Answered: Jorge Let's review the first business'… | bartleby

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter15: Taxing Business Income

Section: Chapter Questions

Problem 1DQ

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Jorge
Let's review the first business'
paperwork:
Marquise Lewis
While they're doing business in Maine,
Caribou Ceramics would be a:
Select all that apply, then click Submit below
☐ not-for-profit corporation.
domestic corporation.
☐ foreign corporation.
☐ publicly held corporation.
close corporation.
☐ for-profit corporation.
Submit

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! Required information [The following information applies to the questions displayed below.] Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs April 1-May 30 wages Note: Leave no answer blank. Enter zero if applicable. Date February 10 March 30 March 30 April 1 May 30 Start-up costs amortized Organizational expenditures amortized Amount $ 35,000 4,750 2,300 35,000 11,875 c. What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 [not including the amount determined in part (b)]? Note: Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.

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