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

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Definitions:

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