Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Haig simmons is the sole-owner of a successful c corporation, Haig C. that consistently had annual net income of about $1.5 million dollars. Haig's spouse

Haig simmons is the sole-owner of a successful c corporation, Haig C. that consistently had annual net income of about $1.5 million dollars. Haig's spouse is paid $545,000 a year to monitor the company's Facebook account. May Haig C deduct the compensation paid to Haigs spouse as a business expense? If it is not a business expense, how should the payment be classified?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cornerstones of Managerial Accounting

Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman

2nd Canadian edition

978-0176721237, 978-0176530884

More Books

Students also viewed these Accounting questions

Question

Psychological issues associated with officiating/refereeing

Answered: 1 week ago