Edison Corporation is organized on July 31. The corporation starts business on August 10. The corporation adopts a November 30 fiscal year end. The following expenses are incurred during the year:

6-30 Attorney's fees associated with obtaining charter - $10,000

7-10 Underwriter fees for stock sale - $25,000

7-15 Transfer cost for property contributed to the corporation for stock - $3,000

6-30 Cost of organizational meetings - $2,000

12-6 Legal fees to modify charter - $4,000

What is the maximum amount of organizational expenditures that can be deducted by the corporation for its first tax year ending November 30? Select one and show your work:

a. $16,000

b. $12,000

c. $5,156

d. $800