Homework Answers
Answer:
Cherry Corporation's deduction for organizational expenditures for 2019 = $7,220
Explanation:
The organizational expenses that can be immediately deducted is $5000. However, if the total formation expenses exceed $50,000 , only $5000 is reduced by such amount which exceeds $50,000, and balance must be amortized over 180 months.
Here, the organization begins business on January 2019. So there's 12 months amortization .
Here, the income is $50,900 ,so exceeds $50,000 by 900.
So the immediate deduction = $5,000 - $900 = $4,100
Amount to be amortized = $50,900 - $4,100 = $46,800
Amortization for 2019 = ($46,800/180)*12 = $3,120
Cherry Corporation's deduction for organizational expenditures for 2019 = $4,100 + $3,120 = $ 7,220
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