Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2014. The
following expenses were incurred during the first tax year (July 1 through December 31, 2014) of operations:
|Expenses of temporary directors and of organizational meetings||$9,000|
|Fee paid to the state of incorporation||$1,000|
|Accounting services incident to organization||$2,500|
|Legal services for drafting the corporate charter and bylaws||$3,500|
|Expenses incident to the printing and sale of stock certificates||$4,000|
Assuming a Section 248 election, what is the Emerald’s deduction for organizational expenditures for 2014?
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