Reference no: EM132894631
Question - 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
Required -
a. What is the amount of the organizational expenditures?
b. Flow much of the amount is deductible in the corporation's first taxable year?
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