Dawson's Inc paid the following expenses during 2018 (calendar year entity): Officer's compensation was $75,000 paid to
Question:
Dawson's Inc paid the following expenses during 2018 (calendar year entity): Officer's compensation was $75,000 paid to Ms Dawson who devotes 100% of her time to the business. All other salaries were associated with Cost of Goods Sold labor. - The company purchased their office building for $125,000 on April 15, 2017 The company paid bank charges of $6757 for the year, and interest expenses of $4, 718(not limited). -Deductible sales taxes totaled $21,000. During the year Dawson Inc. contributed $5000 to various charitable organizations. Other business deductions consist of : $12000 for advertising, $4000 for insurance, $5000 for licenses, $1500 legal and professional, $3200 for utilities, $1000 for office supplies. WHAT ARE THE TOTAL DEDUCTIONS TO BE REPORTED ON FORM 1120, LINE 27?
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman