Accounting

Owl Corporation was formed on October 1, 2010. Qualifying organizational expenses were incurred and paid as follows: Incurred and paid in October 2010 $20,000 Incurred in October 2010 but paid in January 2011 15,000 Incurred and paid in February 2011 4,000 Assuming that Owl Corporation elects under § 248 to expense and amortize its organizational expenditures, what amount may be deducted in the corporation’s first tax year under each of the following assumptions?

a. Owl Corporation adopts a calendar year and the cash basis of accounting for tax purposes.

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b. Same as (a), except that Owl Corporation chooses a fiscal year of October 1– September 30.

c. Owl Corporation adopts a calendar year and the accrual basis of accounting for tax purposes.

d. Same as (c), except that Owl Corporation chooses a fiscal year of October 1– September 30.

 

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