Hornbill Corporation, a Cash Basis and Calendar Year C Corporation

True/False

Hornbill Corporation, a cash basis and calendar year C corporation, was formed and began operations on May 1,2019. Hornbill incurred the following expenses during its first year of operations (May 1 - December 31, 2019): temporary directors meeting expenses of $10,500, state of incorporation fee of $5,000, stock certificate printing expenses of $1,200, and legal fees for drafting corporate charter and bylaws of $7,500. Wanting to deduct as much as possible in the current year, Hornbill Corporation's 2019 deduction for organizational expenditures is $5,800.