please do them right. i will upvote. 512Problem 07-28 (Algo) [LO 7-9]pointsSkippedeBookAjax, Incorporated was formed on April 25 and elected a calendar year for tax purposes. Ajax paid $11,500 to the attorney who drewup the articles of incorporation and $5,400 to the CPA who advised the corporation concerning the accounting and tax implications ofits organization. Ajax began business operations on July 15.Required:To what extent can Ajax deduct its $16,900 organizational costs on its first tax return?Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.DeductionPrintReferencesMcGrawHill< Prev12 of 20Next >Check my work

The organizational costs Ajax, Inc. incurred—$16,900 in total—are subject to the IRS rules under…

Answered: 5 12 Problem 07-28 (Algo) [LO 7-9]…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

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Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation

Section: Chapter Questions

Problem 56P

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Beech Corporation, an accrual-basis, calendar-year taxpayer, was organized and began business in June of the current calendar tax year. During the current year, the corporation incurred the following expenses: State feeds for incorporation $775 legal and accounting fees incedent to organization 2,713 Expenses for the sale of stock 3,100 Organizational meeting expenses 3,294 Assuming that Beech Corporation wishes to deduct organizational expenses as quickly as possible, calculate the corporation’s deduction for its current calendar tax year.
Crimson Corporated was organized as a calendar - year corporation inJanuary, Year 1, incurring S51, 000 in qualified organizational expenses, andbegan business in March, Year 1. What is the maximum amount Crimsonmay deduct for organizational expenditures on its Year 1 corporate taxreturn? Multiple Choice S6, 350 S7, 133 S4, OOO S6, 611
Solve this
9. Norman incorporates the Bates Motel Corporation on February 1, 20x1. The corporation begins its business operations on July 1, 20x1. The corporation is on the calendar year for tax purposes. On February 1, 20x1, the corporation pays $20,000 to its attorney to draft the corporate bylaws. Assuming the corporation files its 20x1 tax return on time and makes a valid election, the corporation’s 20x1 deduction for the $20,000 in costs is (within a couple of dollars of): A. $5,500 B. $5,833 C. $5,916 D. $6,000 E. $20,000 F. None of the above (some other number is correct)
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 $ 2,545 Legal and accounting fees incident to organization 8,908 Expenses for the sale of stock 10,180 Organizational meeting expenses 3,818 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 tax year. Round per month calculation to two decimal places. Round your final answer to the nearest dollar.
pecial 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 $ 880 Legal and accounting fees incident to organization 3,080 Expenses for the sale of stock 3,520 Organizational meeting expenses 1,320 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 tax year. Round per month calculation to two decimal places. Round your final answer to the nearest dollar.
Required information Problem 19-57 (LO 19-4) (Algo) [The following information applies to the questions displayed below.] Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Incorporated (BLI). As part of their discussions with the sole shareholder of the corporation, Ernesto Young, they examined the company's tax accounting balance sheet. The relevant information is summarized as follows: Adjusted Tax Basis $ 31,500 17,000 Cash Receivables Building Land Total Payables Mortgage* Total FMV $ 31,500 17,000 113,500 273,000 $435,000 56,750 91,000 $ 196,250 $22,300 $ 22,300 182,250 182,250 $ 204,550 $ 204,550 Appreciation 56,750 182,000 $ 238,750 *The mortgage is attached to the building and land. Ernesto was asking for $450,200 for the company. His tax basis in the BLI stock was $120,000. Included in the sales price was an unrecognized customer list valued at $138,000. The unallocated portion of the purchase price ($81,750) will be recorded as…
PC:5-25 (similar to) Quest In the current year, Murray Corporation is deemed to be a PHC and reports the following results: E (Click the icon to view the results.) Read the requirements. Requirement a. What is Murray's regular tax liability (ignoring any AMT implications)? Requirements Murray's regular income tax liability is Data Table a. What is Murray's regular tax liability (ignoring any AMT implications)? b. What is Murray's PHC tax liability? с. What measures can Murray take to eliminate its PHC tax liability after year-end and before it files its tax return? After it files its tax return? Taxable income $ 210,000 Dividend received from an 18%-owned domestic corporation 45,000 Print Done Dividends paid in the sixth month of the current year 20,000
Subject - account Please help me. Thankyou.
Calculate the Corporation Tax Liability of Full Tax Co. for Y/A: 20212. Using the Barbados Income Tax Act or any other relevant document explain the treatment of the items included or omitted from the income tax computation.
Owe
Problem 11-6 (Algorithmic) Special Deductions and Limitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business in June 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 1,570 Legal and accounting fees incident to organization 5,495 Expenses for the sale of stock 6,280 Organizational meeting expenses 2,355 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 tax year. Round per month calculation to two decimal places. Round your final answer to the nearest dollar. 17 X

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