Expenses were incurred during the first tax year

Assignment Help Financial Accounting

Reference no: EM13915605

4. (TCOs 1 and 8) Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2010. The following expenses were incurred during the first tax year (July 1 through December 31, 2010) of operations:

Expenses of temporary directors and of organizational meetings	$9,000
Fee paid to the state of incorporation	$1,000
Accounting services incident to organization	$2,500
Legal services for drafting the corporate charter and bylaws	$3,500
Expenses incident to the printing and sale of stock certificates	$4,000

Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2010?

       $0
       $533
       $5,367
       $5,500
       None of the above

Reference no: EM13915605

Questions Cloud

Problem regarding the risk assessment : Below is the Global Finance, Inc. (GFI) network diagram. A hypothetical company, GFI has grown rapidly this past year and implemented a number of network devices as displayed in the diagram.

How would you respond in the given scenario : How would you respond in the following scenario? Assume you are being interviewed at one of the top companies on your list of potential employers.

Gpa is an example of a variable that uses : GPA is an example of a variable that uses

Determining the influence processes : You have been encouraged by a colleague to write a brief article about "CEOs and presidents" for a management journal. You have decided to compare the leadership styles of three leaders: Andrea Jung, IndraNooyi, and Brenda Barnes. Using the Librar..

Expenses were incurred during the first tax year : 4. (TCOs 1 and 8) Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2010. The following expenses were incurred during the first tax year (July 1 through December 31, 2010) of operations:

Leadership challenge-using sources of power ethically : The CEO of a large company has retained you as a management consultant to look into an area of concern that she has. With many of the recent corporate scandals, she is wondering how she can avoid these sorts of problems within her company.

Order to collaborated over data and information : There are millions of businesses around the world that have come to realize they need to place the importance of allowing computers to access others in order to collaborated over data and information, as well as software. When they choose to netw..

Prepare a video or audio recording of your interview : Engage a student or campus specialist to prepare a video or audio recording of your interview. Review your performance and critique it looking for ways to improve.

Quality of the contribution to the discussion : Every student is expected to create an original response to the open-ended DB question as well as engage in dialogue by responding to posts created by others throughout the week. At the end of each unit, DB participation will be assessed based on ..

User Account

All Pages