Multiple Choice
Ingol,Inc.was organized on June 1 and began business on September 13.Ingol elected a calendar year for tax purposes.The corporation incurred $60,300 of legal and other professional fees attributable to its formation.How much of these costs can Ingol deduct on its first tax return?
A) -0-
B) $1,340
C) $6,229
D) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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