Business
Business, 01.10.2019 04:20, ellycleland16

Abalone corporation, an accrual basis taxpayer, was formed and began operations on september 1, 2018. the following expenses were incurred during the first tax year (september 1, 2018 to december 31, 2018) of operations: expenses of temporary directors and of organizational meetings - $ 10,000; fee paid to the state of incorporation - $1,600; accounting services incident to organization - $6,800; legal services for drafting the corporate charter and bylaws - $2,000; expenses incident to the printing and sale of stock certificates - $8,000 (total - $28,400). assume abalone corporation makes an appropriate and timely election under section 248(c) and the related regulations. what is the maximum organizational expense abalone may write off for tax year 2018?

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Abalone corporation, an accrual basis taxpayer, was formed and began operations on september 1, 2018...

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