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Form 1120-S

U.S. Income Tax Return for an S Corporation

OMB No. 1545-0123

▶ Do not file this form unless the corporation has filed or

2021

Department of the Treasury

is attaching Form 2553 to elect to be an S corporation.

Internal Revenue Service

▶ Go to www.irs.gov/Form1120S for instructions and the latest information.

For calendar year 2021 or tax year beginning

, 2021, ending

, 20

A S election effective date

Name

D Employer identification number

TYPE

Business activity code

Number, street, and room or suite no. If a P.O. box, see instructions.

E Date incorporated

number (see instructions)

City or town, state or province, country, and ZIP or foreign postal code

F Total assets (see instructions)

C Check if Sch. M-3 attached

G Is the corporation electing to be an S corporation beginning with this tax year? See instructions.

Yes

Check if: (1) Final return

(2) Name change (3) Address change

(4) Amended return (5)

S election termination

Enter the number of shareholders who were shareholders during any part of the tax year

. . . ▶

Check if corporation: (1)

Aggregated activities for section 465 at-risk purposes

(2) Grouped activities for section 469 passive activity purposes

Caution: Include only trade or business income and expenses on lines 1a through 21. See the instructions for more information.

Tax and Payments Deductions (see instructions for limitations) Income

1a	Gross receipts or sales		1a
b	Returns and allowances		1b
c	Balance. Subtract line 1b from line 1a	. . . . . . . .					1c
2	Cost of goods sold (attach Form 1125-A)	. . . . . . . .					2
3	Gross profit. Subtract line 2 from line 1c	. . . . . . . .					3
4	Net gain (loss) from Form 4797, line 17 (attach Form 4797)	. . . . . . . .					4
5	Other income (loss) (see instructions—attach statement)	. . . . . . . .					5
6	Total income (loss). Add lines 3 through 5	. . . .		.	. .	▶	6
7	Compensation of officers (see instructions—attach Form 1125-E) . . .	. . . . . . . .					7
8	Salaries and wages (less employment credits)	. . . . . . . .					8
9	Repairs and maintenance	. . . . . . . .					9
10	Bad debts	. . . . . . . .					10
11	Rents	. . . . . . . .					11
12	Taxes and licenses	. . . . . . . .					12
13	Interest (see instructions)	. . . . . . . .					13
14	Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562)						14
15	Depletion (Do not deduct oil and gas depletion.)	. . . . . . . .					15
16	Advertising	. . . . . . . .					16
17	Pension, profit-sharing, etc., plans	. . . . . . . .					17
18	Employee benefit programs	. . . . . . . .					18
19	Other deductions (attach statement)	. . . . . . . .					19
20	Total deductions. Add lines 7 through 19	. . . .		.	. .	▶	20
21	Ordinary business income (loss). Subtract line 20 from line 6 . . . .	. . . . . . . .					21
22a	Excess net passive income or LIFO recapture tax (see instructions) . . .		22a
b	Tax from Schedule D (Form 1120-S)		22b
c	Add lines 22a and 22b (see instructions for additional taxes)	. . . . . . . .					22c
23a	2021 estimated tax payments and 2020 overpayment credited to 2021 .		23a
b	Tax deposited with Form 7004		23b
c	Credit for federal tax paid on fuels (attach Form 4136)		23c
d	Add lines 23a through 23c	. . . . . . . .					23d
24	Estimated tax penalty (see instructions). Check if Form 2220 is attached .	. . . .		.	. ▶		24
25	Amount owed. If line 23d is smaller than the total of lines 22c and 24, enter amount owed . . .						25
26	Overpayment. If line 23d is larger than the total of lines 22c and 24, enter amount overpaid . . .						26
27	Enter amount from line 26: Credited to 2022 estimated tax ▶			Refunded ▶			27

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

▲			▲		May the IRS discuss this return
					May the IRS discuss this return
					with the preparer shown below?
	Signature of officer	Date		Title	See instructions.	Yes	No

