Amortize qualifying organizational expenses

Assignment Help Accounting Basics

Reference no: EM13155900

Saguaro Corporation, a cash basis and calendar year taxpayer, was formed and began operations on August 1, 2008. Saguaro incurred the following expenses during its first year of operations (August 1-December 31, 2008):

Expenses of temporary directors and of organizational meetings $22,500

Fee paid to the state of incorporation 8,000

Expenses in printing and sale of stock certificates 5,200

Legal services for drafting the corporate charter and bylaws 21,800

Total $57,500

If Saguaro Corporation makes a timely election under § 248 to amortize qualifying organizational expenses, how much may the corporation deduct for tax year 2008?

Reference no: EM13155900

Questions Cloud

Probability eight patients have relief in a few minutes : A group of 12 patients are given the medicine. If the claim is true, what is the probability that 8 have relief in a few minutes?

What does p10, p20, p30, p40, and p95 mean : what does P10, P20, P30, P40, and P95 mean

Identify the threats to internal validity : Identify the threats to internal validity of the design and explain how such threats could influence the conclusions the study made.

Which is the best description of a sigh : Which is the best description of a sigh.

Amortize qualifying organizational expenses : If Saguaro Corporation makes a timely election under § 248 to amortize qualifying organizational expenses, how much may the corporation deduct for tax year 2008?

What type of anemia is most likely for ann : Considering the circumstances and the preliminary work-up, what type of anemia is most likely for Ann?

Find out the mean of regarding question : What does it mean if I have a standard error of estimate figure as 25.571?

Probability that no native americans are selected to jury : Suppose that 25 people are called in for jury duty, two of whom are Native American. If 12 of the 25 people are randomly selected to the jury. What is the probability that no Native Americans are selected to the jury?

Fishermen have suffered financial hardship : In recent years, fishermen have suffered financial hardship because of shortened fishing seasons, reduced catches and lower market prices. Moreover, fishermen have complained about price fluctuations and have called for a system of minimum prices.

User Account

All Pages