costs of P incurred incorporation $8,000 to incorporate a new corporation, effective January 1 of the current year, and chose December 31 as its first year end. What is the maximum amount that can be deducted in computing income for the current year?
costs of P incurred incorporation $8,000 to incorporate a new corporation, effective January 1 of the current year, and chose December 31 as its first year end. What is the maximum amount that can be deducted in computing income for the current year?
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 45P
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Subject - account
Please help me.
Thankyou.
Transcribed Image Text:P incurred incorporation costs of
$8,000 to incorporate a new
corporation, effective January 1 of
the current year, and chose
December 31 as its first year end.
What is the maximum amount
that can be deducted in
computing income for the current
year?
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