Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on July 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 2,545 Legal and accounting fees incident to organization 8,908 Expenses for the sale of stock 10,180 Organizational meeting expenses 3,818 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over 15 years, calculate the corporation's deduction for its current calendar tax year. Round per month calculation to two decimal places. Round your final answer to the nearest dollar.
Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on July 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 2,545 Legal and accounting fees incident to organization 8,908 Expenses for the sale of stock 10,180 Organizational meeting expenses 3,818 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over 15 years, calculate the corporation's deduction for its current calendar tax year. Round per month calculation to two decimal places. Round your final answer to the nearest dollar.
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 4BCRQ
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Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on July 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses:
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Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over 15 years, calculate the corporation's deduction for its current calendar tax year.
Round per month calculation to two decimal places. Round your final answer to the nearest dollar.
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