Crimson corp. was organized as a calendar-year corporation in january, year 1, incurring $51,000 in qualified organizational expenses, and began business in march, year 1. what is the maximum amount crimson may deduct for organizational expenditures on its year 1 corporate tax return?

Total deductible organization expenses  is $ 6,611

Explanation:

Upto $ 5000 in qualifying organization expenses are deductible in the year they are incurred , with the amount reduced by the amount by which total organizational expenses exceed $50,000. With a total of $51,000 Crimson corp could deduct $ 4000 .

In addition , the remaining $ 47,000 is amortized over 15 years or 180 months , begining in the period in which the entity commences operations. Since crimson began operaions in March 2016 , amortization would be for 10 months ( march 2016 - december 2016 )

Amoritzation for march 2016 to december 2016 = 10 / 180 * $47,000

= $2611

Total deductible organization expenses = $4,000 + $ 2,611

= $ 6,611

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