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On June 30, 1992, the corporation's assets were distributed
to its shareholders. On that date, Mr. DeMarta held 75 percent
of the corporation's stock, while Mr. Norwalk held the remaining
25 percent. Only a nominal amount of assets was left in the
corporation after this distribution. This distribution
constituted a complete liquidation of the corporation in 1992.
The corporation did not continue to provide accounting services
after June 30, 1992, and the business of the corporation did not
continue. The corporation has never been dissolved.
The corporation reported the following revenues and
expenditures on its Federal income tax returns for the years 1988
through 1992:
Item from returns 1988 1989 1990 1991 1992
Gross receipts $666,185 $850,527 $938,096 $967,495 $730,989
Form 4797 gain/loss -- (5,481) -- -- --
Other income -- -- 480 -- 194
Deductions
Comp. of officers 168,024 187,383 177,363 197,341 74,654
Salaries & wages 249,091 343,935 377,676 381,135 218,813
Repairs 2,404 4,528 -- 6,664 --
Bad debts 602 -- -- -- --
Rents 62,039 54,471 82,219 101,628 56,379
Taxes 29,245 36,732 41,200 44,283 26,048
Interest 14,563 16,421 30,993 23,622 11,162
Charitable contr. -- -- -- -- 99
Depreciation 11,516 19,019 32,371 27,190 8,045
Amortization 334 334 252 -- --
Pension plan -- 41,33744,264 51,589 --
Bank charges -- -- -- 68 --
Meals & enter. 1,930 6,577 18,266 1,761 10,323
Books & journals 6,527 3,708 2,757 1,791 2,774
Client costs 38 118 3,997 12,331 80
Computax costs 41,897 49,762 15,228 -- --
Computer costs 3,543 15,571 14,161 11,314 --
Continuing educ. 10,273 17,447 12,524 7,807 9,408
Dues & subscript. 4,376 19,005 18,136 8,903 10,564
Insurance 26,474 42,401 49,475 45,219 29,466
Meetings 3,089 -- -- 6,825 --
Per diem fees -- -- -- 15,677 --
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