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Petitioner was entitled to a personal exemption of $1,900 and a
standard deduction of $1,880.
For 1987, petitioner received taxable income in the amount
of $51,044 (total deposits/credits of $54,824 less personal
exemption of $1,900 and less standard deduction of $1,880 equals
$51,044). For 1987, petitioner's total Federal tax liability
equaled $20,009, of which $14,622 constituted income taxes and
$5,387 constituted self-employment taxes.
For 1988, of the above $57,825 in total funds deposited into
or credited to petitioner's accounts, $1,596 constituted interest
income earned on petitioner's deposits, $2,217 constituted rental
income from the Housing Authority of the City of Chester, and
$7,000 constituted a nontaxable transfer between accounts.
Petitioner was entitled to a personal exemption of $1,950 and a
standard deduction of $3,100.
The following schedule reflects the calculation of
petitioner's 1988 taxable income.
Petitioner's 1988 Taxable Income
Item Amount
Total deposits/credits $57,825
Nontaxable transfer (7,000)
Personal exemption (1,950)
Standard deduction (3,100)
Taxable income $45,775
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