Puffin Corporation was formed on July 1, 2016, and incurred qualifying organizational expenditures. It uses a calendar

Question:

Puffin was formed on July 1, 2016, and incurred qualifying organizational expenditures. It uses a calendar year and wants to accelerate any deductions that are available. Based on this assumption, what is Puffin Corporation's deduction for 2016 if its organizational expenditures are:
a. $3,000?
b. $46,000?
c. $52,000?
d. $77,000?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...