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Coral 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 to December 31, 2010) of operations:
Expenses of temporary directors and of organizational meetings $ 9,000 Fee paid to the state of incorporation &n bsp; $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
Assume Coral Corporation makes an appropriate and timely election under § 248. What is Coral's deduction for organizational expenditures for 2010?
a. $0.
b. $533.
c. $5,367.
d. $5,500.
e. None of the above.
What are the total Period Costs incurred this period?
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