Prepared: February 19, 2026 Entity: Queskr Inc. | EIN: 30-0959251 | Delaware C-Corp Tax Year: January 1 -- December 31, 2025 Purpose: Line-by-line draft for transcription into TurboTax Business
Items marked with ⚠️ require CPA confirmation before finalizing.
Items marked with [N/A] are not applicable but shown for completeness.
All dollar amounts from actual bank statements unless otherwise noted.
| Field | Entry |
|---|---|
| Name | Queskr Inc. |
| Number, street, and room or suite no. | 16192 Coastal Highway |
| City or town, state, and ZIP code | Lewes, DE 19958 |
| A. Check if: | (leave all blank) |
| B. Employer identification number | 30-0959251 |
| C. Date incorporated | September 29, 2016 |
| D. Total assets (see instructions) | $556 |
| E. Check if: (1) Initial return | No |
| E. Check if: (2) Final return | No |
| E. Check if: (3) Name change | No |
| E. Check if: (4) Address change | No |
| E. Check if: (5) Amended return | No |
| Line | Description | Amount |
|---|---|---|
| 1a | Gross receipts or sales | $0 |
| 1b | Returns and allowances | $0 |
| 1c | Balance. Subtract 1b from 1a | $0 |
| 2 | Cost of goods sold (attach Form 1125-A) | $0 |
| 3 | Gross profit. Subtract line 2 from line 1c | $0 |
| 4 | Dividends and inclusions (Schedule C, line 23) | $0 |
| 5 | Interest | $0 |
| 6 | Gross rents | $0 |
| 7 | Gross royalties | $0 |
| 8 | Capital gain net income (attach Schedule D) | $0 |
| 9 | Net gain or (loss) from Form 4797 | $0 |
| 10 | Other income (see instructions -- attach statement) | $0 |
| 11 | Total income. Add lines 3 through 10 | $0 |
Note on Line 1a: The two Shopify deposits ($19.27 + $4.47 = $23.74) were owner test transactions, not revenue. The Wise deposit ($31.00) was a refund netting to $0. None are reported as gross receipts. See Memo to File in Section 7.
| Line | Description | Amount |
|---|---|---|
| 12 | Compensation of officers (Schedule E, line 4) | $0 |
| 13 | Salaries and wages (less employment credits) | $0 |
| 14 | Repairs and maintenance | $0 |
| 15 | Bad debts | $0 |
| 16 | Rents | $0 |
| 17 | Taxes and licenses | $0 |
| 18 | Interest | $0 |
| 19 | Charitable contributions | $0 |
| 20 | Depreciation from Form 4562 | $0 |
| 21 | Depletion | $0 |
| 22 | Advertising | $0 |
| 23 | Pension, profit-sharing, etc., plans | $0 |
| 24 | Employee benefit programs | $0 |
| 25 | Reserved for future use | -- |
| 26 | Other deductions (attach statement) | $194 |
| 27 | Total deductions. Add lines 12 through 26 | $194 |
Note on Line 26: TurboTax may round $193.56 to $194. The exact amount is $193.56. See the Other Deductions Statement in Section 3 for the itemized breakdown.>
Note on Line 17: Delaware franchise tax for 2025 is paid through Harvard Business Services, likely from outside Queskr's bank account (no franchise tax debit appears in the 2025 BofA statements). If HBS charged Queskr's account in early 2026 for the 2025 tax, it would appear on the 2026 return (cash basis). For 2024, the $539 HBS payment appeared on a January 2025 statement; similarly, the 2025 franchise tax may have been paid in early 2026. ⚠️ Confirm with Mike: Was the 2025 DE franchise tax paid from Queskr's account? If yes and it cleared in 2025, add to Line 17.
| Line | Description | Amount |
|---|---|---|
| 28 | Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11 | ($194) |
| 29a | Net operating loss deduction (see instructions) | $0 |
| 29b | Special deductions (Schedule C, line 24) | $0 |
| 30 | Taxable income. Subtract line 29c from line 28 | ($194) |
| 31 | Total tax (Schedule J, Part I, line 11) | $0 |
| 32 | Total payments, credits, and section 965 net tax liability (Schedule J, Part II, line 24) | $0 |
| 33 | Estimated tax penalty (see instructions). Check if Form 2220 is attached | $0 |
| 34 | Amount owed. If line 32 is smaller than total of lines 31 and 33, enter amount owed | $0 |
| 35 | Overpayment. If line 32 is larger than total of lines 31 and 33, enter amount overpaid | $0 |
| 36 | Enter amount from line 35 you want: Credited to 2026 estimated tax | $0 |
| 37 | Refunded | $0 |
| Field | Entry |
|---|---|
| Sign Here | |
| Signature of officer | Yohay Etsion |
| Date | [Date of filing] |
| Title | President & CEO |
| May the IRS discuss this return with the preparer shown below? | No (self-prepared) |
| Paid Preparer Use Only | (leave blank -- self-prepared) |
Reminder: The 2023 return was rejected by the IRS for a missing signature (Letter LTR3463C). If e-filing, ensure the electronic signature step is completed. If paper-filing, physically sign the return.
