general account teacher help Slim Fast Corporation, a calendar year C Corporation, is formed andbegins business on April 1, 2015. Slim Fast incurs the followingtransactions in connection with the formation of the business:Organizational expenditures of $54,000How much deduction will Slim Fast Corporation be able to take asorganizational expenditures for 2015?

To calculate the organizational expenditures deduction for Slim Fast Corporation in 2015, we use the…

Answered: Slim Fast Corporation, a calendar year…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 45P

See similar textbooks

Similar questions

Check my answer. Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1, 2020. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine Cherry Corporation’s deduction for organizational expenditures for 2020 Section 248 allows Cherry corporation to take an immediate deduction of $5,000 for organizational expenditures and amortized the remaining balance over 180 months beginning with the month in which the business begins. Since Cherry Corp’s organization expenditures exceed $50,000 section 248 also requires an immediate dollar for dollar reduction for the amount over $50,000. 54,000-50,000=4,000 immediate phase out reduction, 5,000-4,000=1,000, remaining available immediate deduction. 54,000-1000=53,000/180month=294.44 There are 9 months of operation in 2020 =294.44*9=2649.96+1000=3649.96 total deduction or $3650
Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1 of the current year. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine Cherry Corporation’s deduction for organizational expenditures for the current year.
Xavier Corporation begins business on March 1, 2021. The corporation incurs start-up expenditures of $38,000. Round your final answers to the nearest dollar. a. If Xavier elects amortization under § 195, the total start-up expenditures that Xavier may deduct in 2021 is b. Assume the same facts except the start-up costs totaled $52,000.The total start-up expenditures that Xavier may deduct in 2021 is
Freitas Corporation was organized early in 2018. The following expenditures were made during the first fewmonths of the year:Attorneys’ fees in connection with the organization of the corporation $ 12,000State filing fees and other incorporation costs 3,000Purchase of a patent 20,000Legal and other fees for transfer of the patent 2,000Purchase of equipment 30,000Pre-opening salaries and employee training 40,000Total $107,000Required:Prepare a summary journal entry to record the $107,000 in cash expenditures
R. Wilson Corporation commenced operations in early 2020. The corporation incurred $60,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation. Prepare journal entries to record the $60,000 expenditure and 2020 amortization, if any.
please help me with this Sun Ltd., with a taxation year that ends on December 31 and has a Class 8 UCC balance on January 1, 2022 of $475,000. During 2022, the company purchases a Class 8 property for $150,000 that is eligible for the AccII. The Company also disposes of a Class 8 property for proceeds of $72,000 which is below the property's capital cost. Required: Determine the maximum Class 8 CCA that Sun Ltd. can claim for 2022 including the UCC balance as of January 1, 2023.
Pharoah Corporation, which follows IFRS, began operations on January 1, 2020. For the company's first fiscal year, Pharoah recorded pretax income for accounting purposes of $2,520,000. Depreciation of property, plant, and equipment for financial reporting purposes amounted to $126,000. CCA claimed on the company's tax return was $140,000. Pharoah was subject to a 35% income tax rate. Calculate Pharoah Corporation's taxable income and income tax payable for 2020. Taxable income for 2020 $ Income taxes payable for 2020 24 eTextbook and Media List of Accounts Prepare the journal entries to record the 2020 current and deferred income taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record current tax expense.) (To record deferred tax expense.)
Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a bal- ance in AAA of $200,000 and AEP of $110,000 on December 31, 2020. Dur- ing 2021, Lonergan, Inc., distributes $140,000 to its shareholders, while sustaining an ordinary loss of $120,000. Calculate the balance in Lonergan’s AAA and AEP accounts at the end of 2021.
XYW Corp., a Domestic Corporation, registered in 2010 made available the following financial information for taxable year 2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law Choices: Php 800,000 Php 2,100,000 Php 400,000 Php 0
i need the answer quickly
Bellago Ltd made an accounting profit before tax of $75,000 for the year ended 30 June 2020.The following items were included in the accounts: Donations to political parties , non deductible 4,000 Depreciation machinery ,20% 15,000 Annual leave expense 5,800 Rent revenue 8,000 Goodwill amortised , non deductible 12,000 For tax purposes the following applied : Depreciation rate for machinery 15% Annual leave paid 4,500 Rent received 12,000 Income tax rate…
Grevilla Corporation is a manufacturing company. The corporation has accumulated earnings of $950,000, and it can establish reasonable needs for $400,000 of that amount. Calculate the amount of the accumulated earnings tax (if any) that Grevilla Corporation is subject to for this year. $_____________

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

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

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

SEE MORE TEXTBOOKS