Ingol,IncWas Organized on June 1 and Began Business on September

question 76

Multiple Choice

Ingol,Inc.was organized on June 1 and began business on September 13.Ingol elected a calendar year for tax purposes.The corporation incurred $60,300 of legal and other professional fees attributable to its formation.How much of these costs can Ingol deduct on its first tax return?

• A)-0-
• B)$1,340
• C)$6,229
• D)None of the above

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Definitions:

Variability

The degree to which values in a dataset or statistical distribution vary from the mean or average value.

Scores

Quantitative values assigned or obtained in an assessment or test, representing the performance or achievement.

Inclusive Range

The difference between the highest and lowest values in a dataset, including both of those values.

Formula

A mathematical expression or rule expressed in symbols, representing the relationship between variables.