[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 thefollowing expenditures associated with getting the corporation started:ExpenseAttorney fees for articles of incorporationMarch 1-March 30 wagesMarch 1-March 30 rentStock issuance costsApril 1-May 30 wagesNote: Leave no answer blank. Enter zero if applicable.Problem 10-73 Part a (Algo)DateFebruary 10Amount$ 34,000March 304,450March 302,200April 1May 3037,00011,125a. What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation?Start-up costsOrganizational expenditures

Start-up costs include wages and rent paid before business began. Start-up costs is = (4450+2200)…

Answered: [The following information applies to…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 59P

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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. Problem 10-73 Part a (Algo) Date February 10 Amount $ 32,500 March 30 4,000 March 30 2,050 April 1 40,000 May 30 10,000 a. What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation? Start-up costs Organizational expenditures
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 Harch 30 April 1 May 30 Start-up costs amortized $ 2,850 Organizational expenditures amortized $ 32.000 Amount $ 37,000 5,350 2,500 31,000 13,375 Problem 2-73 Part c (Algo) 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.
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:\ table[[Expense, Date,Amount], [\table[[Attorney fees for articles of incorporation], [March 1 - March 30 wages]], February 10, $43,000 What is the total amount on the start-up cost and organizational expenditures for nicoles corporation?
deductible)? 73. 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 February 10 March 1-March 30 wages March 30 March 1-March 30 rent March 30 Stock issuance costs April 1 April 1-May 30 wages May 30 Date Amount $32,000 4,500 2,000 20,000 12,000 a) What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation? b) What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)? 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)]? d) What would be the total allowable organizational expenditures if Nicole…
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: (Leave no answer blank. Enter zero if applicable.) Expense Date Amount Attorney fees for articles of incorporation February 10 $ 36,500 March 1 – March 30 wages March 30 5,200 March 1 – March 30 rent March 30 2,450 Stock issuance costs April 1 32,000 April 1 – May 30 wages May 30 13,000 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)? (Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Start-up costs amortized: Organizational expenditures amortized:
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: (Leave no answer blank. Enter zero if applicable.) Expense Date Amount Attorney fees for articles of incorporation February 10 $ 36,500 March 1 – March 30 wages March 30 5,200 March 1 – March 30 rent March 30 2,450 Stock issuance costs April 1 32,000 April 1 – May 30 wages May 30 13,000 What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)? START-UP COST EXPENSED ORGANIZATIONAL EXPENDITURES EXPENSED
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: (Leave no answer blank. Enter zero if applicable.) Expense Date Amount Attorney fees for articles of incorporation February 10 $ 32,000 March 1–March 30 wages March 30 4,500 March 1–March 30 rent March 30 2,000 Stock issuance costs April 1 20,000 April 1–May 30 wages May 30 12,000 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)]? (Do not round intermediate calculations.)
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: (Leave no answer blank. Enter zero if applicable.) Expense Date Amount Attorney fees for articles of incorporation February 10 $ 32,000 March 1–March 30 wages March 30 4,500 March 1–March 30 rent March 30 2,000 Stock issuance costs April 1 20,000 April 1–May 30 wages May 30 12,000 What would be the total allowable organizational expenditures if Nicole started a sole proprietorship instead of a corporation?
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