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prepared the Schmidts’ joint Forms 1040, U.S. Individual Income
Tax Return, and Hillside Dairy’s Forms 1120, U.S. Corporation
Income Tax Return, for the years at issue.
1. Hillside Dairy
Hillside Dairy filed timely its Forms 1120 for the taxable
years ended November 30, 1995, 1996, and 1997. On these returns,
Hillside Dairy reported total income and total deductions as
follows:
11/30/95 11/30/96 11/30/97
Total income $54,988 $68,465 $57,679
Total deductions 54,987 68,465 63,215
Taxable income/loss 1 -0- (5,536)
Included in the total expenses deducted by Hillside Dairy
were the following items for food, lodging, and medical expenses
provided to the Schmidts (amounts are rounded to the nearest
dollar):
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Last modified: May 25, 2011