Ill. Admin. Code tit. 83 § 605.2180

Current through Register Vol. 48, No. 52, December 27, 2024

Section 605.2180 - Account 218

a) In Note B of Account 218, "Proprietary Capital (for proprietorships and partnerships only)," delete the words "earned surplus" and replace with "retained earnings."

b) Add as Note C: "Amounts payable to the proprietor as just and reasonable compensation for services performed (that level of compensation which would be paid to an equally qualified non-proprietor employee in the same cirucumstances) shall not be charged to this account but to appropriate operating expense or other accounts."

Ill. Admin. Code tit. 83, § 605.2180