True/False
On December 31, 2011, Flamingo, Inc., a calendar year, accrual method C corporation, accrues a bonus of $50,000 to its president (a cash basis taxpayer), who owns 75% of the corporation's outstanding stock. The $50,000 bonus is paid to the president on February 1, 2012. For Flamingo's 2011 Form 1120, the $50,000 bonus will be a subtraction item on Schedule M-1.
Correct Answer:
Verified
Correct Answer:
Verified
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