(Solved): Beech Corporation, an accrual-basis, calendar-year taxpayer, was organized and began business in May ...

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 corporation’s deduction for its current calendar tax year. fill in the blank 1 of 1$