Florence is the chief financial officer of Hazel Corporation, a publicly traded, calendar year C corporation. For the current year, her compensation package consists of:
Cash compensation $1,500,000
Bonus tied to company performance 700,000
Taxable fringe benefits 250,000
Nontaxable fringe benefits 75,000
How much of Florence's compensation is deductible by Hazel Corporation?
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Ответ:
$1,075,000
Explanation:
The calculation of Florence's compensation is deductible by Hazel Corporation is shown below:-
According to Internal Revenue Service as per section 162(m) the deduction limit is = $1,000,000
Non taxable fringe benefits = $75,000
Total Florence's compensation is deductible by Hazel Corporation = Deductible limit as per section 162(m) Internal Revenue Service + Non taxable fringe benefits
$1,000,000 + $75,000
=$1,075,000
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