Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2014. The following expenses were incurred during the first tax year (July 1 through December 31, 2014) of operations: Expenses of temporary directors and of organizational meetings $9,000 Fee paid to the state of incorporation $1,000 Accounting services incident to organization $2,500 Legal services for drafting the corporate charter and bylaws $3,500 Expenses incident to the printing and sale of stock certificates $4,000 Assuming a Section 248 election, what is the Emerald's deduction for organizational expenditures for 2014?

$0

$533

$5,367

$5,500

None of the above