Question
Falcon Corporation ended its first year of operations with taxable income of 375,000. At the time of Falcons formation, it incurred $52,000 of organizational expenses.
Falcon Corporation ended its first year of operations with taxable income of 375,000. At the time of Falcons formation, it incurred $52,000 of organizational expenses. In calculating its taxable income for the year, Falcon claimed a $6,267 deduction for the organizational expenses. What is Falcons current E & P?
| a. | $323,000 | |
| b. | $329,267 | |
| c. | $375,000 | |
| d. | $381,267 |
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A Guide To Local Environmental Auditing
Authors: Hugh Barton; Noel Bruder
1st Edition
1853832340, 9781853832345
