Which of the following costs are deductible organizational expenditures?
a. Professional fees to issue the corporation's stock.
b. Commissions paid by the corporation to underwriters for stock issue.
c. Printing costs to issue the corporation's stock.
d. Expenses of temporary directors meetings.
Answer: D
Tax
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- Mr. and Mrs. Alvin Charak took a foster child, Robert, into their home in 2015. A state welfare agency paid the Charaks $3,900 during the year for related expenses. Actual expenses incurred by the Charaks during 2015 in caring for Robert amounted to $3,000. The remaining $900 was spent by the Charaks in 2015 towards their own personal expenses. How much of the foster child payments is taxable income to the Charaks in 2015?
- Income in respect of a cash-basis decedent
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