Fish Corporation, an accrual method, calendar year C corporation, was formed and began business on November 1, of the current year. Fish incurred the following expenses during its first year of operations (November 1 – December 31, current year). Fish Corporation Expenses Expenses of temporary directors and organizational meetings $23,100 Fee paid to state of incorporation $3,300 Expenses for printing and sale of stock certificates $12,100 Legal services for drafting the corporate charter and bylaws $28,000 What amount may be deducted as organizational expenditures in the current year?   a.$1,204.44 b.$600.00 c.$1,197.78 d.$1,332.22

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.)

Croyden is a calendar year, accrual basis corporation. Mr. and Mrs. Croyden (cash basis taxpayers) are the sole corporate shareholders. Mr. Croyden is president of the corporation, and Mrs. Croyden is vice president. Croyden’s financial records, prepared in accordance with GAAP, show the following information for the year: Use Table 7-1 and Table 7-2 Revenues from sales of goods $ 12,900,000 Cost of goods sold (LIFO) (9,260,000) Gross profit $ 3,640,000 Bad debt expense $ 24,000 Administrative salaries and wages 612,000 State and local business taxes 135,000 Interest expense 33,900 Advertising 67,000 Annual property insurance premiums 19,800 Annual life insurance premiums 7,300 Depreciation expense 148,800 Repairs, maintenance, utilities 81,000 Croyden’s records reveal the following facts: Under the UNICAP rules, Croyden had to capitalize $142,800 of administrative wages to inventory. These wages were expensed for financial statement purposes. Because of…

Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through April 19 (109 days) April 20 through December 31 (256 days) January 1 through December 31, 2023 (365 days) Income $ 209,000 359,000 $ 568,000 Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. On April 19, 2023, Blinkin sells his shares to Nod. Income Reported Winkin $ Blinkin Nod Daily Allocation Method Specific Identification Method 189,333 $ 189.333 $ 69 69 69.667 309.000