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Dr. Ellis $351,120.98
Dr. Mann 519,396.47
Dr. Black 592,821.01
Dr. Miller 772,752.38
Dr. Vaughan 125,467.35
Dr. Snyder 4,338.96
Taxable Income
For 1994, on gross receipts of $2,080,008, petitioner
reported taxable income of $29,255. For 1995, on gross receipts
of $2,405,718, petitioner reported taxable income of $49,323.
On its Forms 1120 for the audit years, petitioner reported
the following deductions (other than compensation of officers):
1994 1995
Salaries and wages $233,403 $273,524
Repairs and maintenance 3,329 8,930
Rents 62,353 57,954
Taxes and licenses 52,013 64,176
Interest 2,278 174
Contributions 3,251 5,480
Depreciation 33,398 27,592
Pension, etc. 138,207 134,917
Other deductions* 238,032 268,867
*The largest items were insurance, $135,770 and $113,889, for
1994 and 1995, respectively.
Assets
Balance sheets prepared for petitioner for the audit years
show the following assets:
1994 1995
Current assets
Cash in banks $30,797 $6,894
Property and equipment
Office equipment 139,110 148,451
Accum. depr. (108,215) (124,609)
Leasehold improv. 39,820 41,073
Accum. amort. (28,658) (29,064)
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