Silo Corp. was organized on March 1, 2007, began doing business on September 1, 2007, and elected to file its income tax return on a calendar-year basis. The following qualifying organizational expenditures were incurred in organizing the corporation:
|
July 1, 2007 |
$3,000 |
|
September 3, 2007 |
5,600 |
The maximum allowable deduction for organizational expenditures for 2007 is
- $ 600
- $3,000
- $5,000
- $5,080