SCHEDULES M - 1 , K , AND K- I TAX YEAR 2017 INCOME GROSS RECEIPTS COSTOF GOODS SOLD 679 575 TAX EXEMPT INCOM (432, 3031 REGULAR INTEREST INCOME TOTAL INCOME 4 300 253, 57 EXPENSES BOOK DEPRECIATION OFFICER SALARY 11.500 ENALTIES EXPENSE 85,000 RENT EXPENSE 1 000 STATE AND LOCAL TAXES CHARITABLE CONTRIBUTIONS INTEREST EXPENSE BUSINESS INSURANCE EXPENS 4 050 MEALS AND ENTERTAINMENT EXPENSE SUPPLIES EXPENSE TELEPHONE EXPENSE 2 300 UTILITIES EXPENSE OFFICE EXPENSE TOTAL EXPENSES 139, 020 NET INCOME PER BOOKS 14, 556 OTHER INFORMATION NEWPORT NEWS , INC PO BOX 120 RUMFORD , RI O2916 EIN 23 6392101 BLAKE TURIN 50% OWNER ADDRESS : 1700 ADDITION DRIVE PROVIDENCE . R1 02903 SSN : 088 -76 - 6301 TAX DEPRECIATION TOTAL IRC SECTION 179 INCLUDED IN TAX DEPRECIATION CASH DISTRIBUTIONS TO SHAREHOLDERS ( 50% EACH ) 50 000 ADVANCE PAYMENT TAXABLE INCOME NOT INCLUDED IN BOOK INCOME 13 700