1. Falcon Corporation ended Its first year of operations with a taxable income of s250.oo.At the time of Falcon's formation incurred s50,000 in organizational expenses. In calculating Its taxable income for the year, Falcon claimed an ss,000 deduction for the organizational expenses.
2. 
   
3. What is Falcon's current E&P? 
4. 
   
5. a. $258,000 
6. 
   
7. b.$200.000 
8. 
   
9. c.$250.000 
10. 
    
11. d.$208,000

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