William Spicer (SS# 123 45 6789) owns 80 percent of the stock in Bills Market, an accrual basis gourmet food market operating as a corporation.
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Description
William Spicer (SS# 123-45-6789) owns 80 percent of the stock in Bills Market, an accrual basis gourmet food market operating as a corporation. It is located at 387 Spring Street, Raleigh,?NC 29288. Williams wife, June (SS# 987-65-4321), owns the other 20 percent of the outstanding stock of the corporation but she is not active in the business. The Markets EIN is 79-7979797 and its business code is 445290. It was incorporated on July 15, 2006. During the last tax year, the Market had the following results from its operations:? Gross sales (1,300,000 from credit card sales) 2,700,000 Merchandise purchases 1,980,000 Expenses:?Advertising 40,000 ?Charitable contributions 2,000 Cleaning/maintenance 12,000? Depreciation (MACRS pre-2015 purchases) 3,000 1 Section 179 expense...
