Emerald Corporation,a calendar year C corporation,was formed and began operations on April 1,2012.The following expenses were incurred during the first tax year (April 1 through December 31,2012)of operations: Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2012?
A)$0.
B)$4,550.
C)$5,000.
D)$7,400.
E)None of the above.

Question

Emerald Corporation,a calendar year C corporation,was formed and began operations on April 1,2012.The following expenses were incurred during the first tax year (April 1 through December 31,2012)of operations:  Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2012?
A)$0. 
B)$4,550. 
C)$5,000. 
D)$7,400. 
E)None of the above.

Quizplus · Accepted Answer

The Answer of Emerald Corporation,a calendar year C corporation,was formed and began operations on April 1,2012.The following expenses were incurred during the first tax year (April 1 through December 31,2012)of operations:  Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2012?
A)$0. 
B)$4,550. 
C)$5,000. 
D)$7,400. 
E)None of the above.

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