Webster, Inc. has the following items of income and expense for 2016m its first year of operations. Webster began operation on April 1 and uses a calendar year end.
Gross receipts from sale $1,391,222 Charitable contributions $15,000 Employment taxes $10,250 Interest expense $30,000 Organizational costs $52,600 Office rent expense $31,000 Real estate taxes ,600 Utilities expense $11,300 Wage expense $93,540
In addition to these items, Webster purchased machinery and equipment costing $1,430,000 and furniture costing $112,000 on April 9, 2016, and a warehouse costing $190,000 on May 2, 2016.
Webster wants to minimize its 2016 income tax liability, which means electing Section 179 expense for the maximum the tax law allows, as well as taking the 50-percent bonus depreciation. Compute Websterâ€s 2016 taxable income and income tax liability.
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