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

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Definitions:

Ellipsoid

A geometric surface, all of whose plane sections are either ellipses or circles, commonly found in shapes like footballs or rugby balls.

Ball and Socket

A type of joint in which the spherical end of one bone fits into the round socket of another bone, allowing for multi-directional movement and rotation.

Saddle

A seat for a rider, typically made of leather, fastened to an animal's back by a girth.

Plane

Flat surface; an imaginary surface formed by extension through any axis or two points—for example, a midsagittal plane, a coronal plane, and a transverse plane.