Emerald Corporation,a calendar year C corporation,was formed and began operations on April 1,2012.The following expenses were incurred during the first tax year (April 1 through December 31,2012) of operations: 
Assuming a § 248 election,what is the Emerald's deduction for organizational expenditures for 2012?
Definitions:
Economic Efficiency
A condition where resources are allocated in a way that maximizes the production of goods and services.
Political Power
The authority or influence that individuals or groups hold within a political structure.
Sherman Act
An antitrust federal statute passed in 1890 which prohibits certain business activities that reduce competition in the marketplace, including monopolies.
Felony
A serious crime, such as murder, rape, or robbery, that is punishable by imprisonment for more than one year or death.
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