- 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]Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011