- 8 - Accrued wages to related party Rents Auto/truck expense Depreciation Supplies–office Legal & professional fees Meals & entertainment Hotel expenses In negotiating with respect to the Form 872, petitioner attempted to have the Form 872 restricted so that petitioner would consent to waive the time to assess tax only with respect to tax attributable to items similar to those giving rise to adjustments in the report. As stated, respondent’s agents would not agree to such restriction. The notice is addressed to petitioner, references the 1994 tax year, determines the deficiency in income tax and penalty described above, and, with additional explanations, sets forth the following adjustments to income giving rise to such deficiency: a. Interest income b. Compensation of officers c. Rents d. Depreciation e. Other deductions The category “Other Deductions” (other deductions) is particularized as follows: Business meals Travel Supplies Professional feesPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011