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M Heery Enterprises, Inc.reports the following information for the year ended December 31, 2021: Gross income from operations $1,500,000 Dividends from 25% owned domestic corporation
M Heery Enterprises, Inc.reports the following information for the year ended December 31, 2021: Gross income from operations $1,500,000 Dividends from 25% owned domestic corporation 40,000 Purchases for cost of goods sold 490,000 Salaries for workers 75,000 Salary for President Madison Heery (reasonable) 200,000 Auto & truck expenses 11,000 Charitable contributions 75,000 Depreciation expense Advertising Fines and penalties Licenses & fees Telephone and utilities 65,000 10,000 4,000 5,000 15,000 Political contributions 7,500 Professional fees 7,500 Office expenses 22,500 Meals purchased at local restaurants 25,000 Repairs and maintenance 36,000 Rent 160,000 Payroll taxes 21,000 State corporate taxes 1,000 25,000 NOL from 2020 Compute the total income, total deductions and taxable income for M. Heery Enterprises, Inc. for the year 2021. You can use the tax return provided or you can compute your answers on a separate sheet of paper. You will need a separate sheet of paper to list your "Other deductions" on line 26. Make sure you are aware of the rules as they pertain to charitable contributions and NOL's
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