FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This year, Esperanza incurred $7,000 in organizational costs related to setting up her new business as a single-member LLC. Esperanza will report her income and

This year, Esperanza incurred $7,000 in organizational costs related to setting up her new business as a single-member LLC. Esperanza will report her income and expenses from her business on Schedule C. How much may Esperanza deduct this year for her organizational costs?

a. $5000

b. $5133

c. $7000

d. None of Esperanza's costs may be deducted

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

Basic Finance An Introduction To Financial Institutions, Investments And Management

Basic Finance An Introduction To Financial Institutions, Investments And Management

Authors: Herbert B Mayo

9th Edition

0324322291, 9780324322293

More Books

Students also viewed these Finance questions

Question

★★★★★
In 2012, EZ-Learn Software developed a software package for assisting calculus instruction in business colleges, at a cost of $2,000,000. Although there are tens of thousands of calculus students in...

Answered: 1 week ago

Question

★★★★★
Wallace Davis purchased 200 shares of Dell stock at $9.50 a share. One year later, he sold the stock for $8.42 a share. He paid his broker a $22 commission when he purchased the stock and a $24...

Answered: 1 week ago

Question

★★★★★
Henry throws two dice simultaneously. He observes the outcomes of the two throws and tells us that the two dice showed different faces. What is the probability that the sum of the two outcomes is (i)...

Answered: 1 week ago

Question

★★★★★
Factory labor data for Weber Company are given in BE3-2. Manufacturing overhead is assigned to departments on the basis of 200% of labor costs. Journalize the assignment of overhead to the Assembly...

Answered: 1 week ago

Question

★★★★★
April 1, 2013, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company

Answered: 1 week ago

Question

★★★★★
4. A controlled experiment was conducted to study the effect of treatment A and the effect of treatment B on the expected value of the response variable y which is normally distributed. Treatment A...

Answered: 1 week ago

Question

★★★★★
MGT/726: Emerging Managerial Practices WK 5 - Summative Assessment: Transitioning to a Virtual Environment [due Mon] Exam Content Details & Information Imagine that you have been asked ta make a...

Answered: 1 week ago

Question

★★★★★
Reliability is a probability. Explain the numerical value used to determine the reliability that a manufactured good, piece of equipment, or system performs as intend. How does it work?

Answered: 1 week ago

Question

★★★★★
Help Save & Exit Submit Check my work E7-7 (Algo) Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] Oahu Kiki tracks the number...

Answered: 1 week ago

Question

★★★★★
1.2.8 A manufacturer can automate a certain process by replacing 20 employees with a machine. The employees each earn 24,000 per year, with payments on the last day of each month, with no sala- ry...

Answered: 1 week ago

Question

★★★★★
how can you obtain the following competencies through RTM (Hospitality, tourism, recreation management)work experiences and courses? Please explain each of them. 1) Community Knowledge 2)...

Answered: 1 week ago

Question

★★★★★
Describe the advantages and disadvantages of a legal framework for part-time education in Germany.

Answered: 1 week ago

Question

★★★★★
Analyze the recruitment process designed by NEWMOTORs HR team. What are its advantages and disadvantages?

Answered: 1 week ago

Question

★★★★★
Learn about the particularities of the German business system and how they influence HRM in Germany.

Answered: 1 week ago

Previous Question Next Question