All lines are $0. No dividends, inclusions, or special deductions.
| Line | Description | (a) Dividends and inclusions | (b) % | (c) Special deductions |
|---|---|---|---|---|
| 1 | Dividends from less-than-20%-owned domestic corporations | $0 | 50% | $0 |
| 2 | Dividends from 20%-or-more-owned domestic corporations | $0 | 65% | $0 |
| 3 | Dividends on certain debt-financed stock | $0 | varies | $0 |
| 4 | Dividends on certain preferred stock of less-than-20%-owned public utilities | $0 | 23.3% | $0 |
| 5 | Dividends on certain preferred stock of 20%-or-more-owned public utilities | $0 | 26.7% | $0 |
| 6 | Dividends from less-than-20%-owned foreign corporations | $0 | 50% | $0 |
| 7 | Dividends from 20%-or-more-owned foreign corporations | $0 | 65% | $0 |
| 8 | Dividends from wholly owned foreign subsidiaries | $0 | 100% | $0 |
| 9 | Subtotal | $0 | $0 | |
| 10 | Dividends from domestic corporations received by small business investment company | $0 | 100% | $0 |
| 11 | Dividends from affiliated group members | $0 | 100% | $0 |
| 12 | Dividends from certain FSCs | $0 | varies | $0 |
| 13 | Foreign-source portion of dividends from 80%-or-more-owned foreign corporations | $0 | 100% | $0 |
| 14-18 | [Various GILTI, subpart F, other inclusions] | $0 | $0 | |
| 19 | IC-DISC and former DISC dividends not included in lines 1, 2, or 3 | $0 | $0 | |
| 20 | Other dividends | $0 | $0 | |
| 21 | Section 965 deductions | $0 | ||
| 22 | Total dividends and inclusions. Add column (a), lines 9 through 20 | $0 | ||
| 23 | Total. Enter here and on page 1, line 4 | $0 | ||
| 24 | Total special deductions. Add column (c), lines 9 through 21 | $0 |
| Line | Description | Amount |
|---|---|---|
| 1 | Check if the corporation is a member of a controlled group (attach Schedule O) | No |
| 2 | Income tax. Check if a qualified personal service corporation | $0 |
| 3 | Alternative minimum tax (attach Form 4626) | $0 |
| 4 | Add lines 2 and 3 | $0 |
| 5a | Foreign tax credit (attach Form 1118) | $0 |
| 5b | General business credit (attach Form 3800) | $0 |
| 5c | Credit for prior year minimum tax (attach Form 8827) | $0 |
| 5d | Bond credits from Form 8912 | $0 |
| 6 | Total credits. Add lines 5a through 5d | $0 |
| 7 | Subtract line 6 from line 4 | $0 |
| 8 | Personal holding company tax (attach Schedule PH (Form 1120)) | $0 |
| 9a | Recapture of investment credit (attach Form 4255) | $0 |
| 9b | Recapture of low-income housing credit (attach Form 8611) | $0 |
| 9c | Interest due under the look-back method (Form 8866/8697) | $0 |
| 9d | Other (attach statement) | $0 |
| 10 | Total. Add lines 8, 9a through 9d | $0 |
| 11 | Total tax. Add lines 7 and 10. Enter here and on page 1, line 31 | $0 |
| Line | Description | Amount |
|---|---|---|
| 12 | 2024 overpayment credited to 2025 | $0 |
| 13 | 2025 estimated tax payments | $0 |
| 14 | 2025 refund applied for on Form 4466 | $0 |
| 15 | Combine lines 12, 13, and 14 | $0 |
| 16 | Tax deposited with Form 7004 | $0 |
| 17 | Withholding (see instructions) | $0 |
| 18 | Total payments. Add lines 15, 16, and 17 | $0 |
| 19a | Refundable credits from Form 3800, line 19c | $0 |
| 19b | Refundable credits from Form 8827, line 8c | $0 |
| 19c | Other | $0 |
| 20 | Total credits. Add lines 19a through 19c | $0 |
| 21 | Reserved for future use | -- |
| 22 | Reserved for future use | -- |
| 23 | Section 965 net tax liability | $0 |
| 24 | Total payments, credits, and section 965 net tax liability. Add lines 18, 20, and 23. Enter here and on page 1, line 32 | $0 |
| # | Question | Answer |
|---|---|---|
| 1 | Check accounting method: (a) Cash (b) Accrual (c) Other | (a) Cash |
| 2 | See the instructions and enter the: | |
| (a) Business activity code no. | 517000 | |
| (b) Business activity | Internet/Communication Applications | |
| (c) Product or service | Collection/Payment Processing Services | |
| 3 | Is the corporation a subsidiary in an affiliated group or a parent-subsidiary controlled group? | No |
| If "Yes," enter name and EIN of the parent corporation | [N/A] | |
| 4 | At the end of the tax year: | |
| (a) Did any foreign or domestic corporation, partnership, trust, or tax-exempt organization, or any foreign government own, directly or indirectly, 25% or more of the total voting power of all classes of the corporation's stock entitled to vote? If "Yes," complete Part I of Schedule G (Form 1120). | Yes | |
| (b) Did any individual or estate own, directly or indirectly, 25% or more of the total voting power of all classes of the corporation's stock entitled to vote? If "Yes," complete Part II of Schedule G (Form 1120). | Yes | |
| 5a | At the end of the tax year, did the corporation own, directly or indirectly, 50% or more of the voting stock of a domestic corporation? | No |
| 5b | Did the corporation own, directly or indirectly, 50% or more of the voting stock of a foreign corporation? | No |
| 6 | During this tax year, did the corporation pay dividends? | No |
| 7 | At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of the total voting power of all classes of the corporation's stock entitled to vote, or the total value of all classes of the corporation's stock? | Yes |
| If "Yes," the corporation may have to file Form 5472. Enter number of Forms 5472 attached: | 2 | |
| 8 | Check this box if the corporation issued publicly offered debt instruments with original issue discount | No |
| 9a | Was there a change in control of the corporation during the tax year? | No |
| 9b | Did the corporation experience a change in effective control during the tax year? | No |
| 9c | Was there a change in the corporation's capital structure during the tax year? | No |
| 10 | Enter the amount of tax-exempt interest received or accrued during the tax year | $0 |
| 11 | Enter the number of shareholders at the end of the tax year (if 100 or fewer) | 2 |
| 12 | If the corporation has an NOL for the tax year, enter the amount | $194 |
| 13 | Are the corporation's total receipts for the tax year AND its total assets at the end of the tax year less than $250,000? | Yes |
| If "Yes," the corporation is not required to complete Schedules L, M-1, and M-2. | (See note below) | |
| 14a | Is the corporation required to file Schedule UTP (Form 1120)? | No |
| 15a | Did the corporation make any payments in 2025 that would require it to file Form(s) 1099? | No |
| 15b | If "Yes," did or will the corporation file required Forms 1099? | [N/A] |
Note on Question 13: Queskr qualifies for the exemption from Schedules L, M-1, and M-2. However, prior years (2022-2024) included Schedule L. For consistency, and because the shareholder loan needs to be visible on the balance sheet, I recommend completing Schedule L anyway. TurboTax may include it automatically if you enter balance sheet data. ⚠️ Confirm with Mike: Match prior year treatment.
