If an Accrual Basis Corporation Incurs an Additional Expense in Setting

question 31

True/False

If an accrual basis corporation incurs an additional expense in setting up its accounting system after the close of its first tax year but before the due date of its initial return, the expense qualifies as an organizational expense and may be amortized.

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Definitions:

Radical Republicans

A faction within the Republican Party during and after the American Civil War, distinguished by their strong stance on abolishing slavery and implementing strict Reconstruction policies in the South.

Conservative Republicans

A faction within the Republican Party in the United States that emphasizes traditional values, limited government, and conservative economic policies.

Radical Republicans

A faction of American politicians within the Republican Party of the 19th century who advocated for the complete abolition of slavery and equal rights for African Americans following the Civil War.