Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. norse co, an calendar-year taxpayer received a che

Norse Co, an calendar-year taxpayer received a check for $180,000 in payment for services rendered...

50.1K

Verified Solution

Question

Accounting

Norse Co, an calendar-year taxpayer received a check for $180,000 in payment for services rendered as a commissioned sales agent near the end of 2017. in 2018, the customer discovered that the commission was incorrectly computed on the sale, and Norse Inc. refunded $30,000of the $180,000 to the customer. Norse Inc. (a C corporation) was in a 35% tax bracket in 2017, but in 2018 due to the Tax Cuts and Jobs Act is now in a 21% bracket in 2018. Since Norse was taxed on the full $180,000 under the claim of right doctrine, it may deduct the $30,000 in 2018, but this will not "make them whole." Please research and identify the authority which would provide them relief.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

1. Describe the different functions of the conducting zone and respiratory zone and relate those to...

Medical Sciences
1.2K views

Name the body system composed of hormone producing structures: Name the body system that generates movement and heat

Physics
1.2K views

7) While pushing a cart across a floor, Andrea and Jennifer exert forces ?? and ??...

Biology
1.2K views

As your magnification increases your field of view increases as well O True False QUESTION...

Physics
1.2K views

soap bubble is charged to a potential of 16 V its radius is then doubred...

Basic Math
1.2K views

O 0 024 O 0 035 9 0 011 0 020 10 points The same...

Basic Math
1.2K views

Car Value The equation V 28500 0 93 represents the value in dollars of a...

Algebra
1.2K views

Part 2 of 2 What are the possible numbers of positive real zeros 0 Use...

Accounting
1.2K views

Sage Ltd. had the following select transactions. May. 1, 2017 ...

Accounting
1.2K views

The loan of 10000 euro has a fixed principal payment. The loan period is 2...

Finance
1.2K views

Paula opens a store specializing in pant suits called Executive Hemline. This corporation is trying...

Finance
1.2K views

Aadaki sorular cevaplamak iin aadaki bilgileri kullann. ABD...