4. (TCOs 1 and 8) Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2010. The following expenses were incurred during the first tax year (July 1 through December 31, 2010) of operations:
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Expenses of temporary directors and of organizational meetings
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$9,000
|
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Fee paid to the state of incorporation
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$1,000
|
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Accounting services incident to organization
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$2,500
|
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Legal services for drafting the corporate charter and bylaws
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$3,500
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Expenses incident to the printing and sale of stock certificates
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$4,000
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Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2010?
$0
$533
$5,367
$5,500
None of the above