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safezone safezone
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7 years ago
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

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


Edition: 27th
Authors:
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That's not philosophy, it's geometry
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strwbrrystrwbrry
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   --Bertrand Russell, 1950

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