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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 fees
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Last modified: May 25, 2011