Note on Question 11: Reporting 2 shareholders (Yohay Etsion + Roie Mandler per share records). ⚠️ Confirm with Mike: If Mandler's shares were transferred, report 1 shareholder.
| Line | Description | (a) Beginning of tax year | (b) End of tax year |
|---|---|---|---|
| 1 | Cash | $725 | $556 |
| 2a | Trade notes and accounts receivable | $0 | $0 |
| 2b | Less allowance for bad debts | $0 | $0 |
| 3 | Inventories | $0 | $0 |
| 4 | U.S. government obligations | $0 | $0 |
| 5 | Tax-exempt securities | $0 | $0 |
| 6 | Other current assets (attach statement) | $0 | $0 |
| 7 | Loans to shareholders | $0 | $0 |
| 8 | Mortgage and real estate loans | $0 | $0 |
| 9 | Other investments (attach statement) | $0 | $0 |
| 10a | Buildings and other depreciable assets | $0 | $0 |
| 10b | Less accumulated depreciation | $0 | $0 |
| 11a | Depletable assets | $0 | $0 |
| 11b | Less accumulated depletion | $0 | $0 |
| 12 | Land (net of any amortization) | $0 | $0 |
| 13a | Intangible assets (amortizable only) | $0 | $0 |
| 13b | Less accumulated amortization | $0 | $0 |
| 14 | Other assets (attach statement) | $0 | $0 |
| 15 | Total assets | $725 | $556 |
Cash detail: Beginning = $725.46 (BofA checking 898085271558, January 1 statement). End = $555.64 (December 31 statement). Rounded to nearest dollar per IRS convention.>
Savings account: BofA savings 898085271587 is on file but no activity or balance reported. If there is a balance, add to Line 1. ⚠️ Confirm: Is the savings account funded?
| Line | Description | (a) Beginning of tax year | (b) End of tax year |
|---|---|---|---|
| 16 | Accounts payable | $0 | $0 |
| 17 | Mortgages, notes, bonds payable in less than 1 year | $0 | $0 |
| 18 | Other current liabilities (attach statement) | $0 | $0 |
| 19 | Loans from shareholders | $171,900 | $171,900 |
| 20 | Mortgages, notes, bonds payable in 1 year or more | $0 | $0 |
| 21 | Other liabilities (attach statement) | $0 | $0 |
| 22 | Capital stock: | ||
| 22a | Preferred stock | $0 | $0 |
| 22b | Common stock | $0 | $0 |
| 23 | Additional paid-in capital | $112 | $112 |
| 24 | Retained earnings -- Appropriated (attach statement) | $0 | $0 |
| 25 | Retained earnings -- Unappropriated | ($171,287) | ($171,456) |
| 26 | Adjustments to shareholders' equity (attach statement) | $0 | $0 |
| 27 | Less cost of treasury stock | $0 | $0 |
| 28 | Total liabilities and shareholders' equity | $725 | $556 |
Line 19 -- Loans from shareholders: ⚠️ Ask Mike: The creditor changed mid-year from Yohay Etsion (shareholder) to Etsion Brands Ltd (not a shareholder, but a related party via common ownership). The principal amount is unchanged at $171,900. Options:
- (A) Keep on Line 19 with a disclosure note (simplest, matches prior years)
- (B) Move end-of-year balance to Line 21 "Other liabilities" since Etsion Brands is not a shareholder
- (C) Split: beginning on Line 19, ending on Line 21
Recommendation: Use option (A) for consistency unless Mike advises otherwise.>
Line 22b -- Common stock: Par value of issued shares = 5,580,000 shares x $0.00001 = $0.06 (rounds to $0). Some preparers enter $0; TurboTax may require at least $1. Match prior year.>
Line 23 -- Additional paid-in capital: Total purchase price was $111.60 ($83.70 + $27.90), minus par value of ~$0.06 = $111.54. Rounded to $112. Match prior year.>
Line 25 -- Retained earnings reconciliation:
- Beginning: $725 (assets) - $171,900 (liabilities) - $112 (APIC) - $0 (stock) = ($171,287)
- End: $556 (assets) - $171,900 (liabilities) - $112 (APIC) - $0 (stock) = ($171,456)
- Change: ($171,456) - ($171,287) = ($169) decrease
- This is close to the net loss of ($194) but not exact. The $25 difference is the net effect of: Shopify test deposits ($23.74) increasing cash without being recorded as income, plus rounding. This is normal for a cash-basis balance sheet where some non-income deposits affect cash.>
⚠️ Confirm with Mike: Match the beginning retained earnings to the 2024 return's ending retained earnings exactly. If the 2024 return shows a different number, use that number as the 2025 beginning balance and back into the ending balance.
