Ingol, Inc

question 48

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 these choices are correct

---

Definitions:

Nocturnal Penile Tumescence

The occurrence of erections during sleep, commonly referred to as "morning wood."

Vaginismus

A condition involving involuntary spasms of the vaginal muscles that can cause discomfort, pain, and interference with sexual intercourse, pelvic exams, and the insertion of tampons.

Exhibitionism

The act of exposing one's genitals to an unsuspecting person for sexual pleasure or as a means of obtaining sexual excitement.

Orgasmic Disorders

Sexual dysfunctions characterized by difficulty experiencing orgasm following a normal sexual arousal phase.