On December 31, 2019, Flamingo, Inc

question 45

True/False

On December 31, 2019, Flamingo, 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 4, 2020. For Flamingo's 2019 Form 1120, the $50,000 bonus will be a subtraction item on Schedule M-1.

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Definitions:

Homosexual Tendencies

Homosexual tendencies refer to an inclination or predisposition towards experiencing attraction to individuals of the same sex.

Reproduction Norm

Socially established rules or expectations governing the behavior surrounding the process of producing offspring.

Homosexual Couples

Couples consisting of two individuals of the same sex in a romantic and sexual relationship.

Social Constructionists

Theorists who argue that reality is constructed through social processes and interactions.