Question - Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2014. The following expenses were incurred during the first tax year (July 1 through December 31, 2014) of operations:
| Expenses of temporary directors and of organizational meetings |
$9,000 |
| Fee paid to the state of incorporation |
$1,000 |
| Accounting services incident to organization |
$2,500 |
| Legal services for drafting the corporate charter and bylaws |
$3,500 |
| Expenses incident to the printing and sale of stock certificates |
$4,000 |
Assuming a Section 248 election, what is the Emerald's deduction for organizational expenditures for 2014?