Initial contributions to a corporation in exchange for stock is not a tax event. Instead, the shareholder is now an owner of the corporation. This is recorded on the books of the corporation as an increase in cash (or property) and an equal increase in Stock (Equity). No income statement transaction is recorded.
A C-Corp pays taxes on company profits and shareholders are taxed on dividends received.
Form 1120 US Corporation Income Tax Return can be prepared using TurboTax Business, a desktop application available only for Windows computers.
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