Peeta Corporation, a calendar-year taxpayer, was organized and actively began operations on July 1, current...
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Accounting
Peeta Corporation, a calendar-year taxpayer, was organized and actively began operations on July 1, current year, and incurred legal fees to obtain a corporate charter amounting to $40,000. Peeta wishes to deduct the maximum and amortize excess organizational costs over the shortest period allowed for tax purposes. What amount should Peeta claim as amortization of organizational expenses?
A. $1,167.
B. $2,167.
C. $2,500.
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