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Ajax, Incorporated was formed on April 25 and elected a calendar year for tax purposes. Ajax paid $11,600 to the attorney who drew up the
Ajax, Incorporated was formed on April 25 and elected a calendar year for tax purposes. Ajax paid $11,600 to the attorney who drew up the articles of incorporation and $5,500 to the CPA who advised the corporation concerning the accounting and tax implications of its organization. Ajax began business operations on July 15. Required: To what extent can Ajax deduct its $17,100 organizational costs on its first tax return
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