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What amount the corporation deduct as amortization expense

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Question - Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.)

Expense Date Amount

Attorney fees for articles of incorporation February 10 $40,000

March 1 - March 30 wages

March 30 6,400

March 1 - March 30 rent

March 30 2,800 Stock issuance costs

April 1 25,000

April 1 - May 30 wages

May 30 16,000

Required -

1. What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 (not including the amount determined in part b)?

2. What would be the total allowable organizational expenditures if Nicole started a sole proprietorship instead of a corporation?

Reference no: EM132640268

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