- 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.
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