Expenses of temporary directors and of organizational meetings

Expenses of temporary directors and of organizational meetings

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Expenses of temporary directors and of organizational meetings $ 20,000 Fee paid to the state of incorporation 1,600 Accounting services incident to organization 6,800 Legal services for drafting the corporate charter and bylaws 2,000 Expenses incident to the printing and sale of stock certificates   4,000 $34,400 Assume Coral Corporation makes an appropriate and timely election under §  248(c)   and  the   related   Regulations.     What  is   the  maximum   organizational  expense Coral may write off for tax year 2009? a. $507. b. $5,000. c. $5,423. d. $5,490. e. None of the above. 10. In working with Schedule M-1 (reconciliation of income per books with income per return) of Form 1120, which of the following must be subtracted from net income per books? a. Federal income tax. b. Excess of capital losses over capital gains. c. Tax-exempt interest. d. Premiums on key employee insurance. e. All of the above.
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SOLUTIONS TO CHAPTER 17 1. b Yellow has a net short-term capital loss for the year, but it is not deductible.
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