What is emerald deduction for organizational expenditures

Assignment Help Taxation
Reference no: EM13343085

Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2011. The following expenses were incurred during the first tax year (July 1 through December 31, 2011) 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 2011?

a. $0.
b. $533.
c. $5,367.
d. $5,500.
e. None of the above.

 

Reference no: EM13343085

Questions Cloud

How much total combined income tax : George Judson is the sole shareholder and employee of Black Corporation, a C corporation that is engaged exclusively in engineering services. During the year.
How much is sparrows tax liability for 2011 : During 2011, Sparrow Corporation, a calendar year C corporation, had operating income of $510,000, operating expenses of $370,000, a short-term capital loss of $25,000, and a long-term capital gain of $80,000. How much is Sparrow's tax liability f..
Explain double displacement reactions and predict : Complete each of the following double displacement reactions and predict if the products will exist as (aq) or (s). A) Hg2(NO3)2+LiI B) NH4NO3+Li2CO3 C) NaCl+Li3PO4 D) AgC2H3O2+Cu(NO3)2
What is the maximum kinetic energy this mass obtains : What is the frequency of a spring with spring constant 420 N/m that has attached a mass of 3.5 kg and initially displaced 0.25 meters. what is the maximum kinetic energy this mass obtains
What is emerald deduction for organizational expenditures : Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2011. The following expenses were incurred during the first tax year (July 1 through December 31, 2011) of operations.
Explain the equilibrium mixture contains mostly products : state whether the equilibrium mixture contains mostly products or reaction and why. HNO2(aq) + HS(aq) ---->(double arrow) H2S(g) + NOs(aq) and Cl(aq)+ H2O(l) ---->(double arrow) OH(aq) + HCl(aq)
What is the change in the internal energy of the environment : A system does 112 J of work on its environment and gains 72 J of heat in the process. What is the change in the internal energy of the environment
How much qualifies for the charitable contribution deduction : Grocer Services Corporation (a calendar year taxpayer), a wholesale distributor of food, made the following donations to qualified charitable organizations during the year.
What is the period of a simple pendulum : What is the period of a simple pendulum with mass of 5 kg displaced 4o with a string length of 0.45 m near the Earth's surface

Reviews

Write a Review

 

Taxation Questions & Answers

  Compute the alberts net tax payable for 2011

Compute the Alberts net tax payable for 2011 and the Alberts would like to know how much the mortgage payments would increase net of any change in their income tax.

  Compute the taxable income for 2012 for aiden

Compute the taxable income for 2012 for Aiden on the basis of the following information.

  Endangers the tax exempt status of the organization

Does the important increase in compensation in 2011 indicate that there is private increment that endangers the tax exempt status of the organization? Would it matter if Bill was an attorney who provided legal services to organization?

  Tax implications related to the program

Prepare a response words documenting how, as a tax analyst, you see this program, and note any tax implications related to the program.

  Determine deduction for medicare tax

Using net earnings that all sours and wages are subject to the tax data given the in exercise 10.3 determine amount of Medicare tax to be withheld from each employee's gross pay for December. Assume a 1.45% Medicare tax rate and that all salaries ..

  Prepare a tax research

Bob and Mary want to know how they should finance the wedding and if tax implications may be a factor and the most general end product of a research question is a research memo.

  Prepare the journal entries to record income tax expense

Prepare the reconciliation between the accounting income and the taxable income and compute the current income tax expense for year 2008

  Compute cholatis branch profits tax

Compute Cholatis branch profits tax, and determine its branch interest withholding tax obligations. Assume that Cholati does not reside in a treaty country.

  Compute the taxable income for 2012

Compute the taxable income for 2012 for Aiden on the basis of the information and aiden is married but has not seen or heard from his wife since 2010.

  Advise the shareholders how the payments in note

Advise the shareholders how the payments in Note (xiv) will be treated for tax purposes and the write-down of share investments is consistent with the accounting policy of valuing investments at market value.

  Use of budgeted usage

Could the use of "budgeted usage" potentially cause some fixed costs to stay unallocated in the support department cost center?

  What is kellys deductible theft loss in current year

What is Kelly's deductible theft loss in the current year and what is Kelly's deductible theft loss in the current year if the theft is not discovered, until January of the following year?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd