Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2014.
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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