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julia-pushkina [17]
3 years ago
7

B Corporation, an accrual basis taxpayer, is owned 75 percent by Bonnie, a cash basis taxpayer. On December 31, 20X1, the corpor

ation accrues interest of $4,000 on a loan from Bonnie and also accrues a $15,000 bonus to Bonnie. The bonus is paid to Bonnie on March 1, 20X2; the interest is not paid until 20X3. How much can B Corporation deduct on its 20X2 tax return?a. $0b. $4,000c. $15,000d. $19,000e. $12,00

Business
1 answer:
Luda [366]3 years ago
3 0

Answer:

c. $15,000

Explanation:

The explanation for this question is given in the attachment below.

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The Federal Reserve System, often referred to as the Federal Reserve<span> or simply "the Fed," is the central bank of the United States. It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.


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6 0
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7 0
2 years ago
Karen Meyer owns and operates Crystal Cleaning Company. Recently, Meyer withdrew $10,000 from Crystal Cleaning, and she contribu
elena-14-01-66 [18.8K]

Answer:

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The contribution should also be recorded in the American red cross records because the organization needs to clarify to the tax authorities where each sum of money it obtains comes from.

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