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What is the amount of the organizational expenditures

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Reference no: EM132827804

Reed Inc. was incorporated on July 1, butdid not start business until October 1, It adopted a fiscal year end of February 28. In connection with organizing the business, Reed Inc. incurred the following expenses:

Legal fees for incorporating $8,000

Accounting fees for opening corporate books 1,000

Tax planning advice 1,500

Printing and issuing stock certificates 50

Incorporation fee to state 200

Temporary directors' fees 2,000

Legal fees for the transfer of assets to 500 the corporation $11,350

Problem a. What is the amount of the organizational expenditures?

Problem b. Flow much of the amount is deductible in the corporation's first taxable year?

Reference no: EM132827804

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