Not required (total assets < $250,000). Include only if TurboTax auto-generates or for consistency with prior years.
| Line | Description | Amount |
|---|---|---|
| 1 | Net income (loss) per books | ($169) |
| 2 | Federal income tax per books | $0 |
| 3 | Excess of capital losses over capital gains | $0 |
| 4 | Income subject to tax not recorded on books this year | $0 |
| 5 | Expenses recorded on books this year not deducted on this return | $25 |
| (a) Depreciation | $0 | |
| (b) Charitable contributions | $0 | |
| (c) Travel and entertainment | $0 | |
| (d) Other: Non-income bank deposits (owner test transactions) | $25 | |
| 6 | Add lines 1 through 5 | ($144) |
| 7 | Income recorded on books this year not included on this return | $24 |
| (a) Tax-exempt interest | $0 | |
| (b) Other: Non-revenue deposits (Shopify test + Wise refund) | $24 | |
| 8 | Deductions on this return not charged against book income this year | $0 |
| (a) Depreciation | $0 | |
| (b) Charitable contributions | $0 | |
| (c) Other | $0 | |
| 9 | Add lines 7 and 8 | $24 |
| 10 | Income (loss) (line 28, page 1). Line 6 less line 9 | ($194) |
Explanation: The M-1 reconciles the book loss ($169) to the tax loss ($194). The difference of $25 comes from $23.74 in Shopify test deposits and $31.00 Wise refund = $54.74 total deposits not reported as income on the return, offset by $31.00 Wise debit not reported as expense (net $0), and bank/GCloud expenses that went through the account. The M-1 ensures both sides tie.>
⚠️ Alternative approach: If the "books" for Queskr ARE the tax return (no separate bookkeeping), M-1 can simply show the same number on both sides with no adjustments. In that case: Line 1 = ($194), Lines 2-5 = $0, Line 6 = ($194), Lines 7-9 = $0, Line 10 = ($194). Ask Mike which approach he used in prior years.
Not required (total assets < $250,000). Include only if TurboTax auto-generates or for consistency.
| Line | Description | Amount |
|---|---|---|
| 1 | Balance at beginning of year | ($171,287) |
| 2 | Net income (loss) per books | ($169) |
| 3 | Other increases (itemize) | $0 |
| 4 | Add lines 1, 2, and 3 | ($171,456) |
| 5 | Distributions: (a) Cash | $0 |
| (b) Stock | $0 | |
| (c) Property | $0 | |
| 6 | Other decreases (itemize) | $0 |
| 7 | Add lines 5 and 6 | $0 |
| 8 | Balance at end of year (line 4 less line 7) | ($171,456) |
Line 8 must equal Schedule L, Line 25, column (b). Both show ($171,456).>
⚠️ Confirm with Mike: Line 1 must match the 2024 return's M-2 ending balance exactly. Adjust if prior year used different rounding.
| (a) Name of officer | (b) Social security number | (c) Percent of time devoted to business | (d) Percent of stock owned: (i) Common (ii) Preferred | (e) Amount of compensation |
|---|---|---|---|---|
| Yohay Etsion | [SSN or N/A -- foreign] | 0% | (i) 98.5% (ii) N/A | $0 |
| Line | Description | Amount |
|---|---|---|
| 1 | Total compensation of officers | $0 |
| 2 | Compensation of officers claimed on Form 1125-A or elsewhere on return | $0 |
| 3 | Subtract line 2 from line 1 | $0 |
| 4 | Compensation of officers deducted on page 1, line 12 | $0 |
Notes:
- Yohay Etsion is the sole officer (President, CEO, Secretary, sole Director)
- No compensation paid in 2025 (same as all prior years)
- ⚠️ The "percent of stock owned" uses 98.5% consistent with prior filings. See ownership discrepancy discussion in Section 8.
- For SSN: As a foreign individual, Yohay may have an ITIN or may leave blank. Match prior year treatment.
Attached to Form 1120, supporting Line 26
Queskr Inc. -- EIN: 30-0959251 -- Tax Year 2025 Statement: Other Deductions (Form 1120, Line 26)
| # | Description | Amount |
|---|---|---|
| 1 | Bank service charges (Bank of America, monthly maintenance fee -- Business Advantage Fundamentals, $16.00/month x 12 months) | $192.00 |
| 2 | Office expense (Google Cloud Platform, recurring charge, $0.13/month x 12 months) | $1.56 |
| Total Other Deductions | $193.56 |
Categorization note: In 2024, expenses were categorized as: Bank charges ($192), Accounting ($180), Advertising ($12), Office expense ($2) = $386 total. For 2025, there are only two expense types. Categorized as "Bank service charges" and "Office expense" for consistency with prior year line items.>
⚠️ Confirm with Mike: The Google Cloud charge ($1.56) is billed to card ending 8265. If this is the owner's personal card rather than a corporate card, it is still a valid business expense but technically represents a shareholder advance. The amount is immaterial. Match prior year treatment for similar small charges.>
Excluded: Wise Inc payment ($31.00 on June 23, 2025) was fully refunded ($31.00 on June 30, 2025). Net $0. Not included in deductions.
