
Who Must Sign
Paid Preparer Authorization
Accounting Methods
Accounting Periods
Rounding Off to Whole Dollars
Recordkeeping
Depository Method of Tax Payment
Electronic Deposit Requirement
Deposits With Form 8109
Estimated Tax Payments
Interest and Penalties
Other Forms, Returns, and Statements That May Be Required
Statements
Assembling the Return
Amended Return
Passive Activity Limitations
Activities That Are Not Passive Activities
Trade or Business Activities
Rental Activities
Portfolio Income
Self-Charged Interest
Grouping of Activities
Recharacterization of Passive Income
Passive Activity Reporting Requirements
Extraterritorial Income Exclusion
Specific Instructions
Name
Address
Item B. Business Code No.
Item C. Employer Identification Number (EIN)
Item E. Total Assets
Item F. Initial Return, Final Return, Name Change, Address Change, and Amended Return
Income
Line 1. Gross Receipts or Sales
Line 2. Cost of Goods Sold
Line 4. Net Gain (Loss) From Form 4797
Line 5. Other Income (Loss)
Deductions
Limitations on Deductions
Line 7. Compensation of Officers and Line 8—Salaries and Wages
Line 9. Repairs and Maintenance
Line 10. Bad Debts
Line 11. Rents
Line 12. Taxes and Licenses
Line 13. Interest
Line 14. Depreciation
Line 15. Depletion
Line 17. Pension, Profit-Sharing, etc., Plans
Line 18. Employee Benefit Programs
Line 19. Other Deductions
Line 21. Ordinary Income (Loss)
Tax and Payments
Line 22a. Excess Net Passive Income Tax
Line 22b. Tax From Schedule D (Form 1120S)
Line 22c
Line 23d
Line 24. Estimated Tax Penalty
Line 27. Direct Deposit of Refund
Schedule A. Cost of Goods Sold
Line 1. Inventory at Beginning of Year
Line 4. Additional Section 263A Costs
Line 5. Other Costs
Line 7. Inventory at End of Year
Lines 9a Through 9e. Inventory Valuation Methods
Schedule B. Other Information
Line 7
Line 8
Line 9
Instructions for Form 1120S - Notices
General Instructions for Schedules K and K-1. Shareholders' Shares of Income, Credits, Deductions, etc.
Purpose of Schedules
Substitute Forms
Shareholder's Pro Rata Share Items
Specific Instructions (Schedule K-1 Only)
General Information
Special Reporting Requirements for Corporations With Multiple Activities
Special Reporting Requirements for At-Risk Activities
Specific Items
Specific Instructions (Schedules K and K-1, Except as Noted)
Income (Loss)
Deductions
Investment Interest
Credits
Line 12b. Low-Income Housing Credit
Adjustments and Tax Preference Items
Line 14e. Other Adjustments and Tax Preference Items
Foreign Taxes
Other
Supplemental Information
Schedule L. Balance Sheets per Books
Line 5. Tax-Exempt Securities
Line 24. Retained Earnings
Line 25. Adjustments to Shareholders' Equity
Schedule M-1. Reconciliation of Income (Loss) per Books With Income (Loss) per Return
Line 3b. Travel and Entertainment
Schedule M-2. Analysis of Accumulated Adjustments Account, Other Adjustments Account, and Shareholders' Undistributed Taxable Income Previously Taxed
Column (a). Accumulated Adjustments Account
Column (b). Other Adjustments Account
Column (c). Shareholders' Undistributed Taxable Income Previously Taxed
Distributions
Example
Paperwork Reduction Act Notice.
Instructions for Form 1120S - Additional Material
Index
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