Question: On May 1 2 0 2 4 , Rick formed a new corporation, Red, Inc. He spent $ 6 , 0 0 0 in legal

On May 12024, Rick formed a new corporation, Red, Inc. He spent $6,000 in legal fees and paid the state $900 in incorporation fees. Red, Inc. started operating its business on May 10. How much, if any, can Rick or Red, Inc. deduct of these organizational fees? If he can deduct them, how much can he deduct in the current year, 2024?

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