- 11 - 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)Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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