Maize Corporation (a calendar year taxpayer) was formed on April 1, 2019, and incurred organizational expenses...
Maize Corporation (a calendar year taxpayer) was formed on April 1, 2019, and incurred organizational expenses of $54,000. Maize wants to claim as much of these expenses as soon as possible. Round the per month amount to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar.
Therefore, its deduction for 2019 is $ ______blank_____
Homework Answers
ANSWER
For organizational expenses 5,000 write off is allowed in the 1st year (reduce $ for $ for total costs greater than 50,000). Balance is amortized over 180 months including the first year (start from start up month)
Deduction for 2019 = 1,000 (5,000-4,000) + (54,000 - 1,000) * 9/180
= 1,000 + 2,650
= $3,650
_____________________________________________
If you have any query or any Explanation please ask me in the comment box, i am here to helps you.please give me positive rating.
*****************THANK YOU**************
Add Answer to:
Maize Corporation (a calendar year taxpayer) was formed on April
1, 2019, and incurred organizational expenses...
Cherry Corporation, a calendar year corporation, is formed and begins business on April 1, 2019. In...
Cherry Corporation, a calendar year corporation, is formed and begins business on April 1, 2019. In connection with its formation, Cherry Incurs organizational expenditures of $54,000. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019.
Cherry Corporation, a calendar year C corporation, is formed and begins business on 8/1/2019. In connection...
Cherry Corporation, a calendar year C corporation, is formed and begins business on 8/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $53,800. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019. $______
Cherry Corporation, a calendar year c corporation, is formed and begins business on 10/1/2019. In connection...
Cherry Corporation, a calendar year c corporation, is formed and begins business on 10/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $50,900. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019.
Cherry Corporation, a calendar year C corporation, is formed and begins business on 8/1/2019. In connection...
Cherry Corporation, a calendar year C corporation, is formed and begins business on 8/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $51,200. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019. $ 2,394
Emerald Corporation, a calendar year corporation, was formed and began operations on April 1, 2019. The...
Emerald Corporation, a calendar year corporation, was formed and began operations on April 1, 2019. The following expenses were incurred during the first tax year (April 1 through December 31, 2019) of operations. Expenses of temporary directors and of organizational meetings $27,000 Fee paid to the state of incorporation 1000 Accounting services incident to organization 15.500 Legal services for drafting the corporate charter and bylaws 9.500 Expenses incident to the printing and sale of stock certficates Assuming a 5 248...
Emerald Corporation, a calendar year C corporation, was formed and began operations on April 1, 2019....
Emerald Corporation, a calendar year C corporation, was formed and began operations on April 1, 2019. The following expenses were incurred during the first tax year (April 1 through December 31, 2019) of operations. Expenses of temporary directors and of organizational meetings $22,000 Incorporation fee paid to the state of incorporation 10,000 Accounting services incident to organization 5,500 Legal services for drafting the corporate charter and bylaws 9,500 Expenses incident to the printing and issuance of stock certificates 6,000 Assuming...
Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on August 1st...
Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on August 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 685 Legal and accounting fees incident to organization 2,398 Expenses for the sale of stock 2,740 Organizational meeting expenses 1,028 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over 15 years, calculate the corporation's deduction for...
Cherry Corporation, a calendar year C corporation, is formed and begins business on 10/1/2018. In connection...
Cherry Corporation, a calendar year C corporation, is formed and begins business on 10/1/2018. In connection with its formation, Cherry incurs organizational expenditures of $53,300. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2018.
Cherry Corporation, a calendar year C corporation, is formed and begins business on 4/1/2020. In connection...
Cherry Corporation, a calendar year C corporation, is formed and begins business on 4/1/2020. In connection with its formation, Cherry incurs organizational expenditures of $51,700. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for the current year.
Hornbill Corporation, a cash basis and calendar year corporation, was formed and began operations on May...
Hornbill Corporation, a cash basis and calendar year corporation, was formed and began operations on May 1, 2019. Hornbil incurred the following expenses during its first year of operations (May 1 - December 31, 2019 temporary directors meeting expenses of $10.500, state of incorporation fee of $5,000, stock certificate printing expenses of $1,200, and legal fees for drafting corporate charter and bylaws of $7.500. Wanting to deduct as much as possible in the current year, Hornbill Corporations 2019 deduction for...
Cherry Corporation, a calendar year corporation, is formed and begins business on April 1, 2019. In connection with its formation, Cherry Incurs organizational expenditures of $54,000. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019.
Cherry Corporation, a calendar year c corporation, is formed and begins business on 10/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $50,900. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019.
Emerald Corporation, a calendar year corporation, was formed and began operations on April 1, 2019. The following expenses were incurred during the first tax year (April 1 through December 31, 2019) of operations. Expenses of temporary directors and of organizational meetings $27,000 Fee paid to the state of incorporation 1000 Accounting services incident to organization 15.500 Legal services for drafting the corporate charter and bylaws 9.500 Expenses incident to the printing and sale of stock certficates Assuming a 5 248...
Cherry Corporation, a calendar year C corporation, is formed and begins business on 10/1/2018. In connection with its formation, Cherry incurs organizational expenditures of $53,300. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2018.
Cherry Corporation, a calendar year C corporation, is formed and begins business on 4/1/2020. In connection with its formation, Cherry incurs organizational expenditures of $51,700. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for the current year.
Hornbill Corporation, a cash basis and calendar year corporation, was formed and began operations on May 1, 2019. Hornbil incurred the following expenses during its first year of operations (May 1 - December 31, 2019 temporary directors meeting expenses of $10.500, state of incorporation fee of $5,000, stock certificate printing expenses of $1,200, and legal fees for drafting corporate charter and bylaws of $7.500. Wanting to deduct as much as possible in the current year, Hornbill Corporations 2019 deduction for...
Most questions answered within 3 hours.
-
Write a C++ program that will convert distance measurements from
miles to kilometers. Specifically, the program...
asked 3 minutes ago -
Given the following stresses (in MP a); in each case:
(a) Find the principal stresses σ1;...
asked 7 minutes ago -
You are one of the first engineers hired into the
manufacturing engineering department at a brand...
asked 12 minutes ago -
Suppose car models A, B, and C are popular among drivers.
Suppose 12% of the drivers...
asked 29 minutes ago -
write a program that finds the number of zeros in an 8-bit data
item using assembly...
asked 30 minutes ago -
Which statement is always true: The total energy of a closed
system...
A) is always equally...
asked 44 minutes ago -
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 2 hours ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 3 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 4 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 5 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 6 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 6 hours ago