Reference no: EM132476622
Question - Opal Corporation, an accrual method, calendar year C corporation, was formed and began operations on July 1 2019. The following expenses were incurred during the first tax year (July 1- December 31, 2019) of operations:
Expenses of temporary directors and organizational meetings = $8,000
Fee paid to the state of incorporation = $2,000
Accounting services incident to organization = $3,500
Legal services for drafting the corporate charter and bylaws = $4,300
Expenses incident to the printing and sale of stock certificates = $6,000
Assuming a section 248 election, what is Opals deduction for organizational expenditures for 2019?
A: $593
B: $460
C: $5,427
D: $5,627
E: None of these.
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