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How much of the amount is deductible in the corporation

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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 $8,000
Accounting fees for opening corporate books 400
Tax planning advice 300
Printing and issuing stock certificates 50
Incorporation fee to state 100
Temporary directors' fees 2000
Legal 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?

Reference no: EM132827811

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