Emerald Corporation, a calendar year C corporation

Emerald Corporation, a calendar year C corporation

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Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2014. The following expenses were incurred during the first tax year (July 1 through December 31, 2014) of operations:

 

Expenses of temporary directors and of organizational meetings

$9,000

Fee paid to the state of incorporation

$1,000

Accounting services incident to organization

$2,500

Legal services for drafting the corporate charter and bylaws

$3,500

Expenses incident to the printing and sale of stock certificates

$4,000

 

Assuming a Section 248 election, what is the Emerald's deduction for organizational expenditures for 2014? 


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