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Mandarini Mandarini
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7 years ago
The following expenses are incurred by Salter Corporation when it is organized on July 1:

Attorney fees to draft charter   $20,000
Underwriter fees for stock sale   10,000
Transfer cost for property contributed to the corporation for stock   4,000
Costs of organizational meetings before beginning business   5,000
Costs of directors' meetings after beginning business   8,000

Salter commenced business on September 8. What is the maximum amount of organizational expenditures that can be deducted by the corporation for its first tax year ending December 31?
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

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


Edition: 27th
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RimounRimoun
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7 years ago
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Mandarini Author
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#2
6 years ago
finished my 2 tests in under 30 min thanks to you
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