5 12 Problem 07-28 (Algo) [LO 7-9] points Skipped eBook Ajax, Incorporated was formed on April 25 and elected a calendar year for tax purposes. Ajax paid $11,500 to the attorney who drew up the articles of incorporation and $5,400 to the CPA who advised the corporation concerning the accounting and tax implications of its organization. Ajax began business operations on July 15. Required: To what extent can Ajax deduct its $16,900 organizational costs on its first tax return? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Deduction Print References Mc Graw Hill < Prev 12 of 20 Next > Check my work

9. Norman incorporates the Bates Motel Corporation on February 1, 20x1. The corporation begins its business operations on July 1, 20x1. The corporation is on the calendar year for tax purposes. On February 1, 20x1, the corporation pays $20,000 to its attorney to draft the corporate bylaws. Assuming the corporation files its 20x1 tax return on time and makes a valid election, the corporation’s 20x1 deduction for the $20,000 in costs is (within a couple of dollars of): A. $5,500 B. $5,833 C. $5,916 D. $6,000 E. $20,000 F. None of the above (some other number is correct)

Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on July 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 2,545 Legal and accounting fees incident to organization 8,908 Expenses for the sale of stock 10,180 Organizational meeting expenses 3,818   Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over 15 years, calculate the corporation's deduction for its current calendar tax year. Round per month calculation to two decimal places. Round your final answer to the nearest dollar.

pecial Deductions and Limitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on July 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 880 Legal and accounting fees incident to organization 3,080 Expenses for the sale of stock 3,520 Organizational meeting expenses 1,320 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over 15 years, calculate the corporation's deduction for its current calendar tax year. Round per month calculation to two decimal places. Round your final answer to the nearest dollar.

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Problem 11-6 (Algorithmic) Special Deductions and Limitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business in June 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 1,570 Legal and accounting fees incident to organization 5,495 Expenses for the sale of stock 6,280 Organizational meeting expenses 2,355 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over 15 years, calculate the corporation's deduction for its current calendar tax year. Round per month calculation to two decimal places. Round your final answer to the nearest dollar. 17 X

X-Rays was organized in January 2019 as a corporation in the jurisdiction of Puerto Rico. During 2020, the taxable (natural) year, it obtained the following results under the accumulation method (“accrual”) ended on December 31, 2020. Income    Services $ 425,000    Dividends 28,000             Total $ 453,000 Expenses    Administration 275,000    Food 12,000    Entertainment 10,000    Depreciation 10,000 Data: Dividend income comes from a domestic corporation in Puerto Rico where X-Rays owns 12% of the common stock. The corporation generated a net operating loss of $ 200,000 in 2019. The depreciation claimed under GAAP is equal to the depreciation granted for taxes. Determine the net taxable income (loss) of X-Rays as of December 31, 2020 in Puerto Rico.

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Transactions Affecting E&P. For each of the following transactions, indicate whether a special adjustment must be made in computing R Corporation's current E&P. Answer assuming that E&P has already been adjusted for current taxable income. a. During the year, the corporation paid estimated Federal income taxes of $25,000 and estimated state income taxes of $10,000. b. The corporation received $5,000 of interest income from its investment in tax-exempt bonds. c. The corporation received a $10,000 dividend from General Motors Corporation. d. The corporation purchased machinery for $9,000 and expensed the entire amount in accordance with Code § 179. e. The corporation reported a § 1245 gain of $20,000. f. The corporation had a capital loss carryover of $7,000 from the previous year. This year the corporation had capital gains before consideration of the loss of $10,000.