Paid	Print/Type preparer’s name	Preparer’s signature		Date	Check	if	PTIN
Paid

Preparer					self-employed

	Firm’s name ▶				Firm’s EIN ▶
Use Only	Firm’s name ▶				Firm’s EIN ▶
Use Only	Firm’s address ▶				Phone no.
	Firm’s address ▶				Phone no.
For Paperwork Reduction Act Notice, see separate instructions.			Cat. No. 11510H				Form 1120-S (2021)

Form 1120-S (2021)		Page 2
Schedule B		Other Information (see instructions)

1 Check accounting method: a

Cash

Accrual

c Other (specify) ▶

2 See the instructions and enter the:

a Business activity ▶

b Product or service ▶

3At any time during the tax year, was any shareholder of the corporation a disregarded entity, a trust, an estate, or a nominee or similar person? If “Yes,” attach Schedule B-1, Information on Certain Shareholders of an S Corporation . .

4At the end of the tax year, did the corporation:

aOwn directly 20% or more, or own, directly or indirectly, 50% or more of the total stock issued and outstanding of any foreign or domestic corporation? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (v)

below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes No

(i)Name of Corporation

(ii)Employer Identification

Number (if any)

(iii)Country of Incorporation

(iv)Percentage of Stock Owned

(v)If Percentage in (iv) Is 100%, Enter the Date (if applicable) a Qualified Subchapter

S Subsidiary Election Was Made

bOwn directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (v) below . . . . . . .

(i)Name of Entity

(ii)Employer Identification

Number (if any)

(iii)Type of Entity

(iv)Country of Organization

(v)Maximum Percentage Owned in Profit, Loss, or Capital

5a At the end of the tax year, did the corporation have any outstanding shares of restricted stock? . . . . . . . .

If “Yes,” complete lines (i) and (ii) below.

(i)	Total shares of restricted stock	▶
(ii)	Total shares of non-restricted stock	▶

bAt the end of the tax year, did the corporation have any outstanding stock options, warrants, or similar instruments? . If “Yes,” complete lines (i) and (ii) below.

(i)

Total shares of stock outstanding at the end of the tax year

. ▶

(ii)Total shares of stock outstanding if all instruments were executed ▶

6Has this corporation filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide

	information on any reportable transaction?	. . . . . . . . . . . . . . . . . . . . . . . .
7	Check this box if the corporation issued publicly offered debt instruments with original issue discount . . . . ▶
	If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount
	Instruments.

8If the corporation (a) was a C corporation before it elected to be an S corporation or the corporation acquired an asset with a basis determined by reference to the basis of the asset (or the basis of any other property) in the hands of a C corporation, and

(b) has net unrealized built-in gain in excess of the net recognized built-in gain from prior years, enter the net unrealized built-in

gain reduced by net recognized built-in gain from prior years. See instructions . . . . . . ▶ $

9Did the corporation have an election under section 163(j) for any real property trade or business or any farming business

in effect during the tax year? See instructions . . . . . . . . . . . . . . . . . . . . . . . .

10 Does the corporation satisfy one or more of the following? See instructions . . . . . . . . . . . . . .

aThe corporation owns a pass-through entity with current, or prior year carryover, excess business interest expense.

bThe corporation’s aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years preceding the current tax year are more than $26 million and the corporation has business interest expense.

cThe corporation is a tax shelter and the corporation has business interest expense.

If “Yes,” complete and attach Form 8990.

11 Does the corporation satisfy both of the following conditions? . . . . . . . . . . . . . . . . . .

aThe corporation’s total receipts (see instructions) for the tax year were less than $250,000.

bThe corporation’s total assets at the end of the tax year were less than $250,000. If “Yes,” the corporation is not required to complete Schedules L and M-1.

