4. (TCOs 1 and 8) Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2010. The following expenses were incurred during the first tax year (July 1 through December 31, 2010) of operations:

Expenses of temporary directors and of organizational meetings	$9,000
Fee paid to the state of incorporation	$1,000
Accounting services incident to organization	$2,500
Legal services for drafting the corporate charter and bylaws	$3,500
Expenses incident to the printing and sale of stock certificates	$4,000

Assuming a 248 election, what is the Emerald's deduction for organizational expenditures for 2010? (Points : 5)

$0 $533 $5,367 $5,500 None of the above