Emerald Corporation, a calendar year C corporation, was formed and began operations on April 1, 2019.The following expenses were incurred during the first tax year (April 1 through December 31, 2019) of operations. Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2019?
A)$0
B)$4,550
C)$5,000
D)$7,400
E)None of these.

Question

Emerald Corporation, a calendar year C corporation, was formed and began operations on April 1, 2019.The following expenses were incurred during the first tax year (April 1 through December 31, 2019) of operations.  Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2019?
A)$0 
B)$4,550 
C)$5,000 
D)$7,400 
E)None of these.

Quizplus · Accepted Answer

The Answer of Emerald Corporation, a calendar year C corporation, was formed and began operations on April 1, 2019.The following expenses were incurred during the first tax year (April 1 through December 31, 2019) of operations.  Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2019?
A)$0 
B)$4,550 
C)$5,000 
D)$7,400 
E)None of these.

Emerald Corporation, a Calendar Year C Corporation, Was Formed and Began