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9. JebSim Inc. was organized on June 1 and began business on August 18. JebSim elected a calendar year for tax purposes. The corporation incurred

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9. JebSim Inc. was organized on June 1 and began business on August 18. JebSim elected a calendar year for tax purposes. The corporation incurred $25,160 of legal and other professional fees attributable to its formation. How much of these costs can J ebSim deduct on its first tax return? A. -0- B. $699 C. $5,000 D. $5,560

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