Queskr Inc. -- EIN: 30-0959251 -- Tax Year 2025 Statement: Net Operating Loss Carryforward
| Tax Year of Loss | Original NOL | Used in Prior Years | Available Entering 2025 | Used in 2025 | Available Entering 2026 | Type | Expiration |
|---|---|---|---|---|---|---|---|
| 2016 | $26 | $0 | $26 | $0 | $26 | Pre-TCJA (20-year) | 2036 |
| 2017 | $9,814 | $0 | $9,814 | $0 | $9,814 | Pre-TCJA (20-year) | 2037 |
| 2018 | $35,621 | $0 | $35,621 | $0 | $35,621 | Post-TCJA (indefinite) | None |
| 2019 | $28,683 | $0 | $28,683 | $0 | $28,683 | Post-TCJA (indefinite) | None |
| 2020 | $48,361 | $0 | $48,361 | $0 | $48,361 | Post-TCJA (indefinite) | None |
| 2021 | $38,378 | $0 | $38,378 | $0 | $38,378 | Post-TCJA (indefinite) | None |
| 2022 | $7,941 | $0 | $7,941 | $0 | $7,941 | Post-TCJA (indefinite) | None |
| 2023 | $1,295 | $0 | $1,295 | $0 | $1,295 | Post-TCJA (indefinite) | None |
| 2024 | $386 | $0 | $386 | $0 | $386 | Post-TCJA (indefinite) | None |
| 2025 | $194 | -- | -- | -- | $194 | Post-TCJA (indefinite) | None |
| TOTAL | $170,505 | $0 | $170,699 |
| Description | Amount |
|---|---|
| NOL carryforward entering 2025 | $170,505 |
| 2025 net operating loss (current year addition) | $194 |
| NOL utilized in 2025 | $0 |
| NOL carryforward to 2026 | $170,699 |
| Category | Amount | % of Total | Rules |
|---|---|---|---|
| Pre-TCJA (2016-2017) | $9,840 | 5.8% | 20-year carryforward; can offset 100% of taxable income; use FIRST |
| Post-TCJA (2018-2025) | $160,859 | 94.2% | Indefinite carryforward; limited to 80% of taxable income per year |
Note: The 2025 loss of $194 is the rounded amount from Form 1120 Line 30. The exact figure is $193.56. TurboTax will calculate the precise carryforward. No NOL was used because there was no taxable income.>
Future utilization order: When income is eventually earned, use pre-TCJA NOLs ($9,840) first because they have expiration dates but no 80% limitation. Then use post-TCJA NOLs, which are limited to 80% of taxable income per year but never expire.
Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (2025)
| Field | Entry | |
|---|---|---|
| 1a. Name of reporting corporation | Queskr Inc. | |
| 1b. Employer identification number | 30-0959251 | |
| 1c. Number, street, and room or suite no. | 16192 Coastal Highway | |
| 1d. City or town, state, and ZIP code | Lewes, DE 19958 | |
| 1e. Country of incorporation | United States | |
| 1f. Date of incorporation | September 29, 2016 | |
| 1g. Principal business activity | Internet/Communication Applications | |
| 1h. Principal business activity code | 517000 | |
| 1i. Total assets | $556 | |
| 2. Country(ies) under whose laws the reporting corporation files an income tax return as a resident | United States | |
| 3. Check applicable box(es): | ||
| (a) The reporting corporation is a reporting corporation under Regs. sec. 1.6038A-1(c)(1): | Checked (25% foreign-owned) | |
| (b) The reporting corporation is a foreign-owned corporation: | Checked | |
| 4. Reporting corporation's tax year | January 1, 2025 -- December 31, 2025 |
| Field | Entry | |
|---|---|---|
| 1a. Name of 25% foreign shareholder | Yohay Etsion | |
| 1b. U.S. identifying number, if any | ⚠️ [ITIN if held; otherwise "None" -- match prior years] | |
| 1c. Reference ID number | [N/A or match prior year] | |
| 2. Address | Meitav 5, Apt 165 | |
| City | Tel Aviv | |
| Country | Israel | |
| Postal code | [Israeli postal code] | |
| 3. Country(ies) of citizenship | Israel | |
| 4. Country(ies) where business is conducted | Israel | |
| 5a. Principal business activity | Individual (Investment/Management) | |
| 5b. Principal business activity code | [N/A for individuals] | |
| 6. Check applicable box(es) for relationship to reporting corporation: | ||
| (a) Direct 25% foreign shareholder | Checked | |
| (b) Indirect 25% foreign shareholder | ||
| (c) Related party | ||
| 7. Percentage of voting stock owned | 98.5% | |
| 8. Percentage of total value of stock owned | ⚠️ 98.5% (or 75% if based on share count -- match prior year) |
⚠️ Ownership percentage: Prior filings use 98.5%. Continue for consistency. See Section 8 for discussion of the 98.5% vs 75% discrepancy.
Part III is used when the related party in Part IV is different from the 25% foreign shareholder in Part II. Since Yohay Etsion IS the 25% foreign shareholder AND the related party for this form, Part III may be left blank.
| Field | Entry |
|---|---|
| All fields | [Blank -- same party as Part II] |
⚠️ Confirm with Mike: In prior years, was Part III completed or left blank? Match prior treatment.
Reported from Queskr's perspective for transactions with Yohay Etsion during 2025.
| Line | Description | Amount |
|---|---|---|
| 1 | Sales of stock in trade (inventory) | $0 |
| 2 | Sales of tangible property other than stock in trade | $0 |
| 3 | Platform contribution transactions relating to cost sharing arrangements | $0 |
| 4a | Compensation received for technical, managerial, engineering, construction, or like services | $0 |
| 4b | Compensation paid for technical, managerial, engineering, construction, or like services | $0 |
| 5 | Commissions received | $0 |
| 6 | Commissions paid | $0 |
| 7 | Rents and royalties received | $0 |
| 8 | Rents and royalties paid | $0 |
| 9 | Sales, purchases, and exchanges of intangible property rights (patents, trademarks, etc.) | $0 |
| 10 | Consideration received for the provision of technical, managerial, or like services under a cost sharing arrangement | $0 |
| 11 | Amounts borrowed (see instructions): | |
| (a) Beginning balance | $171,900 | |
| (b) Ending balance | $0 | |
| 12 | Amounts loaned (see instructions): | |
| (a) Beginning balance | $0 | |
| (b) Ending balance | $0 | |
| 13 | Interest received | $0 |
| 14 | Interest paid | $0 |
| 15 | Premiums received for insurance or reinsurance | $0 |
| 16 | Premiums paid for insurance or reinsurance | $0 |
| 17 | Other amounts received (see instructions) | $0 |
| 18 | Other amounts paid (see instructions) | $0 |
| 19 | Total (add lines 1 through 18 in each column) | ⚠️ See note |
Line 11 explanation: At January 1, 2025, Queskr owed $171,900 to Yohay Etsion under 56 Secured Promissory Notes. On June 21, 2025, Yohay assigned all notes to Etsion Brands Ltd via a Loan Assignment Deed. From Yohay's perspective, the ending balance is $0 because he is no longer the creditor.>
⚠️ Critical question for Mike: The $171,900 balance didn't disappear -- it transferred to a different related party. How should TurboTax handle this?
