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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 claimed
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