Reference no: EM132644358
Problem - Gull Corporation, a cash method, calendar year C corporation, was formed and began business on November 1, 2019. Gull incurred the following expenses during its first year of operations (November 1, 2019-December 31, 2019):
Expenses of temporary directors and organizational meetings $21,000
Fee paid to state of incorporation 3,000
Expenses for printing and sale of stock certificates 11,000
Legal services for drafting the corporate charter and bylaws (not paid until January 2020) 19,000
Required -
a. Assuming that Gull Corporation elects under § 248 to expense and amortize organizational expenditures, what amount may be deducted in 2019?
b. Assume the same facts as above, except that the amount paid for the legal services was $28,000 (instead of $19,000). What amount may be deducted as organizational expenditures in 2019?
Determine the corporation income tax liability
: Determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2019
|
What is the meaning of objective sociology
: What is the meaning of objective sociology? What do Durkheim, Marx, and Weber say on this regard? Briefly describe major issues for debate
|
What is the maximum amount of these expenditures
: Egret Corporation, a calendar year C corporation, was formed on March 6, 2019, What is the maximum amount of these expenditures
|
Distinguish between dependent and independent variable
: Distinguish between dependent and independent variable, cause and effect, correlation and spurious relationship, reliability and validity of measurement
|
What amount may be deducted
: Assuming that Gull Corporation elects under § 248 to expense and amortize organizational expenditures, what amount may be deducted in 2019
|
How does globalization factor into the discussion
: Why do you think that these illnesses have not captured the attention of the American public even though we are more connected to the rest
|
Describe the concepts of anomie
: Describe the concepts of anomie, alienation and "extreme rationality." Include in your answer the sociologist who coined the particular problem
|
Differences between complete dominance-incomplete dominance
: The similarities and differences between complete dominance, incomplete dominance and codominance
|
Describe the reasoning of the sociological imagination
: Describe the reasoning of the "sociological imagination," sociology, manifest functions, latent functions, social structure, functionalism, conflict theory
|