Torrez Corporation, a Cash Basis calendar year corporation was formed and began operations on July 1.2020 The following Expenses were incurred during its first tax year of operations (July 1 2020 - December 31, 2020y Expenses Of Temporary Directors And Organizational Meetings of Directors And Shareholders -$2.600 State Incorporation Fee $800 Expenses Of Printing And Selling of Stock Certificates - 5600 Legal Services For Drafting Corporate Charter And By-Laws (not paid until January 2021) - 53 400, Total - 57.400 14 Torrez Corporation makes a timely election to amortize its qualifying Organizational Expenses it may deduct a maximum as Organizational Expenses for the tax year of 2020 of 60 55.000 55060 56.800