Taxation of Business Entities FA21 Maria Santilli | 09/28/21 12:51 PM Save Homework: Mod... Question 1, PC3-34 (bo.. HW Score: 65.5%, 26.2 of 40 points Part 3 of 6 Points: 2.37 of 5 Delta Corporation ncorporates on January 7, begins business on July 10, and elects to have its initial tax year end on October 31 Delta incurs the following expenses between January and October related to its organization during the current year (Click on the icon to view list of expenses Read the requirements Requirement a. What alternative treatments are available for Delta's expenditures? Select the tax treatment for each expenditure Begin with the expenditures incutted through June 1 The complete the table for the expenditures through July 15 Dale Expenditure Amount Treatment January 30 Travel to investigate potential business site $ 2.000 Start-up expense May 15 Legal expenses to draft corporale charter 2.500 Organizational expenso May 30 Commissions to stockbroker for issuing and selling stock 4000 Roduction of capital May 30 Temporary directors' fees 2.500 Organizational experte June 1 Expense of transforming building to Delta 3.000 Capitalized to the related isset June 5 Accounting foes to set up corporate books 1.500 Organizational expense June 10 Training expenses for employees 5.000 Startup expense Rent expense for June 1,000 Start-up expense July 15 Rent expense for July 1.000 Sec 162 experte Della Corporation can letto dedud of organicentional expenditures under and amorture the remainder OVO months. This election is deemed automatic unde Treasury Rogations incor 0.135 (2.78/5) Help Me Solve This Calculator Get More Help Clear All Check Answer Data Table Date Expenditure Amount $ 2,000 2,500 4,000 2,500 January 30 Travel to investigate potential business site May 15 Legal expenses to draft corporate charter May 30 Commissions to stockbroker for issuing and selling stock May 30 Temporary directors' fees June 1 Expense of transferring building to Delta June 5 Accounting fees to set up corporate books June 10 Training expenses for employees June 15 Rent expense for June July 15 Rent expense for July 3,000 1,500 5,000 1,000 1,000 Print Done y 7, begins business on July 10, and elects to have its initial tax year end on Octobe related to its organization during the current year Table Lequirements a. b. What alternative treatments are available for Delta's expenditures? What amount of organizational expenditures can Delta Corporation deduct on its first tax return for the fiscal year ending October 31? What amount of start-up costs can Delta Corporation deduct on its first tax return? C. Print Done Print Done