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
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?
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To calculate the total deductions to be reported on Form 1120 Line 27 we need to consider the deduct...Get Instant Access to Expert-Tailored Solutions
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