Pankraz Corporation, a calendar year taxpayer, is formed on April 1, 2019. In connection with its formation, it incurs organizational expenditures of $54,000. Pankraz wants to claim as much of these expenses as soon as possible. Therefore, its deduction for 2018 is: $

In 2017, "a public university was awarded a federal reimbursement grant" of $18 million to carry out research. of this, $12 million was intended to cover direct costs and $6 million to cover overhead. in a particular year, the university incurred $4 million in allowable direct costs and received $3.4 million from the federal government. it expected to incur the remaining costs and collect the remaining balance in 2018. for 2017 it should recognize revenues from the grant of