Special Deductions and Limitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpayer, was organized...
Special Deductions and Limitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on July 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 500 Legal and accounting fees incident to organization 4,150 Expenses for the sale of stock 2,100 Organizational meeting expenses 750 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over 15 years, calculate the corporation's deduction for its current calendar year$_______________
Homework Answers
$5,400 x 6 months/ 180 months = $180.00
$2,100 for the expenses for the sale of stock aren’t organizational expenditures and aren’t subjectto amortization and only did business for 6 months, so can only claim 6 months worth of amortization.
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Special Deductions and Limitations (LO 11.3) Beech Corporation,
an accrual basis calendar year taxpayer, was organized...
Problem 11-6 (Algorithmic) Special Deductions and Limitations (LO 11.3) Beech Corporation, an accrual basis calendar year...
Problem 11-6 (Algorithmic) Special Deductions and Limitations (LO 11.3) 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 $ 1,105 Legal and accounting fees incident to organization 3,868 Expenses for the sale of stock 4,420 Organizational meeting expenses 1,658 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational...
Problem 11-6 Special Deductions and Umitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpayer...
Problem 11-6 Special Deductions and Umitations (LO 11.3) 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 Legal and accounting fees incident to organization Expenses for the sale of stock Organizational meeting expenses $ 500 4,150 2,100 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over...
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