Cynthia, a sole proprietor, was engaged in a service business and reported her income on the cash
Question:
![Cynthia, a sole proprietor, was engaged in a service business](https://dsd5zvtm8ll6.cloudfront.net/si.question.images/image/images7/459-L-B-L-I-T-E(363).png)
Liabilities and Stockholders Equity
Liabilities:
Accounts payabletrade...... $ 120,000
Notes payablebank...... 360,000
Stockholders equity:
Common stock......... 720,000
Total.............. $1,200,000
Discuss the tax consequences of the incorporation of the business to Cynthia and to
Dove Corporation.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781285438290
18th Edition
Authors: James Smith, William Raabe, David Maloney, James Young
Question Posted: