Need help with this tax return assignment. I keep getting the net business income for tax purposes incorrect.

Jack a geologist, had been debating for years whether or not to wenture out on his own and operate his awn business. He had deweloped a lot of solid relationships with clents, and he beliewed that many of them would follow him if he were to leave his current emplayer. As part of a New Year's resolution, Jack decided he would finaly do it. Jack put his business plan together, and an January 1 of this year, Jack opened his doors for business as a C coeporation called Geo-Jack (GJ). Jack is the sole shareholder. Jack reported the folowing finandal information for the year (assume GJ reports on a calendar year, uses the accrual method of accounting, and elects to account for inventory. a. in January, GJ rented a small business office about 12 miles from Jack's home. GJ paid \$11,800, which represented a damage deposit of $4,720 and rent for two years ($3,540 annually). b. GJ earned and colected $320,000 performing geological-related services and seiling its specialzed digging tool. c. GJ recehed $80 interest from municipal bonds and \$2,160 interest from other investments. d. GJ purchased some new equipment in February for \$45,500. It daimed depreciation on these assets during the year in the amount of $6,990. c. GJ paid \$7,300 to buy luwury season tickets for Jack's parents for State University footbol games. t GJ paid Jack's father $11,200 for services that would have cost no more than $6,720 if Jack had hired ary other local business to perform the services. While Jack's dad was competent, he does not command such a premium from his other clents. 9. In an attempt to get his name and new business recognized, GJ paid \$7,300 for a one-page ad in the Geologic Survey, it also paid $15,600 in radio ads to be run through the end of December. h. GJ leased additional office space in a buliding dawntown. GJ paid rent of $28,500 for the year. L in Navember, Jack's office was broken into and equipment valued at $5,300 was stolen. The tax basis of the equipment was $5,800. Jack recehed $2,120 of insurance proceeds from the theft. L. GJ incurred a \$4,50 fine from the state government for digging in an unauthorized digging zone. k. GJ contributed $3,120 to labbyists for their heip in persuading the state government to authoeize certain unauthorized digging zones. L On July 1, GJ paid $1,800 for an 18 month insurance policy for its business equipment. The policy covers the periad July 1 af this year through December 31 of next year. m. GJ borrowed $20,000 to heip with the company"s initial funding needs. GJ used $2,000 of funds to inwest in muricipal bonds. At the end of the year, GJ paid the \$1,200 of interest expense that accrued on the loan during the year. n. Jack lves 12 miles from the affice. He carefully tracked his mileage and drave his truck 6,280 miles between the affice and his home. He also drowe an additional 7,200 miles traweling between the office and client sites. Jack did not use the truck for any other purposes. He did not keep track of the specific expenses associated with the truck. However, while traveling to a client site, Jack received a $180 specding ticket. GJ reimbursed Jack for business mileage and for the speeding ticket. a. GJ purchased two season tickets (20 games) to attend State Uniwersity bascball games for a total of $1,220. Jack took existing and prospective clents to the games to maintain contact and find further work. This was very successful for Jack as GJ gained many new projects through substantial discussions with the clients following the games. p. GJ paid \$3,620 for meals when sales emplayees met with prospective clents. q. GJ had a dient who needed Jack to perform work in Forida. Because Jack had newer been to Floeida before, he booked an extra day and night for sightseeing. Jack spent $460 for airfare and booked a hatel for three nights (\$150 per night), (Jack stayed two days for business purposes and one day for personal purposes) He also rented a car for $75 per day. The client provided Jack's meak while Jock was doing business, but GJ paid all expenses. r. GJ paid a total of $16,000 of wages to emplayees during the year, and cost of goods sold was $21,000. Required: a. What is GJ's net business income for tax purposes for the year? b. As a C corporation, does GJ have a required tax year? If so, what would it be? c. If GJ were a sole proprietorship, would it have a required tax year-end? If so, what would it be? d. If GJ were an S corporation, would it have a required tax year end? if so, what would it be? Complete this question by entering your answers in the tabs below. What is GJ's net business income for tax purposes for the yean