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13 Dec 2018
Problem 17-46 (LO. 3)
Gull Corporation, a cash method, calendar year C corporation,was formed and began business on November 1, 2017. Gull incurredthe following expenses during its first year of operations(November 1, 2017âDecember 31, 2017):
Expenses of temporary directors and organizationalmeetings $21,000 Fee paid to state of incorporation 3,000 Expenses for printing and sale of stock certificates 11,000 Legal services for drafting the corporate charter andbylaws
(not paid until January 2018) 19,000
a. Assuming that Gull Corporation elects under§ 248 to expense and amortize organizational expenditures, whatamount may be deducted in 2017?
Round the per-month amount to two decimal places. Round thefinal answer to the nearest dollar.
Gull Corporation's deduction for 2017 is $.
b. Assume the same facts as above, except thatthe amount paid for the legal services was $28,000 (instead of$19,000). What amount may be deducted as organizationalexpenditures in 2017?
$
Problem 17-46 (LO. 3)
Gull Corporation, a cash method, calendar year C corporation,was formed and began business on November 1, 2017. Gull incurredthe following expenses during its first year of operations(November 1, 2017âDecember 31, 2017):
|
a. Assuming that Gull Corporation elects under§ 248 to expense and amortize organizational expenditures, whatamount may be deducted in 2017?
Round the per-month amount to two decimal places. Round thefinal answer to the nearest dollar.
Gull Corporation's deduction for 2017 is $.
b. Assume the same facts as above, except thatthe amount paid for the legal services was $28,000 (instead of$19,000). What amount may be deducted as organizationalexpenditures in 2017?
$
Tod ThielLv2
14 Dec 2018
