73. 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 $32,000 March 1–March 30 wages March 30 4,500 March 1–March 30 rent March 30 2,000 Stock issuance costs April 1 20,000 April 1–May 30 wages May 30 12,000

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 (excluding the portion of the expenditures that are amortized over 180 months)?

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 determined in part (b)]?

d. What would be the total allowable organizational expenditures if Nicole started a sole proprietorship instead of a corporation?