Emerald Corporation,a calendar year C corporation,was formed and began operations on April 1,2017.The following expenses were incurred during the first tax year (April 1 through December 31,2017) of operations.

Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2017?
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 1,2017.The following expenses were incurred during the first tax year (April 1 through December 31,2017) of operations.
​

Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2017?
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 1,2017.The following expenses were incurred during the first tax year (April 1 through December 31,2017) of operations.
​

Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2017?
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