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Library service -- -- -- 1,000 --
Office expense 13,333 24,640 25,567 26,073 14,197
Employment agency 5,486 -- -- -- --
Payroll processing 767 1,067 659 -- --
Postage 4,546 6,940 6,944 7,441 7,684
Telephone 8,289 7,803 9,911 8,013 5,182
Travel 2,838 6,825 7,022 1,971 6,445
Tax processing costs -- -- -- 1,577 3,590
Advertising 1,718 2,551 1,755 4,449 4,094
Consulting fees -- 3,225 -- -- 40,000
Peer review expense -- 4,952 -- -- --
Pension administration -- 700 372 270 465
Legal & professional 450 -- 8,986 -- --
Supplies -- -- 10,001 -- 8,492
Equipment rental 631 219 7,459 1,808 5,611
Moving expenses -- 500 4,522 -- --
Total expenses 674,023 918,171 1,004,080 997,750 553,575
Taxable income/loss (7,838) (73,125) (65,504) (30,255) 177,608
From 1988 to 1992, the shareholders received the following
salaries from the corporation:
Year Mr. DeMarta Mr. Norwalk
1988 $98,024 $70,000
1989 107,463 79,920
1990 107,440 69,923
1991 107,440 89,901
1992 40,880 33,774
A portion of the salaries paid to Messrs. DeMarta and Norwalk was
derived from bank loans guaranteed by the shareholders and from
loans made to the corporation by the shareholders. At the
beginning of the corporation's 1992 tax year, it had outstanding
loans from shareholders of $22,533. At the end of the
corporation's 1992 tax year, its liabilities included outstanding
loans from the shareholders of $96,678.
In addition to their salaries from the corporation, Messrs.
DeMarta and Norwalk received $23,320 and $16,680, respectively,
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Last modified: May 25, 2011