Hornbill Corporation, a Cash Basis and Calendar Year C Corporation

question 17

True/False

Hornbill Corporation, a cash basis and calendar year C corporation, was formed and began operations on May 1, 2014. Hornbill incurred the following expenses during its first year of operations (May 1 - December 31, 2014): temporary directors meeting expenses of $10,500, state of incorporation fee of $5,000, stock certificate printing expenses of $1,200, and legal fees for drafting corporate charter and bylaws of $7,500. Hornbill Corporation's current year deduction for organizational expenditures is $5,800.

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Definitions:

Public Lynchings

were acts of violence, primarily against African Americans, where mobs executed individuals without legal trial, often with public approval or participation, particularly in the South.

Immigration Policy

A set of rules and guidelines that govern who can enter, stay, and leave a country, and under what conditions.

World War I

A global conflict that lasted from 1914 to 1918, involving many of the world's nations organized into two opposing military alliances: the Allies and the Central Powers.

Literacy Test

Historically used as a method to disenfranchise voters, especially African Americans in the South, by requiring them to pass a reading and writing test before voting.