Multiple Choice
JebSim Inc. was organized on June 1, 2013, and began business on August 10. JebSim elected a calendar year for tax purposes. The corporation incurred $25,160 of legal and other professional fees attributable to its formation. How much of these costs can JebSim deduct on its first tax return?
A) -0-
B) $699
C) $5,000
D) $5,560
Correct Answer:
Verified
Correct Answer:
Verified
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