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Christopher also subtracted $645 in adjustments to income to
arrive at adjusted gross income. The total tax listed was zero.
The Federal income tax withheld listed was $6,609. The Tax
Office of W.J. Hoyt Sons Management Co. was listed as the return
preparer on the 1984 return.
On their joint income tax return for 1985, petitioner and
Christopher reported $49,748 in wages. In arriving at total
income, the only additions and subtractions were $1,022 in
interest income, $300 in dividends, an $8 capital gain, and a
$23,719 Schedule E loss. This Schedule E loss ($20,180) was
mostly attributable to petitioner and Christopher’s investment in
SGE 1984-2. Petitioner and Christopher also subtracted $2,609 in
employee business expenses to arrive at adjusted gross income.
The total tax listed was zero. The Federal income tax withheld
listed was $1,703. The Tax Office of W.J. Hoyt Sons Management
Co. was listed as the return preparer on the 1985 return.
On their joint income tax return for 1986, petitioner and
Christopher reported $50,407 in wages. In arriving at total
income, the only additions and subtractions were $237 in interest
income, $691 in dividends, a $1 capital gain, and a $22,620
Schedule E loss. This Schedule E loss ($20,180) was mostly
attributable to petitioner and Christopher’s investment in SGE
1984-2. Petitioner and Christopher also subtracted $1,523 in
employee business expenses and a $2,000 IRA deduction to arrive
at adjusted gross income. The total tax listed was $240. The
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