Patin Corporation Began Business on September 23 ^rd of the Current

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The Answer is $7,111.
Total amortization is $7,111. $5,000 of start-up costs can be immediately expensed. Patin may not immediately deduct the organizational costs because the immediate deduction is phased out dollar for dollar for organization expenditures exceeding $50,000. As a result, when the expenses exceed $55,000, no immediate deduction can be taken. In addition, $2,111 ($35,000 ÷ 180)× 4 months = $778 of the start-up costs may be amortized and ($60,000 ÷ 180)× 4 months = $1,333 of the organizational expenditures may be amortized.

Patin Corporation Began Business on September 23 ^rd of the Current

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Patin Corporation Began Business on September 23 rd of the Current

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Patin Corporation Began Business on September 23 ^rd of the Current

Correct Answer:
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