Ellis Corp., a calendar year cash basis taxpayer, paid a $$6,580$ premium for a $36$ month term casualty insurance policy. Ellis can deduct the full $$6,580$ in the payment year.

a$.$ True

b$.$ False

Ivanhoe Inc. was established on July $1$ and commenced operations on October $15,$ choosing a calendar year for tax purposes. It incurred $$62,300$ in legal and professional fees related to its startup. What portion of these costs can Ivanhoe deduct in its initial tax return?

a$.$ $$6,429$

b$.$ $$1,380$

c$.$ None of these choices are correct

d$.-0-$