- Option A: Line 11(a) = $171,900, Line 11(b) = $0. The decrease is explained in Part VI narrative. The corresponding increase appears on Form 5472 #2 (Etsion Brands).
- Option B: Use Line 18 "Other amounts paid" = $171,900 to represent the assignment, with Line 11 showing the loan movement separately.
- Recommended: Option A is cleaner. The loan balance went from $171,900 to $0 from Yohay's side. Part VI explains why.
Not applicable. Queskr is a C-Corp, not a disregarded entity.
| Field | Entry |
|---|---|
| All fields | [N/A] |
Narrative Statement:
During the 2025 tax year, the following transactions occurred between Queskr Inc. and Yohay Etsion:>
Loan Assignment (June 21, 2025)
On June 21, 2025, Yohay Etsion (sole shareholder, 98.5% voting stock) assigned $171,900 in aggregate shareholder loans to Etsion Brands Ltd (Israeli company no. 517176301), an entity controlled by Mr. Etsion. The assignment was made pursuant to a Loan Assignment Deed executed June 21, 2025, and approved by resolutions of the Board of Directors of both Queskr Inc. and Etsion Brands Ltd on the same date.>
The assigned debt consists of 56 Secured Promissory Notes originated between December 14, 2016 and March 3, 2022, each bearing 1% annual interest, with a total aggregate principal of approximately $171,900. The assignment transferred the creditor position from Yohay Etsion to Etsion Brands Ltd at face value. Queskr Inc. remains the borrower; the terms of the notes are unchanged.>
As a result: the balance owed by Queskr to Yohay Etsion decreased from $171,900 (beginning of year) to $0 (end of year). The corresponding increase in amounts owed to Etsion Brands Ltd is reported on a separate Form 5472 filed for that entity.>
No other monetary transactions occurred between Queskr Inc. and Yohay Etsion during the 2025 tax year. No compensation, dividends, interest payments, rents, royalties, or service fees were paid or received.
Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (2025)
| Field | Entry | |
|---|---|---|
| 1a. Name of reporting corporation | Queskr Inc. | |
| 1b. Employer identification number | 30-0959251 | |
| 1c. Number, street, and room or suite no. | 16192 Coastal Highway | |
| 1d. City or town, state, and ZIP code | Lewes, DE 19958 | |
| 1e. Country of incorporation | United States | |
| 1f. Date of incorporation | September 29, 2016 | |
| 1g. Principal business activity | Internet/Communication Applications | |
| 1h. Principal business activity code | 517000 | |
| 1i. Total assets | $556 | |
| 2. Country(ies) under whose laws the reporting corporation files an income tax return as a resident | United States | |
| 3. Check applicable box(es): | ||
| (a) The reporting corporation is a reporting corporation under Regs. sec. 1.6038A-1(c)(1): | Checked (25% foreign-owned) | |
| (b) The reporting corporation is a foreign-owned corporation: | Checked | |
| 4. Reporting corporation's tax year | January 1, 2025 -- December 31, 2025 |
Etsion Brands Ltd is NOT a direct shareholder. However, Form 5472 requires identifying the 25% foreign owner whose relationship creates the filing requirement.
| Field | Entry | |
|---|---|---|
| 1a. Name of 25% foreign shareholder | Yohay Etsion | |
| 1b. U.S. identifying number, if any | ⚠️ [ITIN if held; otherwise "None" -- match 5472 #1] | |
| 1c. Reference ID number | [N/A or match prior year] | |
| 2. Address | Meitav 5, Apt 165, Tel Aviv, Israel | |
| 3. Country(ies) of citizenship | Israel | |
| 4. Country(ies) where business is conducted | Israel | |
| 5a. Principal business activity | Individual (Investment/Management) | |
| 6. Check applicable box(es): | ||
| (a) Direct 25% foreign shareholder | Checked | |
| 7. Percentage of voting stock owned | 98.5% | |
| 8. Percentage of total value of stock owned | 98.5% |
Why Yohay appears in Part II on BOTH forms: Part II identifies the 25% foreign owner whose ownership triggers the 5472 requirement. Yohay is that person for both forms. Part III (below) identifies the specific related party with whom the transactions occurred.
| Field | Entry | |
|---|---|---|
| 1a. Name of related party | Etsion Brands Ltd | |
| 1b. U.S. identifying number, if any | None | |
| 1c. Reference ID number | ⚠️ [Assign a reference ID if needed -- e.g., "EB-IL-001"] | |
| 2. Address | ⚠️ [Etsion Brands Ltd registered address in Israel] | |
| City | ⚠️ [City] | |
| Country | Israel | |
| Postal code | ⚠️ [Postal code] | |
| 3. Country(ies) of organization | Israel | |
| 4. Country(ies) where business is conducted | Israel | |
| 5a. Principal business activity | E-Commerce / Holding Company | |
| 5b. Principal business activity code | ⚠️ [Israeli SIC or NAICS equivalent -- not required for foreign entities, but enter if known] | |
| 6. Check applicable box(es) for relationship to reporting corporation: | ||
| (a) Direct 25% foreign shareholder | ||
| (b) Indirect 25% foreign shareholder | ||
| (c) Related party | Checked | |
| 7. Relationship description | Entity controlled by the 25% foreign shareholder (Yohay Etsion). Etsion Brands Ltd (Israeli co. no. 517176301) is controlled by Yohay Etsion, who is the sole shareholder and director of Queskr Inc. (98.5% voting stock). Etsion Brands is creditor under assigned shareholder loans and principal under Agency and Collection Agreement. |
⚠️ Address: You need the Etsion Brands Ltd registered office address in Israel. This is likely on file with the Israeli Companies Registrar. You must fill this in before filing.>
⚠️ Confirm with Mike: Is the Part II / Part III split correct? Part II = Yohay (the 25% owner that triggers the requirement), Part III = Etsion Brands (the actual transacting party). This is the standard structure when the transacting related party is different from the 25% owner.
