Filler-up is an accrual-basis calendar year C corporation. F…

Filler-up is an accrual-basis calendar year C corporation. Filler-up uses an allowance method for accounting for bad debts. The allowance for bad debts was $20,000 at the beginning of the year and $30,000 at the end of the year. During the year, Filler-up wrote off $5,000 of uncollectible receivable and accrued additional $15,000 of expenses for accounts estimated to be uncollectible What is the Schedule M-1 adjustment on Filler-ups federal income tax return?

Tristan transfers property with a tax basis of $1,000 and a…

Tristan transfers property with a tax basis of $1,000 and a fair market value of $1,200 to a corporation in exchange for stock with a fair market value of $900 and $300 in cash in a transaction that qualifies for deferral under section 351. What is the corporation’s tax basis in the property received in the exchange?