Chuck Dalton owns 2% of the outstanding stock of Music Corporation and 80% of Trumpet...
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Accounting
Chuck Dalton owns of the outstanding stock of Music Corporation and of Trumpet Partnership, which owns of the outstanding stock of Music Corporation. Chuck is a cashbasis taxpayer, and Music Corporation is an accrualbasis taxpayer. Both use the calendar tax year. Chuck performed services for Music Corporation. His wages were accrued and paid as follows:
Accrued $ June Year ; paid September Year
Accrued $ August Year ; paid October Year
Accrued $ October Year ; paid January Year
What amount can Music Corporation deduct as wages to Chuck on its tax return for Year
A
$
B
$
C
$
D
$
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