- 9 - business or profession listed as "CPA", operating under the name of "Gary Friedmann CPA". Petitioner reported the following income and expenses for that business on the Schedules C: 1989 1990 Gross receipts or sales $177,072 $175,790 Returns and allowances 103,784 97,854 Gross income $73,288 $77,936 Car and truck expenses 7,946 8,584 Depreciation 5,096 5,096 Interest Mortgage -0- -0- Other 187 -0- Legal and professional servs. 2,000 -0- Office expenses 21,935 21,041 Rent Machinery & equipment -0- -0- Other business property 4,600 6,308 Repairs 403 632 Travel, meals & entertainment Travel 6,089 17,940 Meals and entertainment $25,051 $27,359 20% of meals 5,010 5,472 20,041 21,887 Utilities 920 Other expenses Telephone 6,025 3,100 Legal 1,600 5,000 Dues 132 600 Assoc. 3,600 Gifts 719 1,109 Publications 600 700 12,676 10,509 80,973 92,917 Net profit or (loss) -7,685 -14,981Page: 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