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Following expenses incurred by Corporation when organized on July 1
Attorney fees to draft charter 20,000
Underwriter fees for stock sale 10,000
Transfer cost for property contributed to the corporation for stock 4,000
Costs of organizational meetings before beginning business 5,000
Costs of directors meetings after beginning business 8,000
Corporation commenced business on September 7. What is the maximum amount of organizational expenditures that can be deducted by the corporation for its first tax year ending Dec 31?