Beech Corporation, an accrual basis taxpayer, was organized and began business o

ID: 2446981 • Letter: B

Question

Beech Corporation, an accrual basis taxpayer, was organized and began business on July 1, 2014. During 2014, the corporation incurred the following expenses:

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 calendar tax year 2014. Round per month calculation to two decimal places. Round your final answer to the nearest dollar.
$

State fees for incorporation $ 500 Legal and accounting fees incident to organization 1,800 Expenses for the sale of stock 2,100 Organizational meeting expenses 750

Explanation / Answer

Corporation deduction for the year 2014 Expenses for sale of stock $ 2,100 Organizational meeting expenses $ 750 Total $ 2,850

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Beech Corporation, an accrual basis taxpayer, was organized and began business o

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Beech Corporation, an accrual basis taxpayer, was organized and began business o

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