Exercise 3-28 (Algorithmic) (LO. 2) Cherry Corporation, a calendar year corporation, is formed and begins business on 10/1/2021. In connection with its formation, Cherry incurs organizational expenditures of $54,100. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for the current year 2,969 X Feedback Check My Work Under 5 248, a corporation may elect to amortize organizational expenditures over the 100-month period beginning with the month in which the corporation begins business Exercise 3-29 (Algorithmic) (LO. 3) Compute the current year income tax liability for each of the following related calendar year corporation a. Darter Corporation has taxable income of $53,900. b. Owl Corporation has taxable income of $10,996,000 c. Toucan Corporation, a personal service corporation, has taxable income of $245,000 In the current year, Azure Company has $350,000 of net operating income before deducting any compensation or other payment to its role owner, Sasha. In addition, Asure has interest on municipal bonds of $25,000. Sasha has significant income from other sources and is in the 37% marginal tax bracket. Based on this information, determine the income tax consequences to Azure Company and to Sasha during the year for each of the following independent situations. Conore the deduction for qualified business income and the 3.8 Medicare surtaxonne investment income.) The rates on qualified dividends are 0%, 15% and 20% If an amount is rero, enter "o". a. Azure is a C corporation and pays no dividends or salary to Sasha. Azure Company, as a corporation, has taxable income of and corporate income tax of Sasha has taxable income of from Azure b. Azure is corporation and distributes $75,000 of dividends to Sasha. Azute Company has taxable income of and corporate income tax of with respect to the dividends. Sasha mours income tax of C Azure is a corporation and pays $75,000 of salary to Sasha (Ignore payroll taxes.) The salary paid to Sasha deductible by Azure Company resulting in taxable income of and Sasha incurs income tax of with respect to the salary she received during corporate income tax of S th d. Azure is a sole proprietorship, and Sasha withdraws $0. (Ignore self-employment taxes.) There Federal income tax applicable to businesses formed as sole proprietorships. Sasha incurs income tax of with respect to Azure Company e. Azure is a sole proprietorship, and Sasha withdraws $75,000. (Ignore self-employment taxes.) There Federal income tax applicable to businesses formed as sole proprietorships. Sasha tax on the income of Azure Company, the amount she withdraws. pay In the current year, Tanager Corporation (a calendar year corporation) had operating income of $40,000 and operating expenses of $390,000. In addition, Tonager had a long-term capital gain of $55,000 and a short-term capital loss of $40,000, a. Compute Tanager's taxable income and tax for the year. Taxable income: Income Tax b. Assume the same facts except that Tanager's long-term capital gain was $15,000. Compute Tanager's taxable income and tax for the year Taxable income: Income tax