Question: On December 3 1 , 2 0 2 4 , Emerald, Inc., a calendar year, accrual method C corporation, accrues a bonus of $ 5

On December 31,2024, Emerald, Inc., a calendar year, accrual method C corporation, accrues a bonus of $50,000 to its president (a cash basis taxpayer), who owns 75% of the corporation's outstanding stock. The $50,000 bonus is paid to the president on February 1,2025. For Emerald's 2024 Form 1120, the $50,000 bonus will be a subtraction item on Schedule M-1.
True
False
On December 3 1 , 2 0 2 4 , Emerald, Inc., a

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