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Edison Corporation is organized on July 31. The corporation starts business on August 10. The ...

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Edison Corporation is organized on July 31. The corporation starts business on August 10. The ...

Edison Corporation is organized on July 31. The corporation starts business on August 10. The corporation adopts a November 30 fiscal year end. The following expenses are incurred during the year:

Date   Type   Amount
6-30
7-10
7-15
6-30
12-6   Attorney's fees associated with obtaining charter
Underwriter fees for stock sale
Transfer cost for property contributed to the corporation for stock
Costs of organizational meetings
Legal fees to modify charter   $ 10,000
25,000
3,000
2,000
4,000

What is the maximum amount of organizational expenditures that can be deducted by the corporation for its first tax year ending November 30?
A) $16,000
B) $12,000
C) $5,156
D) $800

Textbook

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Edition: 27^th

Authors: Anderson, Pope, Rupert

Read 166 times

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