Emerald Corporation,a calendar year C corporation,was formed and began operations on July 1,2010.The following expenses were incurred during the first tax year (July 1 through December 31,2010)of operations:

Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2010?
A)$0.
B)$533.
C)$5,367.
D)$5,500.
E)None of the above.

Question

Emerald Corporation,a calendar year C corporation,was formed and began operations on July 1,2010.The following expenses were incurred during the first tax year (July 1 through December 31,2010) of operations:

Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2010?

Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2010?
A)$0. 
B)$533. 
C)$5,367. 
D)$5,500. 
E)None of the above.

Quizplus · Accepted Answer

The Answer of Emerald Corporation,a calendar year C corporation,was formed and began operations on July 1,2010.The following expenses were incurred during the first tax year (July 1 through December 31,2010)of operations:

Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2010?
A)$0. 
B)$533. 
C)$5,367. 
D)$5,500. 
E)None of the above.

Emerald Corporation,a Calendar Year C Corporation,was Formed and Began Operations