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Question;182. CHAPTER;2?CORPORATIONS: INTRODUCTION AND OPERATING RULES Ques108;Jessica, a cash basis individual, is a 60% shareholder of Crow Corporation, a;regular corporation. On January 1, 2011, Jessica loaned Crow $300,000, with the;principal due in 5 years and 6% interest due each January 1. Crow, an accrual;method, calendar year taxpayer, accrued $18,000 of interest expense on the loan;on December 31, 2011, and paid the $18,000 to Jessica on January 1, 2012. How;much is Crow?s deduction for interest on this loan for 2011? Would your answer;change if Jessica was a 25% shareholder of Crow?.;183. CHAPTER;2?CORPORATIONS: INTRODUCTION AND OPERATING RULES Ques109;Briefly describe the accounting methods available for adoption by a C;corporation.;184. CHAPTER;2?CORPORATIONS: INTRODUCTION AND OPERATING RULES Ques110;Briefly describe the charitable contribution deduction rules applicable to C;corporations..;185. CHAPTER;2?CORPORATIONS: INTRODUCTION AND OPERATING RULES Ques111;In connection with the deduction of organizational expenditures under ? 248;comment on the following;a.;Expenditures;qualifying for the deduction.;b.;Determination;of the deduction amount.;c.;The election;requirement.;186. CHAPTER;2?CORPORATIONS: INTRODUCTION AND OPERATING RULES Ques112;What is the annual required estimated tax payment for a C corporation? What are;the rules regarding payment of the estimated tax?;187. CHAPTER;2?CORPORATIONS: INTRODUCTION AND OPERATING RULES Ques113;Discuss the purpose of Schedule M-1. Give two examples of an addition and two;examples of a subtraction that could be reported on Schedule M-1.;188. CHAPTER;2?CORPORATIONS: INTRODUCTION AND OPERATING RULES Ques114;What is the purpose of Schedule M-3? Which corporations are required to file;Schedule M-3?.

 

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