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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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