When filing out form 1120, where will the follow go? "A bonus was accrued and payable...

When filing out form 1120, where will the follow go?

"A bonus was accrued and payable to Janet Morton at the end of 2018 in the amount of $12,000, and the end of 2019 in the amount of $25,000. (You can assume that this is an item that falls under Sec 267(b) governing certain transactions between related parties"

Solutions

Expert Solution

Answer : The following will be reported in Line 11 of Form 1120 will report as the items related to deductions / limitation of deduction is shown in Line 11 of form 1120.Therefore "A bonus was accrued and payable to Janet Morton at the end of 2018 in the amount of $12,000, and the end of 2019 in the amount of $25,000. (You can assume that this is an item that falls under Sec 267(b) governing certain transactions between related parties" will appear in line 11 of form 1120

jeff jeffy answered 1 year ago

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