Corporate Taxation: Charitable Contributions, Accounting Methods, and Taxable Income Calculations

Covers charitable contributions, accounting methods, and taxable income.

Benjamin Clark

Contributor

4.0

6 months ago

Preview (2 of 5 Pages)

100%

Purchase to unlock

Corporate Taxation: Charitable Contributions, Accounting Methods, and Taxable Income Calculations - Page 1 preview image

Loading page ...

Corporate Taxation: Charitable Contributions, Accounting Methods, andTaxable Income CalculationsTeam C Learning Team ProblemsDateTeam CC: 3-3:Because Stan and Susan are currently calendar year taxpayers, they can keep the calendaryear or choose a fiscal year depending on when the corporation starts-up. Except if they chooseto go with a S corporation. In which they must choose a calendar year. The tax election is thecalendar year or fiscal year and the accounting year would follow the one choose. For thecalendar year, the corporation reports income and expense from January first to December 31. Ifthe corporation starts up after this date, they must file a short tax year for all the days inoperation between the start-up date and the end of the year.The fiscal year can start at any month and end 12 months later at the end of the month.From that point on the fiscal year would be the beginning of the start month and end 12 monthslater. The only advantage to using one over the other is the time of year the company is thebusiest, they might try not to have the most income earned and expense paid at the end of theaccounting year. This would require a large pay out of income during the tax period of the year.The disadvantage to either one is they cannot be changed after the choice is made unless the IRSallows it or they meet the exceptions to do it without permission.The accounting methods are determined by the type of corporation. In the case of the newcorporation either the accrual or hybrid method may be used. The cash method cannot be used

Preview Mode

This document has 5 pages. Sign in to access the full document!

Report

Study Now!

XY-Copilot AI

Unlimited Access

Secure Payment

Instant Access

24/7 Support

Document Chat

Document Details

Subject

Taxation

Corporate Taxation: Charitable Contributions, Accounting Methods, and Taxable Income Calculations

Study Now!

Document Details

Related Documents

Analyzing Tax-Exempt Status: Requirements and Case Study of Mutual Insurance Companies

The Impact of IRC Section 199 and Related Corporate Tax Provisions on U.S. Businesses

Exploring International Taxation Benefits and Strategies for U.S. Corporations

Pearson�s Federal Taxation 2020 Comprehensive 33rd Edition Test Bank

Test Bank for Pearson's Federal Taxation 2020 Comprehensive, 33rd Edition

Taxation for Decision Makers Test Bank

Pearson's Federal Taxation 2018 Individuals (Prentice Hall's Federal Taxation Individuals) 31st Edition Test Bank

Test Bank for Pearson's Federal Taxation 2020 Individuals, 33rd Edition

Tax Implications Of The Sale Of Rental Property: A Case Study On T. Terri's Apartment Sale

Tax Implications And Calculation Of Realized, Recognized, And Characterized Gain In The Sale Of a Residential Rental Property

Company

Explore

Study Tools