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Income Payor Amount
Wages1 R.R. Donnelley & Sons Co. $45,063
Dividends Donnelley
(Stock Ownership Plan) 142
Nonemployee
compensation Primerica Life Ins. Co. 21,532
Interest Lake City Bank 18
" First National Bank 13
46,768
1Respondent has given petitioner credit for amounts withheld
from his taxes insofar as his ultimate tax liability is
concerned. However, the determination of a statutory deficiency
does not take such amounts into account. See sec. 6211(b)(1).
2In computing the amount of self-employment tax under sec.
1401, respondent reduced the amount of income received from
Primerica Life Insurance Co. by 7.65%. Such reduction is
required by sec. 1402(a)(12). In computing the amount of regular
income tax under sec. 1, respondent allowed as a deduction from
gross income one-half of the self-employment tax ($108) pursuant
to sec. 164(f).
In computing the deficiency in income tax, respondent
allowed petitioner one personal exemption and a standard
deduction in the amount of $3,000.
The addition to tax under section 6651(a)(1) is based on
respondent's determination that petitioner's failure to timely
file an income tax return for the taxable year in issue was not
due to reasonable cause. Finally, the addition to tax under
section 6654(a) is based on respondent's determination that
petitioner failed to pay the requisite amount of estimated tax
for the taxable year in issue.
Petitioner's Petition
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Last modified: May 25, 2011