Krusty the clown owns his own c corporation that performs

Reference no: EM13576572

Krusty the Clown owns his own C corporation that performs services. It was incorporated in 2012 when he contributed $1,000 of cash. The corporation has a fiscal year end of January 31. In 2012, he received a salry of $100,000, but on January 3, 2013 he received a bonus from the corporation of $9,800,000. In 2012, his corporation paid him $100,000 to reimburse him for his annual medical expenses. In 2013, he also received a $100,000 slary. On January 3, 2014 he received a $9,800,000 bonus and will also get his $100,000 salary and $100,000 remibursement of his medical expenses. In 2014, Krusty has a $12,000 short-term capital gain and a $10,000 long term capital gain. From 2013, Krusty had a short term capital loss carry forward of $200,000.

What are the analyses that presents Krusty's AGI and taxable income for 2012, 2013, and 2014 (for both accountable plan and non-accountable plan medical reimbursement expenses scenarios)?

Reference no: EM13576572

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