Caskets Inc. was incorporated in June 1, but it did not start a business until September 1. It adopted a fiscal year ending March 31, coinciding with the end of its natural business cycle. In connection with organizing the business, Caskets Inc. incurred the following expenses:

Legal fees for incorporating $8,000

Accounting fees for opening corporate books 400

Tax planning advice 300

Printing and issuing stock certificates 50

Incorporation fee to state 100

Temporary directors' fees 2000

Legal fees for the transfer of assets to the corporation 500

$11,350

What is the amount of the organizational expenditures?

How much of the amount is deductible in the corporation's first taxable year?