- 5 -
Petitioner reported his tax liability on Form 1040PC as
follows:
Wages $1,714
Taxable interest 3,518
Business income (Schedule C) 4,434
Unemployment compensation 2,837
Total income 12,503
Less: � self-employment tax -314
Adjusted gross income 12,189
Less: Standard deduction -4,150
8,039
Less: Personal exemption -2,650
Taxable income 5,389
Tax 806
Self-employment tax 627
Total tax 1,433
Less: Payments -0-
Amount owed 11,510
1Includes estimated tax penalty
in the amount of $77.
Petitioner reported business income on Schedule C as
follows:
Gross receipts [Davis Petroleum Corp.] $19,244
Less: Returns and allowances ---
Gross profit 19,244
Less: Cost of goods sold ---
Gross income 19,244
Less:
Car and truck expenses $2,048
Depreciation (Form 4562) 1,325
Legal and professional 500
Office expense 400
Other expenses1 5,257
Total expenses -9,530
Tentative profit 9,714
Less: Business use of home (Form 8829) -5,280
Net profit 4,434
1Other expenses [see next page]
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Last modified: May 25, 2011