- 13 - Amount Reported Wages, salaries, tips, etc. 1$481,648 Interest income 55,633 Dividends 13,034 Refunds of State and local income taxes 6,056 Business income or (loss) from Schedule C 2(24,961) Capital gain or (loss) from Schedule D (3,000) Supplemental gains or (losses) from Form (1,283) 4797 Rents, royalties, partnerships, estates, (220,695) trusts, etc. from Schedule E Other income 11,352 Total income 317,784 Adjusted gross income 310,932 Itemized deductions 47,846 Taxable income 258,086 Tax 116,492 Total tax 116,492 Investment credit from Form 3468 116,492 Balance 0 Minimum tax 3,064 Tax from recapture of investment credit 134 Total Tax 3,198 Total payments 96,168 Refund 92,970 1Of the $481,648 of wages, salaries, tips, etc., petitioner received $15,339.46, and Mr. Korchak received the balance. 2The entire loss of $24,961 from Schedule C, Profit or (Loss) From Business or Profession, was with respect to Mr. Korchak’s bus rental investment. Of the loss of $220,695 from Schedule E, Supplemental Income Schedule (Schedule E), claimed in the 1982 joint tax return, $189,965 was attributable to certain claimed partnership losses (claimed partnership losses of $189,965) that were not identified in Schedule E, and the balance was attributable to two claimedPage: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
Last modified: May 25, 2011