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(SOLVED) Big C Corporation a calendar year corporation is

formed during
Big C Corporation, a calendar-year corporation, is formed during the current year and begins
business operations on September 1. Big C pays $8,000 to attorneys, accountants, and state
regulatory agencies to organize the corporation. Big C also pays $6,000 in commissions on the
sale of corporate stock. Write a letter […]

Emmon and Darcy are equal owners of Golf Instruction Academy (GIF). The business has been
profitable, and they would like to expand their operations. Tiger owns Power Golf. Emmon and
Darcy will make Tiger an equal owner of GIF (i.e., each will have a 1/3 interest) in exchange for
Tiger’s […]

John and Katerina form JK Enterprises in the current year. John contributes $200,000 in cash
for a 40% interest. Katerina contributes real estate valued at $480,000 and encumbered by a
mortgage of $180,000 that is assumed by the business.Katerina’s basis in the real estate is
$100,000. She receives a 60% […]

Miko and Mona form M&M Beverages in the current year. Miko contributes $20,000 in cash and
delivery trucks worth $70,000 for 30% interest. Miko’s basis in the delivery trucks is $80,000.
Mona contributes $30,000 and land worth $130,000 (basis = $100,000) and provides services in
organizing the business worth $20,000 […]

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LO4 Billy Bob is employed by Pony Ranch Corporation and owns 1% of the corporation’s stock.
The corporation provides excludable meals and lodging for Billy Bob at a cost of $12,000
annually.a. Can Pony Ranch Corporation deduct the costs of the meals and lodging provided to
Billy Bob?b. How are […]

Colleen, Rosemary, and Suzanne own a software development firm. Colleen owns 45% of the
business, Rosemary 30%, and Suzanne 25%. The net operating income from the business is
$220,000. Assume Suzanne is paid a salary of $45,000.For each of the following situations,
determine who is responsible for paying the Social […]

Enterprise Business Systems pays the $5,000 health and accident insurance policy of its owner,
Gena. The business’s net operating income for the year is $60,000 before considering Gena’s
benefit. Determine the business’s net income for the year and the tax effects for Gena for each
of the following entities:a. A […]

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