Question - Saguaro Corporation, a cash basis and calendar year taxpayer, was formed and began operations on August 1, 2008. Saguaro incurred the following expenses during its first year of operations (August 1-December 31, 2008):
Expenses of temporary directors and of organizational meetings $22,500
Fee paid to the state of incorporation 8,000
Expenses in printing and sale of stock certificates 5,200
Legal services for drafting the corporate charter and bylaws 21,800
Total $57,500
If Saguaro Corporation makes a timely election under § 248 to amortize qualifying organizational expenses, how much may the corporation deduct for tax year 2008?