! Required information [The following information applies to the questions displayed below.] 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: Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs April 1-May 30 wages Note: Leave no answer blank. Enter zero if applicable. Date February 10 March 30 March 30 Start-up costs amortized Organizational expenditures amortized April 1 May 30 Amount $ 35,000 4,750 2,300 35,000 11,875 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)]? Note: Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.

On October 1, Kingbird Corporation donated a parcel of land which had a fair market value of 9,000. King had purchased the land 5-years ago for 6,500. During the current year, Kingbird Corporation had the following income and expense items: Required: Determine Kingbird’s charitable contribution deduction for the current year

Candlewood LLC started business on September 1, 2020 and adopted a calendar year. During 2021, Candlewood incurred $6,500 in legal fees for drafting the LLC's operating agreement and $3,000 in accounting fees for tax advice of an organizational nature, for a total of $9,500 of organizational costs. Candlewood also incurred $30,000 of preopening advertising expenses and $24,500 of salaries and training costs for new employees before opening for business, for a total of $54,500 of startup costs. The LLC wants to take the largest deduction available for these costs. If required, round any division to five decimal places and use in subsequent computations. Round your final answers to the nearest dollar. In 2020, the LLC may deduct $fill in the blank 1 as organizational expenses and $fill in the blank 2 as startup expenses.

Lark Corporation (a calendar year corporation) had the following income and expenses during the last completed calendar year: Income from operations $100,000 Expenses from operations 50,000 Dividends received (less 20% ownership) 10,000 Charitable contribution made in July of the last completed 7,000 Calendar year Lark Corporation’s charitable contribution deduction for the last completed calendar year is: Group of answer choices $5,700 None of the above $7,000 $5,000 $6,000

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WFO Corporation has gross receipts according to the following schedule: $ 25.00 million $ 27.00 million million $29.00 $ 29.50 million $ 30.00 million $31.00 million If WFO began business as a cash-method corporation in Year 1, in which year would it have first been required to use the accrual method? Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Multiple Choice O O Year 3 Year 4 Year 5 Year 6 None of the choices is correct.

3 Net Income. A calendar year S corporation has the following information for the current taxable year: Sales $180,000 Cost of goods sold. Dividend income Net capital loss Salary to Z. Life insurance for Z (70,000) 5,000 (4,000) 12,000 500 Other operating expenses Cash distributions to owners 40,000 20,000 Assume Z is single and her only other income is $30,000 salary from an unrelated employer. She is a 20% owner with a $10,000 basis in the S stock at the beginning of the year. Calculate the S corporation's net ordinary income and Z's adjusted gross income and ending basis in the S corporation stock.

For each of the following please identify if the business is a Corporation, Proprietorship, or Partnership.1) Georgette Green begins a pet care busines by invesgting $5,000. At the end of the year, she wil include the business income or lss on her personal income tax return.2)Additional paid-in-capital for the Trailblazer Compay is $8 per share3)Bronson Company presents a statement of Retained Earnings in it's financial statements at year end.4) Jean Johnoson home health care business does not have liability separate from herself.5) Grand Canyon Company's retained earnings balance is 5 million6) Jim Moore and his daughter, Jenna Moore, agree that 60% of their company's net profit will go to Jim and 40% of the net profit will go to Jenna.7) Michael Johnson and Joaquin Nunoz each invested $10,000 in their computer consulting business, and received shares of the company's stock in exhange for their investments. (Side note: Will you also explain how they received shares from a business…

deductible)? 73. 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: Expense Attorney fees for articles of incorporation February 10 March 1-March 30 wages March 30 March 1-March 30 rent March 30 Stock issuance costs April 1 April 1-May 30 wages May 30 Date Amount $32,000 4,500 2,000 20,000 12,000 a) What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation? b) What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)? 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)]? d) What would be the total allowable organizational expenditures if Nicole…

Hank started a new business, Hank's Donut World (HW for short), in June of last year. He has requested your advice on the following specific tax matters associated with HW's first year of operations. Hank has estimated HW's income for the first year as follows: Revenue: Donut sales Catering revenues Expenditures: Donut supplies Catering expense Salaries to shop employees Rent expense Accident insurance premiums Other business expenditures Net Income $ 290,000 96,390 $394,398 $153,220 39,640 64,000 49,940 8,952 9,610 -325,362 $ 69,028 HW operates as a sole proprietorship, and Hank reports on a calendar year. Hank uses the cash method of accounting and plans to do the same with HW (HW has no inventory of donuts because unsold donuts are not salable). HW does not purchase donut supplies on credit, nor does it generally make sales on credit. Hank has provided the following details for specific first-year transactions. 1. A small minority of HW clients complained about the catering service.…