Form 1120-S (2021)

Form 1120-S (2021)		Page 3
Schedule B	Other Information (see instructions) (continued)	Yes No

12During the tax year, did the corporation have any non-shareholder debt that was canceled, was forgiven, or had the

terms modified so as to reduce the principal amount of the debt? . . . . . . . . . . . . . . . . .

If “Yes,” enter the amount of principal reduction . . . . . . . . . . . . . . ▶ $

13During the tax year, was a qualified subchapter S subsidiary election terminated or revoked? If “Yes,” see instructions .

14a Did the corporation make any payments in 2021 that would require it to file Form(s) 1099?

If “Yes,” did the corporation file or will it file required Form(s) 1099?

Is the corporation attaching Form 8996 to certify as a Qualified Opportunity Fund?

If “Yes,” enter the amount from Form 8996, line 15

. . . . ▶ $

Schedule K

Shareholders’ Pro Rata Share Items

Total amount

Ordinary business income (loss) (page 1, line 21)

. . . . . .

. .

Net rental real estate income (loss) (attach Form 8825)

. . . . . .

. .

Other gross rental income (loss)

Expenses from other rental activities (attach statement)

. . . .

Other net rental income (loss). Subtract line 3b from line 3a . . .

. . . . . .

. .

(Loss)

Interest income

. . . . . .

. .

Dividends: a Ordinary dividends

. . . . . .

. .

Income

b Qualified dividends

Royalties

. . . . . .

. .

Net short-term capital gain (loss) (attach Schedule D (Form 1120-S))

. . . . . .

. .

Net long-term capital gain (loss) (attach Schedule D (Form 1120-S)) .

. . . . . .

. .

Collectibles (28%) gain (loss)

Unrecaptured section 1250 gain (attach statement)

Net section 1231 gain (loss) (attach Form 4797)

. . . . . .

. .

Other income (loss) (see instructions) . . .

Type ▶

Deductions

Section 179 deduction (attach Form 4562)

. . . . . .

. .

12a

Charitable contributions

. . . . . .

. .

12a

Investment interest expense

. . . . . .

. .

12b

Section 59(e)(2) expenditures

Type ▶

12c

Other deductions (see instructions) . . . .

Type ▶

12d

13a

Low-income housing credit (section 42(j)(5))

. . . . . .

. .

13a

Low-income housing credit (other)

. . . . . .

. .

13b

Credits

Qualified rehabilitation expenditures (rental real estate) (attach Form 3468, if applicable)

. .

13c

Other rental real estate credits (see instructions)

Type ▶

13d

Other rental credits (see instructions) . . .

Type ▶

13e

Biofuel producer credit (attach Form 6478)

. . . . . .

. .

13f

Other credits (see instructions)

Type ▶

13g

International Transactions

Attach Schedule K-2 (Form 1120-S), Shareholders’ Pro Rata Share Items—International, and

check this box to indicate you are reporting items of international tax relevance . . .

▶

Alternative MinimumTax Items(AMT)

15a

Post-1986 depreciation adjustment

. . . . . .

. .

15a

Adjusted gain or loss

. . . . . .

. .

15b

Depletion (other than oil and gas)

. . . . . .

. .

15c

Oil, gas, and geothermal properties—gross income

. . . . . .

. .

15d

Oil, gas, and geothermal properties—deductions

. . . . . .

. .

15e

Other AMT items (attach statement)

. . . . . .

. .

15f

ItemsAffecting ShareholderBasis

16a

Tax-exempt interest income

. . . . . .

. .

16a

Foreign taxes paid or accrued

. . . . . .

. .

16f

Other tax-exempt income

. . . . . .

. .

16b

Nondeductible expenses

. . . . . .

. .

16c

Distributions (attach statement if required) (see instructions) . . .

. . . . . .

. .

16d

Repayment of loans from shareholders

. . . . . .

. .

