Emerald Corporation, a Calendar Year C Corporation, Was Formed and Began

Multiple Choice

Emerald Corporation, a calendar year C corporation, was formed and began operations on April 1, 2016. The following expenses were incurred during the first tax year (April 1 through December 31, 2016) of operations. $$\begin{array} { l r } \text {Expenses of temporary directors and of organizational meetings } & \$ 27,000\\\text {Fee paid to the state of incorporation } &1,000\\\text {Accounting services incident to organization } & 15,500\\\text {Legal services for drafting the corporate charter and bylaws } & 9,500\\\text {Expenses incident to the printing and sale of stock certificates} & 6,000\\\end{array}$$ ? Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2016?

A) $0
B) $4,550
C) $5,000
D) $7,400
E) None of the above