Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1. Fedderman's valid S corporation election took effect retroactively on January 3, 20X1. For questions 1 through 4, determine the amount, if any, using the fact pattern for each item. Assume the following facts: Fedderman's 20X1 books recorded the following items: Gross receipts $9,600 Interest income on investments 150 Charitable contributions 650 Supplies 2,000 What amount of net business income should Fedderman report on its 20X1 Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule K? Feedback {R} - {S}
Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1. Fedderman's valid S corporation election took effect retroactively on January 3, 20X1. For questions 1 through 4, determine the amount, if any, using the fact pattern for each item. Assume the following facts: Fedderman's 20X1 books recorded the following items: Gross receipts $9,600 Interest income on investments 150 Charitable contributions 650 Supplies 2,000 What amount of net business income should Fedderman report on its 20X1 Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule K? Feedback {R} - {S}
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 49P
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Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1. Fedderman's valid S corporation election took effect retroactively on January 3, 20X1.
For questions 1 through 4, determine the amount, if any, using the fact pattern for each item.
Assume the following facts:
Fedderman's 20X1 books recorded the following items:
Gross receipts $9,600
Interest income on investments 150
Charitable contributions 650
Supplies 2,000
What amount of net business income should Fedderman report on its 20X1 Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule K?
Feedback
{R} - {S}
I know this is not the answer:
7,100
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