what are the inclusions and deductions for business income . 1. The following expenses were included in

what are the inclusions and deductions for business income .

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1. The following expenses were included in the company's accounting expenses of the current year: Income tax expense...... Golf club membership fees. Amortization expense... Business meals and entertainment..... Financing fees to issue shares (show its net effect)... Advertising on a US television station (Directed at New York market)...... Loss from theft (Not uncommon in this business).. Purchase of furniture for business. Legal fees for likely lawsuit... Interest paid on late income tax instalments... $32,000 14,000 55,000 28,000 10,000 17,000 8,000 26,000 40,000 2,800 -32000 14000 -55000 0 -10000 0 0 0 0 0 1. The following expenses were included in the company's accounting expenses of the current year: Income tax expense...... Golf club membership fees. Amortization expense... Business meals and entertainment..... Financing fees to issue shares (show its net effect)... Advertising on a US television station (Directed at New York market)...... Loss from theft (Not uncommon in this business).. Purchase of furniture for business. Legal fees for likely lawsuit... Interest paid on late income tax instalments... $32,000 14,000 55,000 28,000 10,000 17,000 8,000 26,000 40,000 2,800 -32000 14000 -55000 0 -10000 0 0 0 0 0

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Therefore the net business income for tax purposes would be Net accounting income after Income tax e... View the full answer