Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1, 2016. In

Question:

Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1, 2016. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine Cherry Corporation's deduction for organizational expenditures for 2016?

Fantastic news! We've Found the answer you've been seeking!