On December 31, 2011, Flamingo, Inc

question 74

True/False

On December 31, 2011, 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 1, 2012. For Flamingo's 2011 Form 1120, the $50,000 bonus will be a subtraction item on Schedule M-1.

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Definitions:

Learned From Other Birds

describes the process whereby birds acquire behaviors or skills by observing and imitating the actions of other birds, a form of social learning.

Higher Vocal Control Center

The higher vocal control center refers to brain regions involved in the complex processing and control of vocalizations in various species, including song production in birds and speech in humans.

Nucleus Robustus Archistriatalis

A region in the brains of birds that is involved in song learning and production.

Birdsong

vocalizations produced by bird species, often complex and musical, used for communication and mating purposes.