On May 1, Rick formed a new corporation, Red, Inc. He spent $ 3,000 in legal fees and paid the state $ 600 in incorporation fees. Red, Inc. started operating its business on May 10. Can Rick or Red, Inc. deduct either of these organizational fees? In answering this case, use an online tax service with only the Internal Revenue Code database selected. State your keywords and which online tax service you used to arrive at your answer.
Answer to relevant QuestionsThis year, there were massive brush fires in the interior of Mexico. Amy gave $ 10,000 to the Mexican Relief Foundation, which is organized in Mexico City. The funds were used to provide food, clothing, and shelter to the ...Lihue Inc. sells timeshares in Hawaii. Gene buys a timeshare from Lihue Inc. Gene agrees to pay $ 10,000 down, and Lihue Inc. will finance a seven-year note for the balance of the purchase price at the current market rate of ...What is the subject of each of the following IRS Notices? a. Notice 89-114 b. Notice 99-51 c. Notice 2000-28 What is the current status of each of the following revenue rulings? a. Rev. Rul. 2002-80 b. Rev. Rul. 2001-31 c. Rev. Rul. 98-13 Can proceeds from a life insurance policy be included in a decedent’s gross estate if the policy was purchased by an S corporation for an employee-shareholder? Databases to search: the Code and IRS Letter Rulings Keywords: ...
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