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Caskets Inc. was incorporated in June 1, but it did not start a business until September 1. It adopted a fiscal year ending March 31, coinciding with the end of its natural business cycle. In connection with organizing the business, Caskets Inc. incurred the following expenses:
Legal fees for incorporating $8,000Accounting fees for opening corporate books 400Tax planning advice 300Printing and issuing stock certificates 50Incorporation fee to state 100Temporary directors' fees 2000Legal fees for the transfer of assets to the corporation 500 $11,350
Problem 1: What is the amount of the organizational expenditures?
Problem 2: How much of the amount is deductible in the corporation's first taxable year?
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