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Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation

Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started:

Expense Date Amount
Attorney fees for articles of incorporation February 10 $ 43,500
March 1 March 30 wages March 30 7,450
March 1 March 30 rent March 30 3,150
Stock issuance costs April 1 18,000
April 1 May 30 wages May 30 18,625

a.

What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation?

b.

What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1?

c.

What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 (not including the amount it immediately expensed)? (Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.)

d.

What would be the allowable organizational expenditures, including immediate expensing and amortization, if Nicole started a sole proprietorship instead?

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