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TAX, a CPA partnership, had the following income and expenses in the current year: Fees from clients $800,000 Dividends from domestic corporations 1,500 Depreciation 12,000
TAX, a CPA partnership, had the following income and expenses in the current year: Fees from clients $800,000 Dividends from domestic corporations 1,500 Depreciation 12,000 Charitable contribution 2,500 Salaries and wages paid to employees 240,000 Gain on sale of office equipment: Sec. 1231 19,000 Sec. 1245 24,000 What is TAXs ordinary income? A. $592,500 B. $569,500 C. $572,000 D. $591,000
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