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Paddle Play Inc is owned by Roger B Spencer president SS# 111-11-111 and his wife Elaina E Spencer vice president SS# 123-45-6789.
Paddle Play Inc is owned by Roger B Spencer president SS#111-11-111 and his wife Elaina E Spencer vice president SS# 123-45-6789. The corporationmanufactures stand-up paddle boards that can be used in the ocean, river orlakes Business code# 339900, and has reported financial and taxable incomessince the inception. The company is located at 400 Surfer’s Bay, Nags Head, NC27959. The company’s EI# is 98-7654321, and the 2010 calendar year is used fortax purposes. The date of incorporation was April 13, 2005.Roger is an 80% shareholder and Elaina is an 20%shareholder. Both persons devote 100% of their time to the corporation. Roger’ssalary is $139,723 per year, and Elaina’s is $77,624 per year.The corporation files its tax return on the accrual method.Inventory has been consistently valued at cost under the FIFO method using thefull absorption procedure. Inventory capitalization rules of Internal RevenueCode Section 263A do not apply due to the “small business exception” averageannual gross receipts for the 3 preceding taxable years do not exceed $10Million. The accounting records are computerized.CheckFigures: Form 1120 Total Income Line 11 $1,145,931, Taxable Income Line 30$20,277Schedule M-1Line 10 $86,997, Schedule M-2 Line 8 $377,219