16e

Form 1120-S (2021)

Form 1120-S (2021)					Page 4
Schedule K			Shareholders’ Pro Rata Share Items (continued)		Total amount
	Information	17a	Investment income	17a
Other	Information	d	Other items and amounts (attach statement)
		b	Investment expenses	17b
		c	Dividend distributions paid from accumulated earnings and profits	17c

Recon-	ciliation	18	Income (loss) reconciliation. Combine the amounts on lines 1 through 10 in the far right
		18
			column. From the result, subtract the sum of the amounts on lines 11 through 12d and 16f .	18

Schedule L		Balance Sheets per Books		Beginning of tax year					End of tax year
		Assets		(a)		(b)		(c)			(d)
1	Cash
2a	Trade notes and accounts receivable . . .
b	Less allowance for bad debts		(		)			(	)
3	Inventories
4	U.S. government obligations
5	Tax-exempt securities (see instructions) . .
6	Other current assets (attach statement) . . .
7	Loans to shareholders
8	Mortgage and real estate loans
9	Other investments (attach statement) . . .
10a	Buildings and other depreciable assets . . .
b	Less accumulated depreciation		(		)			(	)
11a	Depletable assets
b	Less accumulated depletion		(		)			(	)
12	Land (net of any amortization)
13a	Intangible assets (amortizable only) . . . .
b	Less accumulated amortization		(		)			(	)
14	Other assets (attach statement)
15	Total assets
	Liabilities and Shareholders’ Equity
16	Accounts payable
17	Mortgages, notes, bonds payable in less than 1 year
18	Other current liabilities (attach statement) . .
19	Loans from shareholders
20	Mortgages, notes, bonds payable in 1 year or more
21	Other liabilities (attach statement) . . . .
22	Capital stock
23	Additional paid-in capital
24	Retained earnings
25	Adjustments to shareholders’ equity (attach statement)
26	Less cost of treasury stock					(	)			(	)
27	Total liabilities and shareholders’ equity . .
											Form 1120-S (2021)

Form 1120-S (2021)		Page 5
Schedule M-1	Reconciliation of Income (Loss) per Books With Income (Loss) per Return

Note: The corporation may be required to file Schedule M-3. See instructions.

1	Net income (loss) per books . . . .			5		Income recorded on books this year
2	Income included on Schedule K, lines 1, 2,					not included on Schedule K, lines 1
2	Income included on Schedule K, lines 1, 2,					through 10 (itemize):
	3c, 4, 5a, 6, 7, 8a, 9, and 10, not recorded					through 10 (itemize):
	3c, 4, 5a, 6, 7, 8a, 9, and 10, not recorded
	on books this year (itemize)			a		Tax-exempt interest $
3	Expenses recorded on books this year			6		Deductions included on Schedule K,
3	Expenses recorded on books this year			6		Deductions included on Schedule K,
	not included on Schedule K, lines 1					lines 1 through 12 and 16f, not charged
	through 12 and 16f (itemize):					against book income this year (itemize):
a	Depreciation $			a		Depreciation $
b	Travel and entertainment $			7		Add lines 5 and 6
b	Travel and entertainment $			7		Add lines 5 and 6
				8 Income (loss) (Schedule K, line 18).
4	Add lines 1 through 3					Subtract line 7 from line 4 . . . .
Schedule M-2		Analysis of Accumulated Adjustments Account, Shareholders’ Undistributed Taxable Income
		Previously Taxed, Accumulated Earnings and Profits, and Other Adjustments Account
		(see instructions)

			(a) Accumulated			(b) Shareholders’	(c) Accumulated	(d) Other adjustments
			adjustments account			undistributed taxable	earnings and profits	account
						income previously taxed
1	Balance at beginning of tax year
1	Balance at beginning of tax year
2	Ordinary income from page 1, line 21 . . .
3	Other additions
4	Loss from page 1, line 21		(		)
5	Other reductions		(		)			(	)
6	Combine lines 1 through 5
7	Distributions
8	Balance at end of tax year. Subtract line 7 from
	line 6
								Form 1120-S (2021)

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