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These two questions are in thr same problem. could you please complete them! thank you! North Incorporated is a calendar-year C corporation, accrual-basis taxpayer. At
These two questions are in thr same problem. could you please complete them! thank you!
North Incorporated is a calendar-year C corporation, accrual-basis taxpayer. At the end of year 1 , North accrued and deducted the following bonuses for certain employees for financial accounting purposes. - $9,750 for Lisa Tanaka, a 30 percent shareholder. - $15,200 for Jared Zabaski, a 25 percent shareholder. - $17,200 for Helen Talanian, a 20 percent shareholder. - $6,450 for Steve Nielson, a 0 percent shareholder. Unless stated otherwise, assume these shareholders are unrelated. How much of the accrued bonuses can North Incorporated deduct in year 1 under the following altemative scenarios? Note: Leave no answer blank. Enter zero if applicable. Input all amounts as positive values. Problem 12-23 Part c (Algo) c. North paid the bonuses to employees on March 1 of year 2 and Lisa and Jared are related to each other, so they are treated as owning each other's stock in North. Answer is complete but not entirely correct. [The following information applies to the questions displayed below.] North Incorporated is a calendar-year C corporation, accrual-basis taxpayer. At the end of year 1 , North accrued and deducted the following bonuses for certain employees for financial accounting purposes. - \$9,750 for Lisa Tanaka, a 30 percent shareholder. - \$15,200 for Jared Zabaski, a 25 percent shareholder. - \$17,200 for Helen Talanian, a 20 percent shareholder. - \$6,450 for Steve Nielson, a percent shareholder. Unless stated otherwise, assume these shareholders are unrelated. How much of the accrued bonuses can North Incorporated deduct in year 1 under the following alternative scenarios? Note: Leave no onswer blank. Enter zero if applicable. Input all amounts as positive volues. Problem 12-23 Part d (Algo) 1. North paid the bonuses to employees on March 1 of year 2 and Lisa and Helen are related to each other, so they are treated as owning each other's stock in North. Answer is complete but not entirely correct Step by Step Solution
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