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Edison Corporation is organized on July 31. The corporation
starts business on August 10. The corporation adopts a November 30
fiscal year end. The following expenses are incurred during the
year:
 

Date

Type

Amount

6-30
7-10
7-15
6-30
12-6

Attorneys fees associated with obtaining charter
Underwriter fees for stock sale
Transfer cost for property contributed to the corporation for
stock
Costs of organizational meetings
Legal fees to modify charter

$ 10,000 
25,000
  3,000
  2,000
   4,000

 
What is the maximum amount of organizational expenditures that
can be deducted by the corporation for its first tax year ending
November 30?
A) $16,000
B) $12,000
C) $5,156
D) $800

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