Taxation

1. Question : Which of the following items are eligible for immediate expensing and 180-month amortisation? (1.) Fee to CPA to handle Subchapter S election (2.) Refreshments served at organisational meetings (3.) Underwriting commission (4.) Legal fees in connection with incorporation (5.) arrangement fees upon transfer of assets to corporation student Answer: (2), (4), and (5) (1), (2), and (5) (1), (2), (3), (4), and (5) (1), (2), and (4) Points accepted: 4 of 4 Comments: 2. Question : Evan Erman transferred archive to a corporation in a Code Sec. 351 transaction. His base in the inventory was $10,000 and its harbor was $8,000.

If he received $2,000 in cash and 100 shares of obtain in, the resulting bases are: scholarly person Answer: Evans banal: $8,000; Corporations inventory: $10,000 Evans product line: $10,000; Corporations inventory: $10,000 Evans stock: $10,000; Corporations inventory: $8,000 Evans stock: $8,000; Corporations inventory: $12,000 Points Received: 4 of 4 Comments: 3. Question : champion year Potter, Inc. had bring in income from sales of $210,000, business expenses of $230,000, and dividend income from U.S. corporations of $150,000. Potters 80 percentage dividends-received deduction was: Student Answer: $104,000 $120,000...If you want to get a full essay, put it on our website: OrderEssay.net

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