Reported from Queskr's perspective for transactions with Etsion Brands Ltd during 2025.
| Line | Description | Amount |
|---|---|---|
| 1 | Sales of stock in trade (inventory) | $0 |
| 2 | Sales of tangible property other than stock in trade | $0 |
| 3 | Platform contribution transactions relating to cost sharing arrangements | $0 |
| 4a | Compensation received for technical, managerial, engineering, construction, or like services | $0 |
| 4b | Compensation paid for technical, managerial, engineering, construction, or like services | $0 |
| 5 | Commissions received | $0 |
| 6 | Commissions paid | $0 |
| 7 | Rents and royalties received | $0 |
| 8 | Rents and royalties paid | $0 |
| 9 | Sales, purchases, and exchanges of intangible property rights | $0 |
| 10 | Consideration received for the provision of technical, managerial, or like services under a cost sharing arrangement | $0 |
| 11 | Amounts borrowed (see instructions): | |
| (a) Beginning balance | $0 | |
| (b) Ending balance | $171,900 | |
| 12 | Amounts loaned (see instructions): | |
| (a) Beginning balance | $0 | |
| (b) Ending balance | $0 | |
| 13 | Interest received | $0 |
| 14 | Interest paid | $0 |
| 15 | Premiums received for insurance or reinsurance | $0 |
| 16 | Premiums paid for insurance or reinsurance | $0 |
| 17 | Other amounts received (see instructions) | $0 |
| 18 | Other amounts paid (see instructions) | $0 |
| 19 | Total | ⚠️ See note |
Line 11 explanation: At January 1, 2025, Queskr owed $0 to Etsion Brands Ltd (no prior relationship). On June 21, 2025, Etsion Brands acquired $171,900 in loan receivables from Yohay Etsion via assignment. The ending balance reflects Queskr's debt to Etsion Brands at December 31, 2025.>
Lines 17-18 (Agency Agreement): An Agency and Collection Agreement was signed June 21-24, 2025, but NO monetary transactions occurred under it in 2025. Zero collections, zero remittances, zero service fees. The agreement's existence is disclosed in Part VI.>
⚠️ Confirm with Mike: Should the agency agreement be reported on Part IV even though $0 transacted? The conservative approach is to note it in Part VI only. Some practitioners report the $0 on Lines 4a/4b or 17/18 to show that the relationship exists but had no activity. Ask Mike's preference.
Not applicable.
| Field | Entry |
|---|---|
| All fields | [N/A] |
Narrative Statement:
During the 2025 tax year, the following transactions and agreements involved Queskr Inc. and Etsion Brands Ltd (Israeli company no. 517176301):>
1. Loan Assignment (June 21, 2025)
On June 21, 2025, Etsion Brands Ltd acquired $171,900 in aggregate shareholder loans from Yohay Etsion (sole shareholder of Queskr Inc., 98.5% voting stock) pursuant to a Loan Assignment Deed. The assigned debt consists of 56 Secured Promissory Notes originated between December 14, 2016 and March 3, 2022, each bearing 1% annual interest. The assignment transferred the creditor position from Yohay Etsion to Etsion Brands Ltd at face value. Queskr Inc. remains the borrower; the terms of the notes are unchanged.>
As a result: the balance owed by Queskr to Etsion Brands increased from $0 (beginning of year) to $171,900 (end of year).>
2. Agency and Collection Agreement (June 21-24, 2025)
On June 21, 2025, Queskr Inc. and Etsion Brands Ltd entered into an Agency and Collection Agreement under which Queskr is appointed as a limited-purpose collection agent for Etsion Brands. Queskr receives customer payments via Stripe and PayPal on behalf of Etsion Brands and remits funds within 5 business days, net of fees.>
On June 22, 2025, Addendum 1 (Vendor Cost-Recharge) was signed, allowing Queskr to pay third-party vendors on behalf of Etsion Brands at cost with no markup.>
On June 24, 2025, Addendum 2 (Cost + 5% Service Fee) was signed, establishing the fee structure: Queskr retains a 0.25% platform fee and 2.5% service fee (half of a 5% total service fee) from each collection, with the remainder remitted to Etsion Brands. This structure was approved by Board Resolutions of both entities.>
No customer transactions occurred under the Agency Agreement in 2025. Two small Shopify deposits ($19.27 on September 9 and $4.47 on December 17) were owner test transactions to verify the payment integration and are not considered revenue or agency collections. No funds were remitted to Etsion Brands during the tax year. No service fees were earned or paid.>
The Agency Agreement is expected to generate reportable transactions beginning in 2026 when actual customer sales commence.>
3. Relationship Basis
Etsion Brands Ltd is a related party to Queskr Inc. by virtue of common control. Yohay Etsion owns 98.5% of the voting stock of Queskr Inc. and controls Etsion Brands Ltd. Etsion Brands is not a direct shareholder of Queskr Inc.
MEMO TO FILE Queskr Inc. | EIN: 30-0959251 | Tax Year 2025
Re: Classification of Shopify Deposits as Non-Revenue Owner Test Transactions
Date: [Date of filing]
Background: During the 2025 tax year, two deposits from Shopify appeared in Queskr's Bank of America checking account (898085271558):
| Date | Description | Amount | Shopify Payout ID |
|---|---|---|---|
| September 9, 2025 | Shopify payout | $19.27 | ST-G0O6D6D6N0A1 |
| December 17, 2025 | Shopify payout | $4.47 | ST-R0Z8S8N1P8L4 |
| Total | $23.74 |
Classification: These deposits are NOT business revenue. They are test transactions conducted by Yohay Etsion, sole officer and director of Queskr Inc., to verify the Shopify/Stripe payment integration in preparation for activating the Agency and Collection Agreement with Etsion Brands Ltd.
