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Beech Corporation, an accrual-basis, calendar-year taxpayer, was organized and began business in May of the...

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Accounting

Beech Corporation, an accrual-basis, calendar-year taxpayer, was organized and began business in May of the current calendar tax year. During the current year, the corporation incurred the following expenses:
Line Item Description Amount
State fees for incorporation $ 800
Legal and accounting fees incident to organization 5,500
Expenses for the sale of stock 2,500
Organizational meeting expenses 1,000
Round your answer to 2 decimal places.
Assuming that Beech Corporation wishes to deduct organizational expenses as quickly as possible, calculate the corporations deduction for its current calendar tax year.

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