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Nanny Corp. was organized on June 1, 20X4. The following expenses were incurred and paid...

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Accounting

Nanny Corp. was organized on June 1, 20X4. The following expenses were incurred and paid in the period from June to December 20X4: Fee paid to Iowa for Incorporation 1,000 Cost of organizational meetings 3,000 Printing cost of stock certificates 12,000 Legal fees for drafting the corporate charter 20,000 Assume that the corporation commences business on June 11, 20X4, and elects to amortize organizational expenses over the shortest period allowed by law. Nanny is a calendar-year taxpayer. What is Nanny's 20X4 deduction for organizational expenditures? A. $933 B. $2,800 C. $4,800 D. $5,739

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