title = "Form 1120-S S Corporation Income Tax Return"

content = """
Form 1120-S is the federal income tax return for S corporations. The entity
generally pays no federal income tax; income flows through to shareholders.
Marble Column CPA prepares 1120-S and ensures consistency with K-1s.

**Filing Requirement:** All S corporations must file 1120-S annually, even
with no income. Due date is March 15 (or 15th of third month after fiscal
year end). Extensions available.

**Schedule K and K-1:** Income, deductions, credits, and other items are
reported on Schedule K and allocated to shareholders on Schedule K-1. Each
shareholder receives a K-1; amounts must tie to the 1120-S.

**Built-In Gains Tax:** C corporations that elected S status may owe built-in
gains tax on disposition of appreciated assets within the recognition period.
Calculate and report when applicable. Document in file.
"""  # noqa: E501

version = "0.0.1"
