BVX Corporation opened for business on July 1st of the current tax year and has a calendar tax year. Prior to opening, BVX contracted a consulting firm to perform surveys of potential markets, which cost $20,000. BVX also spent $33,000 on an extensive training program for employees. In order to form the corporation, BVX spent a total of $10,000 in state fees to incorporate, accounting and legal costs to start the organization, and expenses for temporary directors and organizational meetings. Also, during the first year, BVX spent $2,500 in real estate tax, $2,500 interest on a $100,000 business loan, and $10,000 on research and experimental costs on their product. What is the maximum amount that BVX can deduct for start-up and organizational expenses on the first year's corporate tax return?

a) $ 7,267 b) $11,767 c) $ 8,867 d) $ 9,200