Emerald Corporation, a calendar year C corporation, was formed and began operations on April 1, 2018. The following expenses were incurred during the first tax year (April 1 through December 31, 2018) of operations. Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2018?
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, 2018. The following expenses were incurred during the first tax year (April 1 through December 31, 2018) of operations.  Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2018?
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, 2018. The following expenses were incurred during the first tax year (April 1 through December 31, 2018) of operations.  Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2018?
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