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

---

Definitions:

Tumors And Strokes

Medical conditions where tumors refer to abnormal growths of tissue and strokes are events causing damage to the brain due to interruptions in its blood supply.

Intelligence Tests

Standardized assessments designed to measure human intelligence.

Middle-Class Educated

Refers to individuals who have obtained a level of education that is typical of the middle class, often implying a degree of socioeconomic status.

Upper-Class Educated

Refers to individuals who have received education or schooling that typically associates with or is provided by elite or high socioeconomic status groups.