- 14 - Table 2 1979 1980 1981 1982 Wages, etc. $491,400 $428,700 $340,200 $169,983 Interest income, before exclusion 5,508 5,806 6,501 29,752 Dividends, before exclusion 571 380 33 74 Sched. C --- --- (1,600,000) (1,612,952) Capital gain or (loss) (3,000) (3,000) -0- 185,065 Sched. E (4,926) 56,333 1,933 (106,899) Other items 26,494 12,813 6,748 (186,901) (20,000) 4,213 (7,800) (22,250) (7,800) (7,500) (7,800) Adjusted gross income 488,047 489,845 (1,252,785) (1,544,202) Total tax liability 186,676 204,868 -0- -0- Total payments 196,494 163,828 128,733 34,436 Balance due (Refund claimed) (9,818) 41,040 (128,733) (34,436) The $1,600,000 1981 Schedule C deduction (hereinafter sometimes referred to as the State Coal royalty deduction) and $1,600,000 of the 1982 Schedule C deduction arose from State Coal. The Schedule C for each of these years shows Sheldon's name and Social Security number, and does not show Nancy's name or Social Security number. The Schedule C net loss for each of these years ($1,600,000 for 1981, $1,612,952 for 1982) appears on the first page of the Form 1040. Table 3 shows Sheldon's 1981 wages, Federal income tax withholding, and F.I.C.A. tax withholding.Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
Last modified: May 25, 2011