LO.4 Mallard Corporation was formed in December 2011 and plans to use the cash basis of accounting.

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LO.4 Mallard Corporation was formed in December 2011 and plans to use the cash basis of accounting. Mallard incurred one-half of its organizational expenses in December 2011 and one-half in January 2012. The payment of these expenses also occurred in these two months. Do you recognize any income tax problem? Explain.

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