- 7 -
Income:
Gross receipts $11,700.00
Cost of goods sold -0-
Other income 67.52
Gross income $11,767.52
Expenses:
Advertising $ 115.47
Car and truck expenses 2,378.90
Insurance 568.62
Legal & professional 7,920.00
Office expense 386.54
Rent or lease (other) 19,072.62
Supplies 1,152.79
Travel 7,533.63
Meals & Entertainment1 4,892.87
Other expenses2 5,724.52
Total expenses $49,745.96
Net loss ($37,978.44)
1 Fifty percent of $9,785.75 expenses.
2 Consisted of expenses for dues & subscriptions,
equipment, lodging, miscellaneous, parking, security,
and telephone.
For 1996, petitioners reported the following Schedule C
income and expenses:
Income:
Gross receipts $4,289.00
Cost of Goods Sold -0-
Other income -0-
Gross income $4,289.00
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Last modified: May 25, 2011