Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2014.

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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