Joseph L. Guillo, Sr. - Page 8

                                        - 8 -                                         
          interest income earned on petitioner's deposits, $3,490                     
          constituted taxable Social Security benefits, $2,486 constituted            
          rental income from the Housing Authority of the City of Chester,            
          $11,004 constituted nontaxable transfers between petitioner's               
          accounts, and $3,490 constituted nontaxable Social Security                 
          benefits.                                                                   
               Also for 1990, petitioner received $2,639 in interest income           
          that was not deposited into or credited to his accounts.                    
          Petitioner was entitled to a deduction of $2,961 for one-half of            
          his self-employment tax liability, a personal exemption of                  
          $2,050, and a standard deduction of $3,375.                                 
               The following schedule reflects the calculation of                     
          petitioner's 1990 taxable income.                                           

               Petitioner's 1990 Taxable Income                                       
               Item                                    Amount                         
               Total deposits/credits                  $62,755                        
               Interest income                           2,639                        
               Nontaxable transfers                    (11,004)                       
               Nontaxable Social Security income        (3,490)                       
               One-half self-employment taxes          (2,961)                        
               Personal exemption                      (2,050)                        
               Standard deduction                      (3,375)                        
                                   Taxable income      $42,514                        

               For 1990, petitioner's total Federal tax liability equaled             
          $15,886, of which $9,964 constituted income taxes, and $5,922               
          constituted self-employment taxes.                                          
               For 1986 through 1990, petitioner did not have reasonable              
          cause for failing to file his Federal income tax returns.                   



Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  Next

Last modified: May 25, 2011