Emerald Corporation, a calendar year C corporation, was formed and began operations on April 1, 2019....
Emerald Corporation, a calendar year C corporation, was formed and began operations on April 1, 2019. The following expenses were incurred during the first tax year (April 1 through December 31, 2019) of operations.
Expenses of temporary directors and of organizational meetings $22,000
Incorporation fee paid to the state of incorporation 10,000
Accounting services incident to organization 5,500
Legal services for drafting the corporate charter and bylaws 9,500
Expenses incident to the printing and issuance of stock certificates 6,000
Assuming an IRC § 248 election was made to deduct organizational expenditures, what is the Emerald’s deduction for organizational expenditures for 2019?
a. $2,850
b. $4,550
c. $7,100
d. $7,150
e. $7,400
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Emerald Corporation, a calendar year C corporation, was formed
and began operations on April 1, 2019....
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