Crdinal llc incurred 20000 of startup expenses 3000 of

Reference no: EM13566731

Cardinal, LLC incurred $20,000 of startup expenses, $3,000 of organizational costs, and paid $10,000 in transfer taxes to change the title of a building contributed by one of the LLC's members. Which of the following statements is correct regarding these three amounts? Answer Cardinal can deduct $5,000 of the startup expenses. Cardinal can amortize $15,000 of the startup expenses over 180 months. Cardinal may deduct the full amount of the organizational costs. Cardinal can capitalize the $10,000 tax paid as a part of the depreciable basis of the building. All of the above statements are true.

Reference no: EM13566731

Questions Cloud

What would you have done to test the validity of the : length 250 wordsthe purpose of the discussion board is to allow students to learn through sharing ideas and experiences

Wendy receives a proportionate nonliquidating distribution : wendy receives a proportionate nonliquidating distribution from the wxy partnership. the distribution consists of 75000

The products sales price is 400 what is the companys : a companys fixed operating costs are 500000 its variable cost is 3.00 per unit and the products sales price is 4.00.

Danny plans to depreciate the operating assets on a : to add to his growing chain of grocery stores on january 1 2012 danny marks bought a grocery store of a small

Crdinal llc incurred 20000 of startup expenses 3000 of : cardinal llc incurred 20000 of startup expenses 3000 of organizational costs and paid 10000 in transfer taxes to change

In view of mmgs strong financial position its required : manhattan med group mmg has a current stock price of 47 and its last dividend d0 was 2.90. in view of mmgs strong

Suppose the december cbt treasury bond futures contract : suppose the december cbt treasury bond futures contract has a quoted price of 103-18. if annual interest rates go up

Martin has a basis in a partnership interest of 100000 at : martin has a basis in a partnership interest of 100000. at the end of the current year the partnership distributed to

If abc uses uses the direct method of cost allocation and : abc company has two service departments a amp b and two production departments x amp y. the number of employees in each

User Account

All Pages