Question - X Co was incorporated on June 1, but did not start business until September 1. It adopted a fiscal year ending March 31, coinciding with the end of its natural business cycle. In connection with organizing the business, co incurred the following;
Legal fees for incorporating 8000
accounting fees for opening corporate books 400
Tax planning advice 300
Printing and issuing stock certificates 50
incorporation fees to state 100
Temporary director's fees 2000
Legal fees for transfer of corporate assets to the corp 500
What is the amount of organizational expenses and the amount deductible in the first year?