Facts supporting non-revenue classification:
Tax treatment: These $23.74 in deposits are not reported as gross receipts on Form 1120, Line 1a. They are reflected in the year-end cash balance on Schedule L, Line 1 ($556 ending cash includes these amounts).
Additionally: A Wise Inc. deposit of $31.00 on June 30, 2025 was a refund of a $31.00 Wise debit from June 23, 2025. Net $0. Not reported as income or expense.
Supporting records available: 12 monthly Bank of America statements (January-December 2025); Shopify admin dashboard records; Stripe/Shopify payout detail.
Prepared by: Yohay Etsion, President & CEO
Consolidated list of all items flagged with ⚠️ throughout this draft return.
| # | Form/Schedule | Item | Question for Mike Pine | Impact if Wrong |
|---|---|---|---|---|
| 1 | Form 5472 | Number of 5472s | Confirm two 5472s required: one for Yohay Etsion (loan assignment out), one for Etsion Brands (loan assignment in + agency agreement). Or can they be combined? | $25,000 penalty per incomplete/missing 5472 |
| 2 | 5472 #1, Part IV | Loan assignment reporting | How to report the mid-year transfer: Line 11 beginning $171,900 / ending $0 with Part VI explanation? Or use Line 18 "Other"? | Accuracy of related-party reporting |
| 3 | 5472 #2, Part IV | Agency agreement at $0 | Does the existence of the Agency Agreement require a Part IV entry even though $0 transacted? Or is Part VI disclosure sufficient? | Completeness |
| 4 | 5472 #2, Part II/III | Part II vs Part III | Confirm: Part II = Yohay (25% owner trigger), Part III = Etsion Brands (transacting party). Is this the correct structure? | Form structure |
| 5 | Schedule L, Line 19 | Loan from shareholders vs other liabilities | Creditor changed from shareholder (Yohay) to non-shareholder related party (Etsion Brands). Should end-of-year balance move to Line 21 "Other liabilities"? | Balance sheet classification |
| 6 | Schedule K, Q11 | Number of shareholders | Report 2 (Yohay + Mandler per share records) or 1 (if Mandler's shares were transferred)? Prior filings reported 98.5% for Yohay, implying Mandler holds 1.5%. | Consistency with prior filings |
| 7 | 5472, Part II | 98.5% vs 75% ownership | What is the basis for 98.5% voting stock on prior filings when share records show 75%/25% split? Continue with 98.5% for consistency? | Long-standing discrepancy |
| 8 | 5472 | Roie Mandler 5472 | Does Mandler need a 5472? He's a 25% shareholder per share records (or 1.5% per filings). Filed for him 2016-2019, dropped from 2020. Was dropping him intentional? | Potential missing 5472 if he's still 25% |
| 9 | Other Deductions | Google Cloud categorization | $1.56 categorized as "Office expense." Correct category? And is the card (ending 8265) a corporate or personal card? | Expense classification |
| 10 | Schedule L | BofA savings account | Account 898085271587 exists on file. Does it have a balance? If so, needs to be added to Line 1 Cash. | Asset completeness |
| 11 | Line 17 | Delaware franchise tax | Was the 2025 DE franchise tax paid from Queskr's account during 2025? If yes, add to Line 17 Taxes and licenses. The 2024 payment ($539) appeared on a Jan 2025 statement. | Possible missing deduction |
| 12 | Schedule M-1 | Book-tax reconciliation approach | Does Mike treat the tax return as the "books" (M-1 shows same number, no adjustments)? Or does he reconcile from actual bank activity (M-1 shows adjustments for non-income deposits)? | M-1 approach |
| 13 | 5472 #1, Part IV, Line 14 | Accrued interest | The promissory notes carry 1% interest. No interest was paid. Should accrued (unpaid) interest be reported on Line 14 or disclosed in Part VI? Prior filings showed $0 interest. | Interest reporting |
| 14 | Schedule L/M-2 | Beginning retained earnings | The 2025 beginning balance must exactly match the 2024 ending balance. Draft uses ($171,287) but this is calculated, not from the actual 2024 return. Verify against 2024 1120. | Balance sheet continuity |
| 15 | FBAR | Wise account | Does Queskr have a Wise Business account? Wise accounts may be held at foreign banks. If account exists with any balance, may trigger FBAR (FinCEN 114) filing. | Potential missing FBAR |
| 16 | Etsion Brands | Address | Need the registered office address of Etsion Brands Ltd (Israel) for Form 5472 #2, Part III. | 5472 completeness |
Must resolve before filing:
For fast transcription into TurboTax:
| Item | Value |
|---|---|
| EIN | 30-0959251 |
| Gross receipts | $0 |
| Total deductions | $194 ($193.56 exact) |
| Taxable income | ($194) |
| Tax due | $0 |
| NOL entering | $170,505 |
| NOL 2025 addition | $194 |
| NOL exiting | $170,699 |
| Cash (beginning) | $725 |
| Cash (ending) | $556 |
| Loan from related party | $171,900 |
| Paid-in capital | $112 |
| Retained earnings (beginning) | ($171,287) ⚠️ Verify vs 2024 |
| Retained earnings (ending) | ($171,456) |
| Total assets (beginning) | $725 |
| Total assets (ending) | $556 |
| Officer compensation | $0 |
| Number of 5472s | 2 |
| Filing due date | April 15, 2026 |
| Extension deadline | October 15, 2026 (Form 7004) |
This is a draft return for review and transcription purposes. It is not tax advice. All items marked ⚠️ should be confirmed with Mike Pine (CPA) before filing. The signed, filed return (whether e-filed or paper) is the official document.