New Corporation Was Organized and Began Active Business on January

question 29

Multiple Choice

New Corporation was organized and began active business on January 7, 2012.New incurred the following expenses in connection with opening the business:
Legal fees for drafting the charter and bylaws $ 750
Legal fees for the transfer of the ownership titles of assets from shareholders to the corporation 100
State incorporation fees 250
Printing cost for stock certificates 175
Fees paid to temporary directors for first two organization meetings 300
Accounting fees to set up initial recordkeeping system 400
Total $1,975
Assuming New Corporation adopts a calendar year for tax purposes, what is the maximum amount of organizational expenses that may be deducted on the corporation's initial tax return?

• A)$0
• B)$
• C)$1,800
• D)$1,975

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Definitions:

Gender Stereotypes

Oversimplified beliefs about the characteristics, attributes, and behaviors deemed appropriate for men and women based on their gender.

Shared Beliefs

Common ideas or values held within a group or community, contributing to its cultural or social cohesion.

Gender Stereotypes

Socially constructed ideas that prescribe the behaviors, roles, and attributes considered appropriate for individuals based on their perceived sex.

Emotionality

The quality or state of being emotional; the ability to express or handle emotional responses.