Disabled American Veterans 38

“Capitalization policythe taxpayer hereby adopts for book and federal income tax purposes the following policy regarding capitalization expenses for the year beginning july 1, 2017. In accordance with internal revenue code sections 167 and 168 and related regulations 1.263(a)-1(f) the taxpayer has determined that amounts whose individual cost (including tax, installation and delivery costs) does not exceed $2,500 will be deducted as incurred as an operating expense. Amounts exceeding this dollar limit will be examined individually to determine if their use or purpose requires capitalization under the betterment, adaptation or restoration rules used by the internal revenue service and will be capitalized or expensed as incurred as a result of the application of those rules.”

“Description amountbank service charges 108workers comp 517licenses and permits 1,217snow removal 360office supplies 336trash removal 2,970payroll taxes 2,930contributions 8,285depreciation 3,357key cards 424miscellaneous 118insurance 1,213late fees and penalties 26”

“Category beginning of year end of yearinventory 1,852 2,357”

“Category beginning of year end of yearaccrued sales tax 369 351withheld payroll taxes 1,302 1,117”